Why Blockchains Need To Invest In Speed Heading Into Web3

The evolution of the digital landscape is picking up again. This time, we’re heading into Web3 - a stage in the history of the internet where customers are able to achieve more control of their data and what is done with it.

Web3 represents a departure from the centralized architectures of Web2, offering a vision of a more open, inclusive, and democratized digital ecosystem. At the heart of this transition lies the need for speed, as users demand seamless, real-time interactions and transactions across decentralized networks. Whether it's executing smart contracts, minting NFTs, or facilitating microtransactions, the ability of blockchains to deliver swift and scalable solutions is paramount to unlocking the full potential of Web3.

Web3 is expected to be ruled by several nascent technologies,- including blockchain. In fact, blockchain is expected to be the foundational layer of Web3, powering other technologies and delivering us into a new age of the internet.

But, for this to happen, it is important for blockchains to be better - and on that front, speed is one area where a lot of progress needs to be made.

Speed plays a pivotal role in enhancing user experience and driving widespread adoption of blockchain-based applications. In an era where convenience and efficiency reign supreme, sluggish transaction speeds and high latency can deter users and stifle growth. By investing in speed, blockchains can lower barriers to entry, attract a broader user base, and foster a vibrant ecosystem of dApps, NFT marketplaces, and DeFi protocols.

To lend more insights into this, we spoke with the founders of Spedy - a new blockchain that touts itself as the fastest on the internet at the moment - to understand their view of the market:

1. Does the focus on speed mean that it is the most important part of the blockchain trilemma?

Solving the scalability problem is indeed one of the most important parts of the trilemma, and with the Sonic update, Fantom has become one of the fastest L1 chains with 2,000 TPS and sub-second finality. Sonic is the new best-in-class shared sequencer for L1 and L2 chains, capable of processing over 180 million daily transactions with real, sub-second confirmation times.

2. What are the states of security and decentralization on Speedy?

Just as the Sonic update is set to solve the scalability problem, Speedy is meant to be the cultural catalyst for Fantom. As a project, attracting new users on-chain who can experiment and witness not only the best-in-class speed but also the entire ecosystem that has been built to be secure and decentralized from the very beginning. Particularly for Speedy, decentralization stands in the hands of the community, with 90% of the funds going into a locked LP; 5% were airdropped to sGOAT holders—the first meme foundation on Fantom; and 5% used for CEX listings and outreach.

3. In the context of value and money transfers, how does speed play a role in optimizing blockchain operations?

We recently reached a new milestone with 1 billion smart contracts deployed in the crypto space, with Fantom accounting for 16% with over 161,600,000 contractd. So, your question couldn't come at a better time. Fantom has always been known for low transaction fees, but with recent upgrades to the network and revisions to Fantom’s fee structure, it has become cheaper than ever to engage on the network. For most transactions, fees are less than $0.01, even during high-traffic periods. Regarding speed again, Rabby wallet tested how fast Sonic is exactly, and here is the conclusion:

4. What are the primary use cases for Speedy, and what should end users expect?

Our primary use case as a project is to become the dominant meme project on Fantom, but generally, there is a catch. Speedy is also a catalyst for other creators to join and use the ecosystem we’ve built also on the cultural side. We already have teams developing in the SocialFi area, and new iGaming platforms will soon be launched. Having a growing community is, in my opinion, one of the most attractive metrics, as it means people have formed a strong culture and are eager to see the ecosystem get bigger to benefit everyone.

5. Do you believe that developers will continue to focus on speed optimization going forward?

I’ve recently read Andre Cronje’s article called 'Frustrations of a Dapp Developer', and once you understand the challenges you are bound to overcome, the dedication one needs, the complexity, and the error margin, you can only conclude that the devs who succeeded in making Sonic best-in-class will never stop. It’s in the code."

Conclusion:

The internet has reached a point where pace is everything. And for blockchains, being able to process transactions faster isn’t optional - it’s a must.

For blockchain developers, choosing how to optimize for speed will be critical if they’re to achieve mass adoption. That said, the blockchain trilemma is one that continues to bother many developers, and it’s also important not to forget the place of security and decentralization.