Fork-free, Energy Efficient Red Belly Blockchain Hits 30,000 Transactions per Second
Red Belly fork-free Blockchain, previously showed transaction speed several times faster than Bitcoin and Ethereum, was subjected to a new experiment, hitting the ability to provide 30,000 transactions per second. This is reported by CSIRO’s Data61, the technology arm of Australia’s national science agency, which took part in the development, together with the Concurrent Systems Research Group at the University of Sydney.
3,000 Trx/Sec matching 14 regions
The experiment was deployed in 14 regions covered by Amazon Web Services’ network, including North America, South America, Asia Pacific, and Europe. With 1,000 machines maintaining a copy of the current state of the Blockchain and the balance of all accounts, the Blockchain demonstrated an average transaction delay of three seconds, which is comparable to the delay obtained during a test last year with 260 replicas located in a single region.
In comparison, mainstream blockchain technologies need minutes, with the Bitcoin Blockchain and the Ethereum network typically processing seven and 20 transactions per second respectively.
The experiment emphasizes the newly launched Blockchain’s scalability while retaining fast transaction speeds makes it ideal for the processing of financial transactions and microgrids that use peer-to-peer trading to transform the energy sector.
Fork-free, no double spending
In addition to high throughput, Red Belly differs from existing solutions with a number of advantages. It is fork-free as contrasted to Bitcoin selecting the longest branch from a forked chain or tree where multiple nodes add different blocks at the same point before learning of the presence of other blocks.
The Blockchain eliminates the risks of double spending where an individual spends their money twice by initiating more than one transaction, researchers say.
Beyond that, It’s much more friendly to the environment because it requires much less electricity than blockchains maintained by proof of work and based on solving crypto puzzles, that requires massive amounts of energy. Red Belly is underpinned by a unique algorithm and offers performance that scales without an equivalent increase in electricity consumption.
“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. The deployment of Red Belly Blockchain shows the unique scalability and strength of the next generation ledger technology in a global context,” Dr. Vincent Gramoli, senior researcher at CSIRO’s Data61 and head of Concurrent Systems Research Group at the University of Sydney said.
Being marked as a revolutionary solution for the global economy, Red Belly Blockchain has also attracted big-time investors. The company is currently in the middle of a Series A capital raise to help it commercialize, and Kosmos Capital, a VC firm specializing in blockchain investments, is the one leading the raise.
For more information on Red Belly Blockchain, visit redbellyblockchain.io.
The author Payel Dutta
Happy soul, fond of travelling and loves to read tech columns.