University of Sydney’s Red Belly Blockchain Sees 30,000 TPS, Boasts Being 1500x Faster Than Ethereum
New Trial Shows Sydney Uni’s Red Belly Blockchain Processes Transactions 1500 Times Faster Than Ethereum
Researchers at the University of Sydney in Australia have concluded new trials of a hybrid blockchain, Red Belly Blockchain, that sits between public blockchains like that of bitcoin and ethereal and consortium blockchains like R3.
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.
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.
The latest trial showed that the Red Belly Blockchain running on Amazon Web Services (AWS) clocked 30,000 transactions per second with an average transaction delay of 3 secs compared to the bitcoin blockchain which can scale seven transactions per second with an average confirmation time of 10 minutes (September 10 figures from blockchain.com).
Also, the Uni’s Blockchain beats the ethereum network which 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.
The academic researchers all from the university’s School of Information Technology, claim the fork-free Red Belly Blockchain can rapidly scale transactions compared to the likes of the bitcoin blockchain.
Dr Vincent Gramoli, who heads up the development group, told the Australian Financial Review that 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.
Dr Gramoli added that so far,
“Blockchain had not shown that it could scale and so they 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 lead researcher said,
“The Red Belly Blockchain doesn’t rely on a [consortium leader like R3] because having a leader was a bottleneck to scaling. He said they discovered that transaction verification was also causing a bottleneck, so they improved consensus and the verification process and were able to scale the performance.”