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   1391

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.

Wirex to Issue 26 Stablecoins on XLM Blockchain

Wirex chosen Stellar blockchain because company considers it safe, easily scalable and relatively inexpensive to use
25 April 2019   66

British online banking platform Wirex has announced the listing for the XLM token, as well as the release of 26 stablecoins on the Stellar blockchain, pegged to fiat currencies, including USD, EUR, GBP, HKD and SGD.

Prior to this, Wirex card supported eight digital assets and ten fiat currencies.

In addition, Wirex added the ability to instantly convert steablecoins to each other at over-the-counter rates.

As the company expects, new assets will be used for money transfers, issue and redemption of tokens, as well as for payments for services.

The choice of Wirex fell on the Stellar blockchain, as the company considers it safe, easily scalable and relatively inexpensive to use.

Last year Wirex became the third company in a row that received a license to provide services in the UK and Europe.