Researchers at Australia`s University of Sydney (USYD) are currently developing a new model of blockchain that could supposedly process 440,000 transa
Researchers at Australia`s University of Sydney (USYD) are currently developing a new model of blockchain that could supposedly process 440,000 transactions per seconds.
The new blockchain technology is named after the Oceanian country`s snake is introduced by the university`s School of Information Technologies, as cryptocoinnews.com wrote in a recent article.
In comparison to Visa`s network that can process around 56,000 transactins per second, the Red Belly Blockchain system can perform even better, according to the project`s members.
“The Red Belly Blockchain offers unprecedented throughput of more than 400 thousands transactions per second on 100 machines. Its safety aspect is of invaluable importance for critical industries, like banking, and offer performance that scales horizontally.”, as the researchers wrote on the company`s website.
Researchers at the USYD claimed that the Red Belly Blockchain is the first blockchain network, which is built in public and private contexts. as cryptocoinnews.com reported.
“As opposed to mainstream public blockchains, ours is not subject to double spending — when an individual successfully spends their money more than once — because its chain of blocks never forks.”, as USYD academic Dr. Vincent Gramoli, head of the research at the Concurrent Systems Research Group – the company developing the Red Belly Blockchain-, said in a statement.
“The absence of forks means there is no need for any number of confirmations. A transaction in a block is there for good.”, the researchers elaborated on their website.
It is claimed that the Red Belly Blockchain can scale horizontally, while avoiding common issues surrounding other blockchain techs, like forking, for example.
Next, the Red Belly Blockchain will develop a recommendation system that will automate the selection of participants of a consensus instance. As the university pointed out, it will ensure the security of their blockchain technology.