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The internet keeps getting faster — faster phones, faster broadband, faster data processing. This inevitable trend leaves users expecting more and more progress as a matter of course. At the same time, businesses are keenly interested in the ways blockchain technology can reduce their reliance on third party services, and also how it can create completely new business models that revolve around the customer.
In this context, ever since the wider world started waking up to the possibilities of cryptocurrency a couple of years ago, speed has been the big stumbling block. But progress has been rapid. New competitors and improvements from old competitors — such as the Lightning Network — are in a constant race for speed supremacy, constantly driving up the possible transactions per second (tps).
A newcomer to this race for efficiency is taking a slightly different approach and is publicizing results that could lead the market in processing ability. Fractonet Innovation Technologies positions itself as a blockchain-as-a-service (BaaS) company that helps companies build proprietary blockchain solutions that achieve speeds far beyond what is possible in most blockchain paradigms. The Fracton Network uses an advanced blockchain design to make blockchain ready for businesses, and their ambition is to become the “best BaaS company in the world.” So, what do they have to support this ambition?
Efficiencies in blockchain design
The Fractonet team described their offering thus:
“Fractonet is determined to become the number one BaaS company, with a focus on creating on-chain blockchain solutions. We can build customized blockchains with any desired future, such as decentralized application, on-chain data storage, and different privacy levels based on needs, with data being accessible with private keys. This will all be possible without needing to resort to a centralized, third-party assistance.”
While they are certainly well-placed to capitalize on the increasing demand for blockchain solutions, the real credentials of the project become clear when you dig deeper into what they offer. The Fracton Network blockchain protocol is SHA-256 based, using elements of the Bitcoin protocol — which is the best of the breed blockchain standard, in many respects.
Implications for speed
What is most interesting is the speed these blockchain solutions are achieving and the architectural insights that are allowing this speed. The Fracton Network uses ‘Miniblocks,’ which are cryptographically secure ways to handle more data more efficiently without burdening the functioning of the entire chain. Miniblocks are rooted in the main chain, and extend the capacity of the chain without compromising security or cryptographic integrity — in fact, it is an improvement in security. The result? A solution that achieves blistering speeds of 33,888 tps with a 1.5 GB block size and a five minute block time.
In order to accomplish such improved performance on a SHA 256 blockchain, a new communication protocol — the RIFT protocol — was developed to sync such large amounts of data.
If Fractonet Innovation Technologies can communicate the benefits of this architectural redesign to companies, they could well position themselves as the leader in BaaS for the coming blockchain explosion.