The latest trial from the University of Sydney’s Red Belly Blockchain running on Amazon Web Services (AWS) has clocked 30,000 transactions per second with an average transaction delay of 3 secs.
Researchers at the University of Sydney in Australia have concluded new trials of a hybrid blockchain that sits between public blockchains like that of bitcoin and ethereal and consortium blockchains like R3.
Developed exclusively by the university’s School of Information Technology, the academic researchers claim the fork-free Red Belly Blockchain can rapidly scale transactions compared to the likes of the bitcoin blockchain.
“There’s public blockchains like bitcoin and Ethereum that don’t try to solve consensus ahead of time … but then later try to avoid forks … which means the latency is quite large,” University of Sydney’s Dr Vincent Gramoli, who heads up the development group, told the Australian Financial Review.
The bitcoin blockchain can scale seven transactions per second with an average confirmation time of 10 minutes (September 10 figures from blockchain.com). The ethereum network can scale up to 20 transactions per second amid ongoing chatter involving co-creator Vitalik Buterin for a plan to scale up to 500 txs/s.
Dr Gramoli added:
“So far, blockchain had not shown that it could scale and we wanted to demonstrate that a blockchain technology could scale in the number of participating machines and have performance maintained or improved with an increasing number of participants.”
The Red Belly Blockchain is a “community’ ledger whose tech lies somewhere in between the public and the consortium blockchain models, according to the research lead.
“It doesn’t rely on a [consortium leader like R3] because having a leader was a bottleneck to scaling,” he explained…”we discovered that transaction verification was also causing a bottleneck, so we improved consensus and the verification process and we were able to scale the performance.”
While this particular trial ran on the Amazon Web Services (AWS) cloud computing platform, a previous test in a single physical data centre with 300 machines scaled 660,000 transactions per second, over 11 times that of the Visa network which has a maximum throughput of 56,000 transactions per second as one the world’s largest payment rails.
Developed over a span of several years and “hundreds of thousands of dollars” in production costs, the Red Belly Blockchain made headlines in July 2017 with its first publicly-known trial wherein the ledger processed 400,000 txs/second.
Featured image from Shutterstock.
Last modified: March 4, 2021 3:44 PM