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   1142

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.

DFINITY to Postpone Internet Computer Launch

The project is currently assessing the time frame for the completion of the MVP
14 December 2018   67

The blockchain project Dfinity reported in its blog postponing the launch of its main product.

Previously, Dfinity chief scientist Dominic Williams said that his company intends to create an “Internet computer that will become cloud 3.0”, compete with Google Cloud and Microsoft Azure, and also change the face of the blockchain industry.

According to him, the project team is developing a technology that has 150 higher performance than Ethereum blockchain and 900 times - Bitcoin. In essence, the project creates a “giant Internet computer”, whose work will be supported not by one company, but by all participants of the Dfinity protocol.

Initially, the release of a minimum viable product (MVP) was planned for the first quarter of 2019. However, according to company representatives, working on a trimmed version may slow down progress in creating a complete product.

The project is currently assessing the time frame for the completion of the MVP. Also, noted in Dfinity, before the end of the first quarter a new set of development tools (SDK) will be released, which will shed light on the future plans of the company.

In August, the Dfinity Foundation attracted $ 102 million of investments in the framework of a closed tokensale. Prior to this, at the beginning of the year, the Dfinity Foundation raised $ 61 million from Andreessen Horowitz and Polychain Capital.