GBC KOREA, which developed the world’s first M&A platform with blockchain technology, will announce a new solution that will solve processing speed problems on November 19th.
M&A platforms require a solution that can handle tens of thousands of transactions per second (TPS) due to its high demand of numerous users around the world.
However, the root of cryptocurrencies, Bitcoin, processes 7TPS, Ethereum processes 20TPS, and EOS processes 3000TPS. Nevertheless, this is a substantial slowdown compared to existing financial services.
For example, approximately 2000 dApps(Decentralized Applications) are running on the Ethereum platform. Supposing that each dApp processes one transaction per second, the processing rate of Ethereum is about 20TPS entailing a situation where each dApp can’t even process one transaction per minute.
VISA, one of the world’s largest payment network operators, is known to process 24,000 TPS. With this in perspective, the reality is that blockchain cannot be utilized in this category.
Therefore, the majority of blockchain companies are striving to research and develop for a faster processing speed, and Ethereum is also working on improving their processing speed in various aspects.
Terrance Pak, the representative of GBC Global, said, “GBC is in the final test with technology from TechCoins of Silicon Valley in the United States to handle 1 million units per second. Various technologies have been applied in the combination, however, the point is to use a new sharding technology based on the RPOS(Random Proof of Stake) protocol. “
Additionally, Representative Pak added, “We divide the entire peer-to-peer network into several node groups and select randomly selected node validators from each node group. One task is to create a node block with the agreement of the node verifiers and ultimately generate a master block by validating the shard validator. “
Among these procedures, the process of selecting a validator is automatically selected by the server randomly, and this process solves the 1% execution problem.
Representative Pak states, “By applying this technology, we will be able to provide M&A platform services based on blockchain technology safely and efficiently.”
Reporter Kim Kyung-ah / firstname.lastname@example.org