Blockchain Experts Claims its Network Can Attain High Speed & High-Volume Processing
A unit of scholars is certain it has the method to engineer a high-performance blockchain network that can process payments faster and at larger scale than counterpart blockchain systems.
The network known as Unit-e, is looking to process transactions verified by agreements on the blockchain in just 15 seconds.
If the system goes live, settlement speed will go up and cause a significant boost in its blockchain performance in comparison with rival networks.
Here’s how long it takes to settle and record the different transactions:
• Bitcoin – 15 minutes
• Ethereum – 6 to 7 minutes
• Litecoin 60 to 90 seconds
The unit of researchers behind the network is a gathering of scholars from different institutions
• Carnegie Mellon University,
• University of Southern California,
• Stanford University,
• University of California (Berkeley),
• University of Illinois Urbana-Campaign,
• University of Washington
Distributed Technology Research, a Zurich-located nonprofitmaking company is funding the development of distributed tech.
Blockchain networks are known to use a decentralized system in payments processing which allows assets or money to move between two trading partners. Supporters say that this removes the need for an intermediary like the Federal Reserve to supervise the transaction. According to proponents, removing the middleman would cut down cost per transaction.
What’s more, fans of blockchain networks love it because it provides the correct up-to-the-minute public record of all transactions at any instant which makes it extremely difficult place to execute payments fraud.
High-volumes per second
Speed aside, Unit-e promises to handle around 5,000 to 10,000 transactions per second. We know that Bitcoin, handles about 7 transactions every second. In comparison, Visa Inc.’s network can process up to 65,000 transactions per second.
Unit-e is Rethinking the Components of Blockchain Systems
This improved performance is a product of what the unit refers to as rethinking the components of blockchain systems, like storage, computation, security, privacy, authentication, communication, interaction, information representation and anonymity so that they can handle more transactions volumes at faster speeds.
Once these limitations of the blockchain have been spotted and corrections made to streamline them and boost up speed and scalability, says the group.
Hopefully, Unit-e’s network will improve the blockchain experience for crypto lovers and achieve its main goals— faster and high-volume transactions.
Author Bio: As the FAM account executive, Michael Hollis has funded millions by using high volume merchant account solutions. His experience and extensive knowledge of the industry has made him finance expert at First American Merchant.