A recent announcement from the contemporary Insolar project, a Blockchain-as-a-Service provider, states that following the recent update to the network, it has not only increased transaction throughput from 10,000 tx/s to 16,000 tx/s using the same amount of 20 nodes, but it has also opened its Testnet 1.1 to the public by making use of external nodes. One of the first corporate and academic partners include the Toronto’s York University and Swiss Technical University ETH Zurich.
Infinite Scalability with Insolar Nodes
Back in January 2019, the Insolar blockchain was running a closed test net with 20 nodes operational. During that time, transaction throughput was at 10,000 per second which in relative terms is amazing. PayPal for example, a globally used fiat financial service, can only manage 193 transactions per second.
Having in mind the low number of nodes, the recent 1.1 update pushed many fixes and enhancements to the network, allowing that same number of nodes to reach an even higher number – 16,000 Tx/s. Keeping up with this upward trend, the Insolar node network scales linearly, which means that we can expect amazing numbers with low overhead.
Future Implications for Insolar
Based on what we have seen so far from Insolar, we can conclude that the network has great potential. Thanks to the added possibility for corporations and academic entities to join in the Testnet, we can start to see real-world implementations of blockchain technology, all while being able to rely on fast confirmations and increased usability.
Further to that, the speed provided will aid in the adoption rate by other companies, as that is where most other cryptocurrencies are found lacking. To replace traditional fiat payments, banking institutions and debit/credit cards, projects will need to provide not only usability but also high levels of security, which are yet to determined.
Provided you’re interested in exploring this project, participation in the Testnet is free and anyone can create accounts, observe the network’s throughput and/or generate transactions.
About Insolar
Insolar is an enterprise-oriented blockchain platform that aims to provide convenient interaction between real-world business practices and the security and stability offered by blockchain technology. Being cloud-based and having a blockchain-as-a-service (BaaS) architecture allows Insolar to be deployed quickly and is easily scalable. The team behind this project consists of over 30 software engineers and 10 world-renowned academic researchers, all working as a proven team of industry leaders with significant experience in the blockchain industry, Internet of Things and Artificial Intelligence.