Enterprise blockchain platform Insolar has launched its testnet, recording over 10,000 transactions per second.
Enterprise blockchain platform Insolar (INS) has successfully launched its testnet on Jan. 22, recording over 10,000 transactions per second (TPS), according to data from its block explorer Insolar Explorer.
The original Bitcoin (BTC) blockchain is able to process about 7 TPS, while the network of another major coin Ethereum (ETH) can process 20 TPS, as recently reported by Cointelegraph. Ripple (XRP), the second biggest crypto by market cap, “consistently handles” 1,500 TPS, but can purportedly scale up to 50,000 TPS.
In the recent testnet announcement, Insolar has also set the release date for its technical white paper for Jan. 30.
Insolar notes that its node operating system differs significantly from other systems, claiming that a certain node does not both compute and validatie transactions simultaneously, which ensures maximum speed and scalability of the Insolar blockchain. The firm states:
“On Insolar, each smart contract is delegated to a single ‘Executor’ node. After it processes a transaction, a few other nodes (called Validators) confirm it. As a result, the throughput capacity increases almost linearly with the addition of each new node, since with each of them, more smart-contracts (for transaction processing) can be delegated to more nodes.”
While the Insolar blockchain explorer shows a TPS max of 10,229, at press time the network is recording 73 TPS.
In 2017, Insolar announced a project to decentralize the grocery industry which would purportedly make grocery shopping cheaper and more secure by cutting out middlemen. The company reportedly signed deals with major global grocery manufacturers such as Unilever .
The blockchain scalability problem is one of the main problems plaguing the industry. Recently, a professor at Massachusetts Institute of Technology (MIT) claimed that blockchain has a potential to create a borderless economy if blockchain systems simultaneously match three major properties — security, decentralization and scalability.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.