A blockchain developed by Australia’s national science agency (CSIRO) and Sydney University set a new benchmark. In fact, in a test on Google Cloud, its “Red Belly Blockchain” reached 30,000 transactions a second.
Current blockchains, such as those behind Bitcoin process fewer than 20 per second. They also have transaction delays.
But Red Belly just changed the game in a big way.
According to CSIRO:
Researchers are addressing the pitfalls of previous blockchains including high energy consumption and subsequent environmental impact, double-spending and transaction delays. Deployed on 1,000 virtual machines across 14 of 18 geographic regions, a benchmark was set by sending 30,000 transactions per second from different geographic regions, demonstrating an average transaction latency (or delay) of three seconds with 1,000 replicas.
Real-World Applications Struggle
“Real-world applications of blockchain have been struggling to get off the ground due to issues with energy consumption and complexities induced by the proof of work,” Dr Vincent Gramoli, senior researcher at CSIRO’s Data61,” Dr. Vincent Gramoli, senior researcher at Data61 and head of the university research group said. “So far, blockchain had not shown that it could scale and we wanted to demonstrate that a blockchain technology could scale in the number of participating machines and have performance maintained or improved with an increasing number of participants.”
He added, “The deployment of Red Belly Blockchain on AWS shows the unique scalability and strength of the next generation ledger technology in a global context.”
Better yet, the advance is already attracting investors.
So much so, it’s in the middle of a Series A capital raise to help it commercialize. In fact, VC firm, Kosmos Capital is the one leading the raise.
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