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Blockchain platforms with fast finality enhance the efficiency and security of decentralized applications by ensuring transactions are confirmed quickly and immutably, preventing issues like double spending.

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These Blockchain Platforms Offer Blazing-Fast Finality, And It Matters

Caroline Ellison, former CEO of Alameda Research, has reported to prison to begin a two-year sentence following her involvement in the FTX scandal.

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Fast finality has become an intense area of focus for blockchain developers, as it’s one of the most important characteristics required by decentralized applications. 

Finality can be defined as the moment when a block of transactions is permanently stamped onto the blockchain, meaning it can no longer be reversed or altered in any way. It’s the point at which blockchain transactions become immutable, or unchangeable. For many kinds of dApps, fast finality is crucial for their efficiency and their security, as they need transactions to be confirmed in the fastest possible time. 

Problems stemming from slow finality first became apparent with legacy blockchains such as Bitcoin and Ethereum, which struggle to confirm transactions fast enough. Because they can only support a relatively low number of transactions per second, they have low finality, meaning users must wait for a time before their transfer can be confirmed. 

Low finality makes legacy blockchains ill-suited for many modern dApps. For instance, blockchain games require almost real-time finality. If a player purchases an item from an in-game store or marketplace, they’re going to be extremely frustrated if they cannot use that item right away. Similarly, in DeFi, traders require their transactions to be processed and confirmed in the fastest-possible time frame so they can take advantage of asset price fluctuations. 

A second problem with low finality is that it can lead to opportunities for “double spending”, which is where a malicious actor might try to spend the same funds twice. 

Bitcoin is infamous for its low finality, which has become one of the major criticisms of the world’s most popular cryptocurrency. The problem stems from Bitcoin’s slow block processing speeds, with a new block added to the network once every 3-10 minutes. Once a transaction is added to a block, each corresponding block is considered to be a “confirmation” of that original transaction. Blocks only become permanent after six confirmations, which is the point where the economic cost of trying to reverse any transaction outweighs the possible benefits of doing so. This typically occurs after 10-60 minutes, depending on network traffic. 

Ethereum, which first introduced the concept of smart contracts, attempted to improve on Bitcoin’s low finality by increasing its block processing times. On average, it handles around 14 transactions per second, yet its architecture means it takes a lot longer than this for blocks to be confirmed. 

Transactions on Ethereum are only considered final after two epochs, with a single epoch equating to 32 slots where validators propose and attest to blocks. Two epochs occur approximately every 15 minutes, though the project’s long-term roadmap calls for the introduction of a mechanism called 

, which could reduce this time to just a few seconds. 

Ethereum’s slow finality led to the creation of various “Layer-2” networks that aim to offload transactions to a second layer where they can be confirmed much more quickly, and it also prompted the creation of various new blockchain architectures. 

Perhaps the fastest blockchain in use today is Solana, which has emerged as one of the most popular networks for DeFi developers outside of Ethereum. It’s designed to be extremely performant when compared to other chains, and under test conditions has demonstrated the ability to process an incredible 65,000 transactions per second. 

That’s an impressive number, but in reality Solana is much slower, currently averaging around 2,000 transactions per second. But even that number includes something called “vote transactions” for purposes of governance. If we’re talking about genuine transactions where users are either spending funds or engaging with some kind of protocol, the real number is more like 1,000 transactions per second. Because transactions are only considered final after 31 block confirmations, it means 

Solana does plan to increase its finality in future with the Firedancer update, which will introduce a new, third-party validator client to the network. In tests back in 2022, Firedancer showed that it can boost Solana’s transaction processing speed to as high as 1 million TPS, far greater than its current theoretical limit of 65k TPS, exceeding the speed of even the VISA network. Once Firedancer launches, it should significantly reduce Solana’s time to finality, increasing the network’s appeal for dApp developers. 

