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The University of Sydney and CSIRO's Data61 say they have successfully created a blockchain that can process a mass amount of transactions significantly more quickly than public blockchains, such as the one behind bitcoin. New trials of the Red Belly Blockchain run on Amazon Web Services infrastructure have shown an average transaction delay of only three seconds and a throughput of 30,000 transactions per second. The University of Sydney's Dr Vincent Gramoli, who heads up the Concurrent Systems Research Group developing the blockchain and also works for Data61, said Red Belly Blockchain was the result of two years of work and hundreds of thousands of dollars in research grants.
Dr Gramoli said Red Belly Blockchain was based on a new blockchain "system" which fits between the two current models of public blockchains and consortium blockchains. There's public blockchains like bitcoin and Ethereum that don't try to solve consensus ahead of time .. but then later try to avoid forks … which means the latency is quite large," he said. In a public blockchain, a "fork" happens when a blockchain diverges into two potential paths based on the network's transaction history or a new rule dictating what makes a transaction valid.
With this new structure, using 300 machines in a single data centre, Red Belly Blockchain was previously able to achieve 660,000 transactions per second. However, having invested time and research analysing Red Belly, it appears to be the first one to address lack of accountability in blockchain technology, unlike current blockchains like Ethereum and EOS," Cosmos Capital Australian general partner Anton Uvarov said. "The first time we came across the Red Belly blockchain project, we were stunned by its technological advancement, protocol specifications and particularly, how well it was able to remain under the radar of so many investors."
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For more Bitcoin Crypto Currency news Latest Update Crypto Currency Training Auto Trading Crypto BOT & Crypto Trading Signals join above given telegram channel.
The University of Sydney and CSIRO's Data61 say they have successfully created a blockchain that can process a mass amount of transactions significantly more quickly than public blockchains, such as the one behind bitcoin. New trials of the Red Belly Blockchain run on Amazon Web Services infrastructure have shown an average transaction delay of only three seconds and a throughput of 30,000 transactions per second. The University of Sydney's Dr Vincent Gramoli, who heads up the Concurrent Systems Research Group developing the blockchain and also works for Data61, said Red Belly Blockchain was the result of two years of work and hundreds of thousands of dollars in research grants.
Dr Gramoli said Red Belly Blockchain was based on a new blockchain "system" which fits between the two current models of public blockchains and consortium blockchains. There's public blockchains like bitcoin and Ethereum that don't try to solve consensus ahead of time .. but then later try to avoid forks … which means the latency is quite large," he said. In a public blockchain, a "fork" happens when a blockchain diverges into two potential paths based on the network's transaction history or a new rule dictating what makes a transaction valid.
With this new structure, using 300 machines in a single data centre, Red Belly Blockchain was previously able to achieve 660,000 transactions per second. However, having invested time and research analysing Red Belly, it appears to be the first one to address lack of accountability in blockchain technology, unlike current blockchains like Ethereum and EOS," Cosmos Capital Australian general partner Anton Uvarov said. "The first time we came across the Red Belly blockchain project, we were stunned by its technological advancement, protocol specifications and particularly, how well it was able to remain under the radar of so many investors."
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