Consensus algorithms that are disrupting the world of crypto.

Blockchain trilemma, can refer to as scalability trilemma, which attempts to address how to create a decentralized, scalable and secure peer-to-peer digital currency. The end goal is to create a system where trustless currency tokens can be created via mining and transactions validated via a consensus algorithm. In the world of crypto, consensus algorithms exist to prevent double spending. Here’s a quick rundown on some of the top three players providing the fastest Transactions Per Second.

FLETA utilizes the Proof-of-Formulator and sharding protocols to do 10,000 transactions per second (Based on Beta-testnet). FLETA is looking to reach 20,000 transactions per second along with the mainnet launch. FLETA uses observer nodes to provide protection. Not only does this prevent DDOS attacks, but it prevents forks in the system as well.FLETA’s Gateway system will allow projects to use FLETA’s service chain which is both faster and cheaper. It will also help them to attain seamless interoperability with additional platforms. Projects have the choice to set the transactions for free so that users can use the chain without any expenses.

“FLETA beta testnet launch marks a monumental milestone on our roadmap. The ultimate goal of FLETA mainnet is to create a blockchain system with the greatest efficiency, and to achieve a successful fusion of existing services and blockchain technology with unmatched speed,” said Paul Seungho Park, co-founder and CEO of FLETA. “DApps are key drivers to accelerate blockchain adoptions in our everyday lives. We will strive to provide the developer-friendly environment which helps entrepreneurs and developers to stay relevant and incorporate all the positive features of blockchain technology.”

Independent Multichain Structure/ Consensus: Proof-of-Formulation

EOS Launched in June 2018, EOS. After the launch, EOS was regarded as ‘Ethereum Killer’ with a new capability of 3,000 TPS, At the time, it was the fastest blockchain and only one to overcome the cryptocurrency Visa TPS speed (which averages 1700 at that time). Like FLETA, EOS is a platform for DApps where developers build blockchain based decentralized apps on EOS’s underlying infrastructure. They have a new goal of reaching 50,000 TPS.

Ripple is one of the fastest and secure blockchain implementations. It offers 1,700+ TPS on average. Ripples transaction speed could be the key to its rise as the next generation peer-to-peer payment platform provider. Ripple (XRP) recently announced that RippleNet would help Ria to settle transactions with “increased speed and efficiency”. When asked for a comment Marcus Treacher, the SVP of Customer Success at Ripple said “Ria not only improves our value chain for our partners through its access to RippleNet but will further improve the transfer times and cost for both its clients and business customers.”

There are more consensus mechanisms than PoW, PoF, PoS, including mechanisms used by EOS (Delegated Proof of Stake or DPoS). There are newer consensus mechanisms coming up all of which are hoping to achieve the objectives of collaboration, egalitarianism, inclusion for example which all assist in overcoming the scalability trilemma, in turn, aiding the adoption of blockchain technologies. Without consensus algorithms, many (if not all) blockchain networks would not be able to function properly and execute its full capabilities while still remaining decentralized and completely verified. There is not a single consensus algorithm blockchain that can claim it to be perfect but only strive for the constant change for betterment.