Home / Crypto Currency / Sydney Uni’s Red Belly Blockchain Hits 30,000 Txs/Sec on Amazon Cloud Trial

Sydney Uni’s Red Belly Blockchain Hits 30,000 Txs/Sec on Amazon Cloud Trial


Red Belly Blockchain

Advertisement

The latest trial from the University of Sydney’s Red Belly Blockchain running on Amazon Web Services (AWS) has clocked 30,000 transactions per second with an average transaction delay of 3 secs.

Researchers at the University of Sydney in Australia have concluded new trials of a hybrid blockchain that sits between public blockchains like that of bitcoin and ethereal and consortium blockchains like R3.

Developed exclusively by the university’s School of Information Technology, the academic researchers claim the fork-free Red Belly Blockchain can rapidly scale transactions compared to the likes of the bitcoin blockchain.

“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,” University of Sydney’s Dr Vincent Gramoli, who heads up the development group, told the Australian Financial Review.

The bitcoin blockchain can scale seven transactions per second with an average confirmation time of 10 minutes (September 10 figures from blockchain.com). The ethereum network can scale up to 20 transactions per second amid ongoing chatter involving co-creator Vitalik Buterin for a plan to scale up to 500 txs/s.

Dr Gramoli added:

“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.”

The Red Belly Blockchain is a “community’ ledger whose tech lies somewhere in between the public and the consortium blockchain models, according to the research lead.

“It doesn’t rely on a [consortium leader like R3] because having a leader was a bottleneck to scaling,” he explained…”we discovered that transaction verification was also causing a bottleneck, so we improved consensus and the verification process and we were able to scale the performance.”

While this particular trial ran on the Amazon Web Services (AWS) cloud computing platform, a previous test in a single physical data centre with 300 machines scaled 660,000 transactions per second, over 11 times that of the Visa network which has a maximum throughput of 56,000 transactions per second as one the world’s largest payment rails.

Developed over a span of several years and “hundreds of thousands of dollars” in production costs, the Red Belly Blockchain made headlines in July 2017 with its first publicly-known trial wherein the ledger processed 400,000 txs/second.

Featured image from Shutterstock.

Follow us on Telegram or subscribe to our newsletter here.
Join CCN's crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.
Advertisement
Read more

Check Also

Barclays’ Crypto Trading Desk Put ‘on Ice’ as Competition Heats Up

Barclays has reportedly put plans for a cryptocurrency trading platform on pause, according to sources familiar with the matter. Barclays Puts Crypto Trading Project on Hold U.K.-based multinational bank and financial services company Barclays is said to have frozen a project that would see the firm launching a cryptocurrency trading desk, two sources “familiar with the situation” claimed. The “digital assets project” was being led by Barclays former global head of commodities Chris Tyrer, alongside head of forex and emerging markets macro strategy, Marvin Barth, technology officer Lee Braine, and digital assets consultant Matthieu Jobbe Duval. The decision to axe the project reportedly prompted Tyrer to exit his post leading the project in September. The quartet had been researching cryptocurrencies viability as an asset Barclays’ customers might be interested in, and to better understand what operational infrastructure would be required to support the effort. However, it appears that the research either discovered a number of challenges Barclays wasn’t prepared to face, or found a distinct lack of interest from customers willing to explore the emerging asset class as an investment vehicle. No specific reason was given for the decision, only that the project was put “on ice.” In recent weeks, as cryptocurrencies continue to experience declining prices, a general lack of interest from institutional investors has caused other cryptocurrency products to be folded. However, past comments from Barclays chief executive officer Jes Staley could shed some light as to why Barclays got cold feet with a crypto trading desk. Staley worried that cryptocurrencies could be “used for activities that the bank wants to have no part of.” Barclays was rumored to be investigating a cryptocurrency trading desk back in April of this year, in partnership with Goldman Sachs. The buzz surrounding the rumor picked up steam when Barclays created its Digital Asset Team in August. Competition in Crypto Space Begins to Heat Up Barclays’ potential partner on the project, Goldman Sachs, is also rumored to be working on its own cryptocurrency trading desk. Like Barclays it too has pivoted back and forth between supporting and denying the existence of such a trading desk. Last month, rumors emerged from anonymous sources claiming that the major U.S. finance firm was ditching plans for a cryptocurrency trading desk. Yet, Goldman’s chief financial officer Marty Chavez called the report “fake news.” Traditional finance firms like Goldman Sachs, Barclays, JPMorgan, and others, are in a race to open the first cryptocurrency trading desk geared toward institutional investors. Competition in the space is beginning to heat up, with New York Stock Exchange parent company Intercontinental Exchange set to take the first step by offering physically delivered Bitcoin futures via its Bakkt platform this coming November. Featured image from Shutterstock. The post Barclays’ Crypto Trading Desk Put ‘on Ice’ as Competition Heats Up appeared first on NewsBTC.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.