Announced in July, a startup has launched a new and improved blockchain that is able to store data as well as the transactions that take place over it. This means that clients and users no longer need to trust a third party with their data good news for operators in the EU in the wake of the EU GDPR.
Fractonet Innovation Technologies has developed a blockchain with a block size of 1.5GB. It states that the system is able to process over 33,000 transactions every second with a block time of just five minutes. For the network to be able to handle such a large amount of data, a new protocol called the RIFT protocol has been created. Each block on the platform is made up of several mini-blocks, each with a maximum size of 25mg.
After testing the platform, Fractonet says that they have been able to process 33,888 transactions each second, significantly more than any current business or industry requirements. The company has even stated that they believe they will be able to create bigger block sizes in the future whilst ensuring that data is not lost and speed is kept high. As time passes and the demand for such services grows, the company will react in terms of infrastructure and scalability.
Fractonet believes that the need for changes in scalability has become urgent and those cryptocurrencies that fail to adapt to increased demands will experience an inevitable decline in their popularity.
They describe their platform as a complete redesign of blockchain and although the traditional blocks are mined, as usual, the mini-blocks are not. They are essentially self-contained and act as a reference system.
Fractonet claims that their solution is revolutionary and that it could be used not just for data backup, but for monitoring supply chains, financial services and even medical records. The team behind the project are adamant that many have been left disillusioned by the limitations of the technology, but that their product will provide much-needed scalability, functionality, and stability.
Are you looking for ICO Legal Advice? Click this link to know more.