Another blazing-fast blockchain is Avalanche, which has previously made claims of up to 4,500 TPS. As with all blockchains, that’s just a theoretical figure based on ideal conditions that simply never exist in reality. Back in the real world, Avalanche typically processes around 3.5 TPS, if we only count the C-Chain that handles EVM smart contract interactions. If we figure the various subnets of Avalanche into the equation, that number improves to around 15.5 TPS. 

Despite processing transactions more slowly than Solana, Avalanche does boast faster finality overall, thanks to its proof-of-stake consensus mechanism, which confirms transactions in less than two seconds. 

There’s also a lot of regard for Binance Smart Chain, which focused on improving finality with the 

 that was rolled out in June 2023. With that update, BSC integrated proof-of-stake authority or PoSA with its Byzantine Fault Tolerance or BFT mechanism. This had the effect of improving the network’s throughput, enabling transactions to be confirmed after fewer blocks. Previously, when BSC only used PoSA alone, transactions were finalized after 15 blocks, or approximately 45 seconds. With the update, transactions can be confirmed after just 2.5 blocks, reducing the network’s time to finality to just 7.5 seconds. 

Readers could be forgiven for thinking that issues around blockchain finality have finally been solved, but the blockchain industry is a place where the innovation never stops. Blockchain projects continue to strive towards faster finality, and one of the most promising developments of all is taking place in the revamped EOS Network. 

EOS recently announced the compilation of a 

 called Spring 1.0, which is the first version of the network to implement the new Savanna consensus algorithm, which is a customized delegated proof-of-stake model. Savanna has the effect of slashing EOS finality to less than one second, a staggering 100-times faster than before. 

EOS has termed this development as “instant finality”, and it was achieved by taking block-based consensus chains and transforming them into more distributed systems. The DPoS consensus algorithm is uniquely suited to do this, as it introduces a social element to finality, enabling its community of validators to delegate responsibility for validating transactions to trusted nodes, which can confirm blocks much faster when working alone. 

Blockchain finality is crucial for many kinds of DeFi applications and blockchain games as it is the only thing that’s able to guarantee the validity of transactions. With fast finality, blockchains can process transactions instantly with a high degree of trust and security, reassuring users that it’s no longer possible to reverse or change them. By validating transactions and confirming them in less than a second, fast finality totally eradicates the risk of double spending.

For smart contracts, fast finality is crucial, as the details of any agreements are embedded directly within them and automatically executed when the right conditions are met. Finality guarantees that the outcomes processed by smart contracts are immutable as soon as the transaction is made. 

By using a blockchain with fast finality, dApps can prove to their users that all of the transactions they process are secure and trustworthy almost as soon as they are executed, increasing trust among their users.

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Gary Wang, co-founder of FTX, and Caroline Ellison, former CEO of Alameda Research, are each facing prison sentences as the legal fallout from the FTX scandal continues. While Ellison recently began serving a two-year sentence for her role in the alleged misuse of FTX customer funds, Wang has requested leniency, citing his cooperation in the case against Sam Bankman-Fried. Wang, who is awaiting his Nov. 20 sentencing, was a key witness in Bankman-Fried’s trial and argued that his relatively limited involvement, alongside his collaboration with authorities, should exempt him from additional jail time. 

Former Alameda Research CEO Caroline Ellison Set to Report to Prison Following Role in FTX Scandal

Caroline Ellison, the former CEO of Alameda Research, is scheduled to begin her two-year prison sentence, a significant development in the long-running saga of the FTX scandal. This marks the latest turn in a complex and high-profile case that has rocked the cryptocurrency industry and led to a series of investigations, trials, and guilty pleas among FTX executives.

According to the Federal Bureau of Prisons (BOP), 

 was not in custody as of the latest updates, though her inmate number and details about her sentence have already been released publicly. Judge Lewis Kaplan, of the United States District Court for the Southern District of New York, issued the two-year prison sentence in September, ordering Ellison to surrender to authorities by Nov. 7 at 2:00 pm ET. Reports indicate she is expected to be held at a minimum-security facility near Boston, likely the Federal Correctional Institution in Danbury, Connecticut, a prison that houses both male and female inmates and is known for handling white-collar crime sentences.

