3,000 Trx/Sec matching 14 regions 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.
