Insolar Startup Launches High Speed Blockchain
The Insolar blockchain startup (INS) successfully introduced its testnet with a throughput of over 10,000 TPS, Cointelegraph reports, referring to information from the Insolar Explorer website.
The company reported the testnet launch on January 20 to prove the network scalability, its speed and to reach at least 10,000 TPS. It is assumed that the white paper with all the details of Insolar will be published on January 30.
The Bitcoin blockchain currently processes about 7 operations per second, the Ethereum network is capable of processing up to 20 TPS. Ripple (XRP) conducts 1500 TPS, although its developers claim they can reach 50,000 TPS.
The Insolar operating system has significant differences from the analogs of other companies. According to its developers, one node is not involved in simultaneous calculating and verifying transactions, which allows achieving the highest blockchain speed and scalability.
The startup specialists claim that any smart contract is transferred to one node in Insolar. After processing the operation, a number of other nodes confirm it. Ultimately, every new node allows increasing the throughput of the blockchain.
In 2017, the Insolar startup announced the development of a trade project that would eliminate intermediaries and make the process of buying products more convenient.
Earlier, the MIT Professor Silvio Micali stated that blockchain will be able to create an economy without borders if it solves the issue of scalability.