Insolar (INS) an enterprise blockchain platform has managed over 10,000 transactions per second after launching a testnet. This is according to data from Insolar Explorer, its block explorer. The company had announced on Sunday that it had set up a private testnet launch to help prove its speed and scalability with the aim of reaching 10,000 TPS.
Insolar Will Release Its Technical White Paper At The End Of The Month
The achievement by Insolar is quite remarkable given that the Bitcoin blockchain can only process 7 TPS. Ethereum can process around 30 TPS and the blockchain of the second largest cryptocurrency XRP can currently handle 1,500 TPS. However, Ripple can scale up to 50,000 TPS.
On Sunday also the company announced that it had set Jan 30 as the release date of its technical white paper.
Explaining what helped the company achieve that amount of transactions in a second Insolar noted that its node operating system does differ in a big way from other systems. In its blockchain, some nodes don’t both compute and validate transactions at the same time. This ensures that there is maximum speed and scalability within its blockchain.
Explaining how its blockchain works, the company states:
“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.”
Scalability is one of the problems that has plagued the crypto industry. According to a professor from MIT, the blockchain technology has the potential to create a borderless economy if its systems can improve on three main properties; scalability, security, and decentralization.
What’s your take on Insolar’s blockchain achieving over 10,000 TPS? Share your thoughts in the comment section below.