USyd blockchain to overperform Visa by more than 10 times

The University of Sydney announces Red Belly Blockchain capable of overperforming Visa by more than 10 times
26 October 2017   1619

The University of Sydney (USyd) announces that its Red Belly Blockchain is capable of processing financial transactions 50% faster than first anticipated, noting that its "super fast" speed is outperforming the likes of global giant Visa.

Red Belly Blockchain by USyd
Red Belly Blockchain by USyd

Revealed in July, the new blockchain technology is believed to revolutionise the global economy.

Dr Vincent Gramoli, the head of the Concurrent Systems Research Group developing the blockchain, claims that trials over the past three months have shown the technology's performance gets better as it scales up.

Our latest tests showed the Red Belly Blockchain can process more than 660,000 transactions per second on 300 machines in a single datacentre. This is a notable improvement from our tests earlier in the year, which showed our blockchain achieved a performance of more than 440,000 transactions per second on 100 machines. In comparison, Visa's network has a peak capacity of around 56,000 transactions per second, and the bitcoin network is limited to around seven transactions per second.
 

Dr Vincent Gramoli
The head of the Concurrent Systems Research Group 

The Red Belly Blockchain has been tested across 14 geographical regions from Australia to the US, including Canada, the UK, Germany, Brazil, Japan, India, South Korea, and Singapore. 10 machines participated in the testing in each region.

Our results confirmed that our blockchain achieves better performance than existing technologies used by financial institutions - including Visa -even when the machines that have to collaboratively provide the service are located in different continents. We do not know of any other blockchain solution that can achieve this.
 

Dr Vincent Gramoli
The head of the Concurrent Systems Research Group 

 

As reported, the next stage for the Red Belly Blockchain is to be made publicly available to all internet users.

New York State to Revise BitLicense Granting Terms

At the moment, BitLicense is the most stringent legal framework for the cryptocurrency industry
23 October 2019   7

The terms for granting the so-called BitLicense, the license required for cryptocurrency companies to work in New York State, will be reviewed. This was stated by the superintendent of the New York Department of Financial Services (NYDFS) Linda Lacewell, reports CoinDesk.

BitLicense is considered the most stringent legal framework for the cryptocurrency industry at the state level. In particular, companies are required to receive it for cryptocurrency transactions of New Yorkers, even if they themselves are based in other jurisdictions.

Last year, Kraken, a San Francisco-based exchange, chose not to receive BitLicense, but to completely leave New York. Earlier this year, the Bittrex exchange (Seattle) also left the state without licensing.

This is a good time to take a look, a responsible look and see how our regime is fitting the current market and … what if any adjustments should we think about making to continue to adapt to sort of a changing industry … that’s going to be one of the things that [we do].
 

Linda Lacewell

Superintendent, New York Department of Financial Services

At the same time, she called not to “be too happy” about possible changes in the rules for the cryptocurrency industry.

According to her, the current regulatory regime “works well,” but the industry has changed since 2015, when BitLicense was introduced.

How has the industry grown? Has it matured in any way? And I don’t want to get too specific, but you know, it’s a good time for a second look.
 

Linda Lacewell

Superintendent, New York Department of Financial Services

 Lacewell did not specify when the revision of licensing terms will be completed and what exactly industry participants can expect in the end.

Since the introduction of the license until June 2018, only 6 companies have received BitLicense, but over the past 20 months, after the regulator has softened its position, 16 more companies have been added to their number.