Internet Computer chain Internet Computer chain
The Internet Computer is a public blockchain with a vision of replacing the cloud and traditional IT. Dfinity on X / Video Screenshot

KEY POINTS

  • Cryptogics and Chainspect have both placed IC on top of their lists of fastest blockchains by TPS
  • $ICP users believe that the blockchain's speed isn't its only significant feature, but also its scalability
  • The $ICP token has had a good performance in the last three weeks, surging 70% in November

Speed is a critical aspect of the new digital economy, and oftentimes, it has become a gauging factor for blockchain users in search of a network they can use for daily transactions, and the Internet Computer (IC) chain has been making a name in cryptocurrency communities on social media in recent weeks.

The IC blockchain, is a public blockchain network launched in 2021 that's painted to be "millions of times more powerful and can replace clouds and traditional IT." Its native token, ICP, has risen to the 26th spot in the ranks of the world's largest cryptocurrencies by market value.

In the past few weeks, talk around ICP has centered on speed – is it the fastest blockchain in terms of transactions per second (TPS)?

On-chain Analytics Highlight IC's Speed

Cryptogics, which provides blockchain project insights and charts, revealed in a Nov. 26 ranking that the IC chain was the fastest blockchain "by max recorded TPS," overtaking popular networks such as Aptos and Solana.

Cryptogics fastest blockchains
Cryptogics' Top 15 fastest blockchains by TPS as of Nov. 26, 2024. Cryptogics on X

On-chain analytics platform Chainspect has similar data. As of early Monday, Chainspect's dashboard has ICP in the lead of the fastest blockchains by TPS, with its real-time TPS at 1,365 and its max recorded TPS at 25,621.

Chainspect fastest blockchains
Chainspect has IC in the lead among other blockchains with the fastest speeds by TPS. Chainspect

Touted as the public blockchain that has the power of the cloud, the Internet Computer is on a mission toward replacing the world's software with smart contracts that "can utilize hundreds of gigabytes of memory and compute at the full speed of a modern CPU."

$ICP Users Have No Doubts

Crypto users on X have been debating about the fastest blockchains overnight, and for ICP users, there is no doubt they have chosen the speediest there is.

One user pointed out that IC is not just the fastest, but it is also the most scalable and the most unique blockchain "in the entire space" as it enables running various types of software directly on the chain.

For another IC user, the blockchain "is the next leap for crypto" due to its "full stack" feature that allows developers to build whatever any application on-chain and enables running AI on-chain.

Another user said ICP is the perfect example of "true Web3," wherein users can experience the fastest transaction speeds, AI capabilities, privacy, security, scalability, and cloud on-chain.

$ICP's November Performance

The ICP token performed fairly well in the last month, with its bad first week being overshadowed by the next three weeks of gains.

ICP price late Dec 1 2024
The $ICP token performed fairly well in November, recouping losses in the first week of "Moonvember." CoinMarketCap

The token has seen a 70% spike in November and in the last 24 hours alone, the altcoin has seen a 12% increase. As of early Monday, the digital asset has reached a $6.40 billion market cap – still far from the likes of the Top 10 cryptocurrencies but steadily moving higher amid increasing interest among blockchain users with a thirst for speed.

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