University of Sydney Reveals Faster, More Secure and Scalable Blockchain
Researchers from Univesity of Sydney announced they successfully tested a new blockchain called Red Belly which overcomes the existing problems of existing blockchains technologies used in all the cryptocurrencies today.
The Red Belly blockchain is based on a consensus technology based on which transactions are verified before added to blockchain. This way they blockchain is never forked. Instead of using a chain of blocks the chain contains indexes to which multiple blocks can be added. This way the speed can go to up to 440000 transactions per second. Just remember Bitcoin is limited to 7 transaction per second and the total Visa transactions can go up to 46000 per second.
The best part of the RedBelly blockchain is the fact that the speed of 440 000 per second was achieved on a network with 100 computers. According to researchers involved in it, the speed increases as more nodes are added in the network.
You can read more about Red Belly blockchain on the official page or in the research paper.
This post received a 2.7% upvote from @randowhale thanks to @steem-buzz! For more information, click here!
I will try to work my way through the PDF whitepaper. There is no simple explanation on the website on how this is supposed to work.
Any update on the linked research paper?
It's released back in May 2017, and I wonder whether it has been published in a journal or presented in a conference after peer reviewing process, which is not found in a linked official page.
Given the sheer amount of mathematical contents in the paper, I wonder how the research community accepts this work.