To build a web scale blockchain that can enable future decentralised applications that will disrupt and help automate many current industries, we need a truly scalable blockchain. We covered this already, in How Fast Can Solana Blockchain Get? post, however we should be aiming for smaller achievable goals first.
The first goal is the race to one million Transactions Per Second (TPS).
1M TPS may sounds like a vanity metric, but a lot of blockchain leaders are making that statement publicly:
- Cardano’s Charles Hoskinson, claims that their Hydra scaling solution will eventually scale up to 1 million TPS (2020).
- Ethereum’s Vitalik Buterin, claims that with sharding and plasma, the ETH blockchain will eventually get to 1 million TPS (2018).
However, over at Hackernoon mid-2019 did a nice blockchain round-up, with Ethereum only coming in at 15-25 TPS. Furthermore, Bitcoin came in at 7 TPS, Ripple at 1500 TPS, EOS at 4000 TPS and Fleta 15,000 TPS.
We’ve already seen Solana get to 56,000 TPS in MainNet Beta. Based on our Solana.Blog poll, we had an overwhelming response from our readers, with Solana coming out on top. There is no surprises there! 🙂
Its about real usage, not fake bot traffic
Let’s get real though. We want De-Fi (Decentralised Finance) applications to be successful, so they can disrupt the banking industry through using smart contracts to automate highly repetitive, inefficient and labourious business processes.
We want large web-scale applications to be hosted upon our Solana infrastructure!