The increasing popularity of cryptocurrencies has caused a lot of people to change their views on how financial systems are operated. Since the initial scepticism that followed cryptocurrencies passed, many people have dived into the market and used its monetary tools to create riches for themselves.
One of the essential tools to consider when picking a coin to invest in is scalability. Scalability is the rate at which the speed, efficiency, and cost of a blockchain might change depending on the number of users on the network. For example, the increase in users on several popular blockchains like Bitcoin (BTC) and Ethereum (ETH) has led to several shutdowns. It has also led to increased costs paid to access the network. A lot of new blockchains and scalable cryptos are being developed to combat these issues; examples of them are Quitriam Finance (QTM), Solana (SOL), and NEAR Protocol (NEAR).
Many blockchains are being created with a focus on increasing their scalability. They all have features that make them unique. Increasing the number of transactions taking place every second is possible by changing the consensus technique being used.
NEAR PROTOCOL (NEAR)
NEAR protocol (NEAR) is an exciting project. The method used by the NEAR protocol (NEAR) for increasing its processing capacity is splitting or sharding the blockchain into several small pieces. These split pieces of the blockchain are called shards. The shards each receive small quantities of data and process them individually. This allows and increased number of users that can access the network. The number of transactions that can be processed per second increases the efficiency of the network as a whole.
One of the fastest blockchains currently gaining popularity on the market is the Nightshade created by NEAR Protocol (NEAR). This technology helps to secure the data being aggregated and processed, ensuring that the NEAR network can process up to 100,000 TPS (transactions per second).
Solana (SOL) is a unique cryptocurrency. The team behind the maintenance of Solana (SOL) has claimed that it can handle up to 50,000 TPS. Currently, the largest payment processor in the world, Visa, can handle about 24,000 TPS.
Solana (SOL) utilizes a proof-of-history consensus method in its operations. This method ensures that Solana (SOL) can scale and process transactions quickly. The amount of time it takes validators to communicate usually affects the speed of the transactions. Using Solana’s (SOL’s) mechanism, validators will no longer need to backtrack when recording events.
QUITRIAM FINANCE (QTM)
Quitriam Finance (QTM) is another crypto project addressing the issue of the scalability of blockchains.
Quitriam Finance (QTM) uses a unique method when addressing the problem of scalability. The QTM team is in the process of creating a decentralized exchange based on multi-chain technology. This technology will be used across different blockchains, and this will ensure that investors can use the blockchains with the highest transaction speeds when needed. Gas costs are also reduced.
The whitepaper from Quitriam Finance (QTM) states that this method will likely allow the Quitriam ecosystem to process up to 50,000 TPS.
Other features that will be added to the Quitriam Finance (QTM) ecosystem include an open NFT marketplace, a lending protocol, and a stable coin.
Looking for a coin that mitigates the problem of scalability will be necessary for investors. Quitriam Finance (QTM) has stated that it can handle this problem, and its presale has shown that it has even more potential for profit.
Disclaimer: This is a company release. No HT journalist is involved in creation of this content.