Quitriam and Fantom are the scalability go-to coins currently!
Scalability which is defined as a blockchain’s ability to stay cost-effective and efficiently fast as it keeps growing in user base, is something that most major coins don’t have. Big players like Bitcoin (BTC) and Ethereum (ETH) have shown great difficulty when it comes to handling their ever-rising user base. This has resulted in transactions that are not only very slow but extremely expensive in some cases. Investors have had to endure these inconveniences for a while, but we now have new game-changers in the world of cryptocurrency. Let’s take a look at them.
When we talk of a blockchain with high scalability goals, Quitriam (QTM) stands tall amongst the rest. By choosing different ways to address the challenge of blockchain scalability Instead of resorting to sharding, the team has emerged as the clear favourite to get the “fastest transaction” crown. Quitriams team has recently stated that they are building an advanced multichain decentralized exchange that they can release on different blockchains. This will undoubtedly go on to help investors access the faster transaction speed available with little to no gas fees at all.
Quitriams (QTM) whitepaper details their strategy which would eventually allow their users to exchange tokens at a speed that’s insanely greater than 50,000 transactions every second at just about $0.00001 per transaction. Those are insane numbers. With this, the promise of speed and efficiency is surely achieved.
Being a solution-based community, they plan to bring on board some notable initiatives such as yield farming solutions, staking, a unique lending protocol as well an NFT market.
Powered by BoostX, Quitriam finance plans to launch its token. BoostX is renowned for their dynamic cryptocurrency launchpad with the sole aim of making sure new projects reach the market successfully. Even though they are still new in the industry, BoostX has already amassed an impressive record by successfully participating in several launches and presales of Initial Coin Offerings.
With a lot of unique promises, all aimed at getting swifter and bigger transactions per second, Quitriam (QTM) is a must-have.
In recent months, Fantom (FTM) has risen to a state that has earned it a worthy mention in this article. This is especially because of the relatively high transaction speed it offers as well as the non-existent gas fees needed to operate in its network.
The outstanding transaction speed Fantom offers is a result of its unique Proof-of-Stake (PoS) consensus mechanism instead of the usual Proof-of-Work (PoW) which is still being used by major networks.
When compared to Proof-of-Work, Proof-of-Stake has a whole lot of competitive advantage. This is mostly seen in its ability to complete transactions faster with very little energy used.
We can recall vividly how much cryptocurrencies have received criticism because of their heavy energy usage. Most recent being Bitcoin’s (BTC) huge electrical consumption around 2021, which exceeded the energy consumption of countries like Argentina.
With such environmental threats on the rise, the severity of using such blockchains like Bitcoin (BTC) and Ethereum (ETH) is telling. Thus, Fantom’s low requirement for energy before completing transactions becomes highly favoured.
Fantom (FTM) can handle 10000 transactions per second with relative ease. What’s even more interesting is the team’s promise to increase this to a whopping 300,000 transactions per second in the coming years.
Algorand (ALGO) just like Fantom (FTM) and Quitriam (QTM) was invented to maintain great transaction speed as well as improve efficiency and it hasn’t disappointed. Created at the time when Bitcoin (BTC) and some other major blockchains were at their slowest, Algorand (ALGO) hasn’t disappointed. Based on its permissionless pure Proof-of-Stake protocol it offers very low gas fees with no mining at all.