The Open Network (TON) has set a new world record of 104.715 transactions per second.
The blockchain designed by Telegram and now developed by the TON Foundation has earned the title of the world’s fastest network after setting a world record for the number of transactions processed per second during a performance test streamed live on Tuesday, October 31.
Upon reaching the barrier of the 104.715 transactions per second (TPS), The Open Network blockchain has emerged as the fastest and most scalable in the world.
During the livestream, its developers highlighted the network’s unique architecture, which allows it to achieve “infinite scaling” and gives it the ability to process “billions of transactions.”
With the performance test completed, the developers of this blockchain wanted to show the world the technical prowess of the TON blockchain, which was previously known as Toncoin and was rebranded as The Open Network.
The performance test was conducted on a special testnet to avoid the “astronomical expense” that gas fees would entail, the team said. On the testnet, developers deployed a special smart contract to send transactions continuously, as if millions of users were doing so on the mainnet.
The performance test was conducted for 10 minutes and was supervised by the auditing firm Certik. In addition, thanks to the live broadcast, the TON network community was able to witness all the details of the test in real time.
TON outperforms traditional payment systems
The developers of The Open Network (TON) announced on Tuesday that the network has not only become the fastest and most scalable blockchain in the blockchain world, but has also significantly surpassed the most widely used traditional payment systems such as Visa, Paypal and Mastercard.
On their blog, the developers shared a chart comparing the average and maximum number of transactions processed per second by each of these centralized systems, with Visa being the most prominent, with a maximum of 65.000 transactions per second.
Comparing this data with that of the TON blockchain, the network turned out to be a 38% faster than Visa and 95% faster than Mastercard.
The comparison of the speed and scalability of the TON network also extended to the world of blockchain, comparing the results with those of the 25 most important blockchains on the market, by market capitalization.
Solana, which has so far been able to process 59.400 transactions per second, has been knocked off the list of fastest networks by The Open Network, which surpassed it by more than 43%.
“TON outperforms both known blockchains and banking payment networks”, the blockchain developers wrote on the blog.
TON up 4% this week
The Open Network began to experience exponential growth in 2020, when the project was taken over by the Foundation that shares its name with the network's native cryptocurrency.
Currently, The Open Network exceeds 3,66 million addresses and more than 350 validator nodes.
Source: CoinMarketCap
TON, which is used for transactions and other operations on the network, maintains a market capitalization of $7.660 billion at the time of writing, making it the 11th largest cryptocurrency on the market.
TON price increased by more than 4% in the last 7 days, trading at $2,24 per unit.
Continue reading: The Open Network seeks to become the fastest network in the world