Ellison’s sentencing follows the criminal conviction of former FTX CEO Sam Bankman-Fried and the guilty plea of Ryan Salame, FTX Digital Markets’ former co-CEO. The indictment of these high-profile executives has led to intense media scrutiny and a growing push for accountability within the cryptocurrency industry. Nishad Singh, the former engineering director at FTX, was also sentenced in October but was given time served.

Ellison’s fate was largely sealed following FTX’s rapid collapse in November 2022, a period marked by liquidity crises and the unraveling of the exchange’s internal financial dealings. Prosecutors charged Ellison with a range of serious crimes, including wire fraud, commodities fraud, securities fraud, and money laundering. She entered a guilty plea in 2022 and went on to testify in the 2023 criminal trial of her former colleague and ex-boyfriend, Bankman-Fried. Her testimony was crucial in establishing the criminal intent and operational details that underpinned FTX’s alleged misappropriation of user funds, which ultimately led to the guilty verdict against Bankman-Fried.

As one of the most public figures associated with the FTX scandal, Ellison became the subject of relentless scrutiny. From court appearances to social media, she faced a deluge of criticism, harassment, and even ridicule, as noted in a September sentencing memo from the US government. The memo highlighted the unique level of harassment Ellison endured, both online and in person. She was frequently photographed and questioned outside courtrooms, leading to an atmosphere that necessitated personal escorts for her safety.

In social media circles, Ellison’s image became a focal point for memes and online discussions. Public commentary extended beyond her alleged crimes, with much of the online discourse centered on her personal appearance, relationships, and role in FTX’s collapse. This intense level of scrutiny, exacerbated by her role as a cooperating witness against Bankman-Fried, only heightened her prominence as one of the most infamous figures in the 

FTX’s downfall began in late 2022 when a liquidity crisis, combined with the exposure of risky financial practices, forced the exchange into bankruptcy. Amid the company’s financial disarray, it became clear that billions in user funds had been allegedly mismanaged. Alameda Research, the crypto trading firm led by Ellison, was accused of receiving these funds, which were then channeled into risky investments and loans.

Ellison’s position at Alameda and her close association with Bankman-Fried placed her in the crosshairs of prosecutors early on. The case quickly snowballed as regulators and law enforcement agencies began investigating the interwoven financial practices between FTX and Alameda, leading to a series of arrests and indictments of former executives.

Her cooperation with the US Department of Justice, which included providing critical testimony against Bankman-Fried, likely played a role in her relatively lenient two-year sentence, though it also intensified her status as a public figure associated with one of the largest financial scandals in cryptocurrency history.

The Human Cost of High-Profile White-Collar Crime

While the legal ramifications of the FTX collapse are monumental, the human cost is equally palpable. For Ellison, the consequences of her involvement in FTX’s financial mismanagement extend beyond prison time; she has become an enduring symbol of the cryptocurrency sector’s vulnerabilities and the potential pitfalls of high-risk, high-reward finance.

As she enters prison, Ellison joins the ranks of several high-profile figures whose actions during the boom-and-bust cycles of financial innovation have led to criminal charges. Her story is a sobering reminder of the personal and professional risks associated with the fast-paced world of cryptocurrency, where fortunes and reputations can be made and lost in an instant.

Gary Wang Seeks No Jail Time for Role in FTX Case, Citing Key Testimony Against Sam Bankman-Fried

Meanwhile, Gary Wang, co-founder and former technology chief of cryptocurrency exchange FTX, has petitioned a federal judge for leniency, requesting time served for his involvement in the FTX scandal. In a sentencing memo 

 in Manhattan, Wang emphasized his cooperation as a key government witness in the trial against fellow co-founder Bankman-Fried.

