The cryptoverse has grown by leaps and bounds since it came into existence, as so many blockchain powered platforms have been launched with most of them offering the public their native tokens. Safe to say, the competition is cut throat and in order to persevere, many of the blockchain platforms are constantly working on improving the transactions per second (TPS) that they offer.
Earlier this week, on 22nd Jan, another blockchain platform took a leap in this regard and the enterprise blockchain platform Insolar (INS) was successful in launching its testnet. According to the data from its block explorer Insolar Explorer, it impressively recorded over 10,000 transactions per second (TPS).
The company made the official announcement that it had set up its private testnet launch earlier on Sunday. The purpose of this testnet launch was to prove its speed as well as its scalability, with the goal to touch at least 10,000 TPS.
The company is fixated on scalability because it remains to be an issue with some of the leading cryptocurrencies, including Bitcoin (BTC). The original Bitcoin (BTC) blockchain has the power to process only about 7 TPS, while Ethereum (ETH) fares better than its counterpart by processing 20 TPS, but it still isn’t enough. Ripple (XRP), which happens to be the second biggest crypto by the market cap, blows its competition out of the park by consistently handling 1,500 TPS. And there are reports that it has the power to scale up to 50,000 TPS.
The reason that Insolar can potentially beat other cryptos when it comes to TPS is because its node operating system is significantly different from the other systems. Insolar claims that in their blockchain a certain node is not responsible for both computing and validating transactions simultaneously. This ensures optimum speed and scalabilty of the Insolar blockchain.
On Insolar, each smart contract is delegated to a single ‘Executor’ node. After it processes a transaction, a few other nodes (called Validators) confirm it. As a result, the throughput capacity increases almost linearly with the addition of each new node, since with each of them more smart-contracts (for transaction processing) can be delegated to more nodes.
The firm states. The testnet announcement also revealed the release date that Insolar has set for its technical whitepaper, which is as early as Jan. 30.
We are waiting to see if this relatively new blockchain can solve the issue of scalability that has been plaguing the industry for so long. For further details, stay tuned to BlockPublisher.