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   814

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.

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   137

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.