Wang’s testimony was a “cornerstone” of the prosecution’s case against Bankman-Fried, he argued, detailing his unique insights into FTX’s internal workings and code alterations that allowed Alameda Research, FTX’s affiliated hedge fund, to siphon billions of dollars in customer funds. These illicit activities led to a collapse in 2022, revealing what prosecutors estimated as a $10 billion fraud that shook the cryptocurrency industry.

Wang’s cooperation has been central to the government’s successful conviction of Bankman-Fried. Following a plea deal, he provided crucial evidence to prosecutors, the FTX bankruptcy estate, and class-action groups. His role included sharing technical information and knowledge of internal systems that implicated Bankman-Fried and other FTX executives, illuminating the means through which Alameda manipulated customer funds for trading.

At the trial, Wang testified that Bankman-Fried had personally instructed him to alter FTX’s code, enabling Alameda to access and trade customer funds without their consent or knowledge. Wang’s statement during the trial painted a picture of a clandestine operation directed by 

, whose influence over FTX’s code allowed these practices to continue for years, undetected by users or regulators. Wang also claimed he had limited visibility into the depth of these actions, asserting that he only discovered the full extent of the crimes after they were underway, as Bankman-Fried had allegedly deceived him and other key players.

In his Nov. 6 memo, Wang requested that Judge Lewis Kaplan impose a sentence of time served rather than jail time, noting his relatively minimal role compared to other executives. He argued that his involvement was less substantial than that of Ellison and Nishad Singh. Both Ellison and Singh accepted plea deals and testified against Bankman-Fried, with Ellison sentenced to the two years and Singh receiving time served. Wang maintained that sentencing him to jail would create an “unwarranted sentencing disparity” compared to Singh, given their comparable levels of cooperation and culpability.

Wang’s lawyers pointed to his proactive engagement with prosecutors and early agreement to a plea deal as further evidence of his commitment to justice. He was one of the first within Bankman-Fried’s inner circle to step forward, meeting with prosecutors and openly sharing information critical to FTX’s unraveling. According to his defense, this willingness to cooperate early on was instrumental in building the case against Bankman-Fried and distinguishing his conduct from that of other defendants.

A Balancing Act: Personal and Professional Impact

The sentencing memo also focused on the personal repercussions of a potential prison sentence for Wang, who is currently employed as a software engineer. Wang, who recently married and is expecting his first child later this month, argued that a jail sentence would severely impact his ability to support his family financially. He emphasized his desire to be a devoted husband and father, adding that incarceration would not only affect his family but also hinder his ongoing collaboration with government authorities on anti-fraud initiatives.

Wang’s defense team highlighted his recent work with the government, where he has contributed to developing tools to detect financial fraud, both in traditional markets and the cryptocurrency space. This includes a tool specifically designed to identify illicit activities on crypto exchanges, a project he undertook at the request of prosecutors. By allowing him to continue this work, Wang’s lawyers argue, he can play a valuable role in preventing future frauds and aiding FTX victims in their recovery.

As Wang’s sentencing approaches, Judge Kaplan will weigh his request for leniency in the context of a highly publicized scandal that has led to significant legal consequences for several FTX executives. Wang’s arguments have raised questions about accountability within complex financial crimes, particularly concerning the differing levels of responsibility among those involved.

Some legal experts have suggested that Wang’s request for time served, if granted, may signal a shift in judicial approaches to white-collar crime, particularly in cases where the defendant has provided substantial cooperation and demonstrated a lesser role in the primary offenses. 

As Wang’s sentencing nears, Bankman-Fried has appealed his own conviction and 25-year sentence, maintaining his innocence and claiming that FTX always had enough funds to cover customer obligations. He argued that these facts were not adequately presented to the jury, leaving them unaware of the company’s ability to resolve its liquidity issues. Bankman-Fried’s appeal contends that the court’s handling of the trial and the media coverage surrounding it have unfairly influenced his conviction.

