New Technology Allows Drastic Rise of Blockchain Network Throughput

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A Silicon Valley-based project is developing a sovereign technology called Integrated Blockchain Architecture (IBA), leveraging IPFS protocol with sharding mechanisms. Splend, blockchain startup, is about to release an IBA-based wallet application, proclaimed to have rapid and zero-fee transfers within the platform. The company has also partnered with a subsidiary of the largest Chinese TV company to implement IBA technology into its digital TV network infrastructure.

Blockchain technology has a history of almost 10 years of development, but it is still restrained by several bottlenecks. These mainly consist of a low performance compared to the global financial services, followed by high transaction costs and an overall lack of standards. Currently, Bitcoin cannot even process seven transactions per second (tps), and Ethereum only reaches 30 tps. Ripple and EOS are considered to have the largest throughput, with 1,500 and 3,000 tps respectively, which is not nearly as close to the rates of popular financial services like Visa at 24,000 tps. Recurrent hacks and other security issues of blockchain networks are not to be ignored as well.

Splend, a Silicon Valley startup, is addressing blockchain infrastructure limitations with its Integrated Blockchain Architecture (IBA) proprietary technology, which runs on the IPFS protocol of peer-to-peer (P2P) method of storing data.

The main objective of IBA is to enable the deployment of scalable, decentralized, P2Pr applications. “Popular altcoins can handle no more than a few thousand transactions per second, while the leading cryptocurrencies, such as Bitcoin and Ethereum, can’t offer competitive rates at all. While the Bitcoin blockchain can perform about 3 transactions per second and the Ethereum blockchain about 30 transactions per second, the IBA™ is targeted to achieve 1 million transactions per second. So far, we have already exceeded current industry tps (transactions per second) implementations that are offered by other major vendors”, says Splend CEO, Rick Bleszynski.

Splend has already released its first application – the Universal CryptoWallet (UCW) which has a “12-layer security shield” against malicious attempts and works “with unprecedented speed,” as written on the official website.

UCW aims to become a “complete, one-stop solution,” offering access to the wallet from any location, decentralized exchange support, cross-platform functionality (PC and mobile) and multi-language support. Moreover, users are able to transfer funds using a Telegram bot with additional future implementations through other messaging apps.

Strategic partner from China

IBA technology has attracted the attention of a major player from China. Splend has concluded an alliance with Shanghai Code Center Industry to adopt IBA Flash Network technology for the China Cable Television Network — a subsidiary of China Central Television (CCTV), Chinese large international media company with an audience of over one billion viewers.

The company has become another member of the Shanghai Code Center partners list — which includes key technology companies like Huawei Technologies, Beijing UnionPay, National Gold Card Engineering and IoT Application Industry Alliance — because of its project of developing a service platform based on the digital TV network infrastructure.

“Through the adoption of Splend’s cutting edge technology, we are planning to build the next network infrastructure, which will overthrow the realities of the current network, enable faster transactions and dramatically reduce costs,” said Quan Laisheng, President of Shanghai Code Center Industry Ltd.

Team highlights and future plans

Splend was established in 2016 by Silicon Valley developers Mike Han and Brian Tran. In 2018, Rick Bleszynski has been leading the company as CEO. Rick is a serial entrepreneur and 25-year veteran of the tech industry, who previously founded two Silicon Valley high tech companies: Bay Microsystems and Softcom Microsystems (acquired by Intel Corp. in 1999).

Other team members have competencies in decentralized P2P blockchain protocols and algorithms, complex network processing hardware, and software coupled with system-on-a-chip expertise.

During 2018 and 2019, Splend plans to release adjacent financial services for the UCW, including lending, merchant payments, debit and gift cards, and bill payments, along with the ongoing development of IBA technology.