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As an abstract concept, it can be hard to get a handle on cryptography. You know, for example, that a public-private keypair secures your web3 wallet, but if pressed you’d struggle to explain the workings of Diffie-Hellman key exchange. It’s a similar story with chain signatures, a cryptographic technology that the majority of blockchain users are unfamiliar with, let alone the wider world.

But that’s starting to change as the technology begins proving its worth in making smart contracts smarter. Chain signatures enable smart contracts to sign messages when requested by another smart contract that resides on a different blockchain – or even when requested by an off-chain source. They provide a way of verifying events that occur on different blockchains, sectors, and systems, and their true utility is only just starting to be discovered. 

It’s a seemingly marginal innovation that on closer reading has the potential to be a genuine game-changer – just don’t expect to be hearing about it on the front pages of tech media any time soon. Like most seminal technologies, chain signatures can only truly be appreciated once the benefits they bestow are witnessed first-hand. Here’s what you should know about the technology and why it’s such a big deal.

, “Chain Signatures are a cryptographic tool that allows smart contracts to have an impact beyond their native blockchain. They enable smart contracts to produce verifiable signatures on messages, opening up interactions with assets on other blockchains and even with systems in the real world.”

This has major ramifications for the multichain landscape, particularly when dealing with things such as identical tokens that are issued on different networks. A user could be paid in ETH on Arbitrum for instance and a smart contract on Polkadot could release a corresponding amount of 

But things get more interesting once you start to incorporate off-chain mechanisms. Imagine a P2P crypto marketplace, for example, where funds are automatically released from multisig – i.e. escrow – upon the deposit clearing into the recipient’s bank account. Chain signatures are a use case that is anything but an edge case: it’a a technology with wide-scale applications.

A bit like other versatile blockchain technologies such as 

, chain signatures can be used in an array of creative ways. Less exotic use cases include simplifying transaction verification and reducing onchain data usage for multisig transactions. They can also power more efficient threshold cryptography – a tech analogous to multisig – by efficiently validating the required threshold such as 3-of-5 without processing each signature individually.

But it’s once you zoom out and imagine the implications of this technology in a broader context that their power becomes clear. Today, we still separate the world into “onchain” and “offchain.” What happens in blockchain stays in blockchain and vice-versa. While oracles and decentralized data feeds have made some inroads in uniting these two worlds, chain signatures turn those roads into six-lane highways.

Once you give a smart contract the ability to confidently process a transaction with complete certainty in the validity of the event it’s reacting to, everything becomes smarter, faster, and more efficient: prediction markets, RWA protocols, perps exchanges, the whole shebang.

Technology is exciting to no one save for its developers and a handful of fellow tech geeks. But the solutions it engenders can change worlds and wow everyone from digital nomads to tech skeptics. Take AI: it’s not the notion of an intelligent computing brain that’s gotten the world into such a frenzy – it’s the ability to have instant help with your homework; a haiku for a birthday card; a recipe based on the contents of your larder.

So it will prove to be with chain signatures. They might not be as transformative as AI, but make no mistake, their effects will be just as widespread, traversing industries and continents as they permeate every major digital sector, from hotel bookings to supply chain. But before they get that far, becoming a cornerstone of IoT, TradFi, CBDCs, and ecommerce, they’ll start with humbler aspirations: to make blockchain more efficient.

By reducing bloat, minimizing the number of transactions required to approve onchain events, and using less gas per tx, chain signatures are making dapps leaner and meaner. As the number of onchain applications soars and L1 and L2 chains become crowded, this will be vital in keeping crypto networks ticking over and costs to a minimum.

You might not hear about chain signatures for another three months. Then another few weeks will pass before you see the term used again. But there’ll come a day when you can’t recall a day where you didn’t see them cited somewhere during the course of your crypto browsing. That’s how it goes with transformative technologies: slowly then all at once.

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