International Blockchain Forum

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Published: Friday, 20 October 2017 20:41

Photo: maltsystem.com

On October 12 the International Blockchain Forum has taken place in Moscow. Significant part of the presentations has been devoted to ICO and other financial and legal aspects of cryptocurrency. Still, there have been some interesting topics for computer engineering specialists to discuss.

One of the technical topics of the forum were scalability and blockchain transaction speed; Aleksandr Borodich has informed about universa.io - the project about high-speed blockchain system with smart contract support. It is planned that the transaction frequency will exceed 20 000 operations per second (VISA payment system processes approximately the same amount of transactions per second). However, there is a disclaimer that a transaction will take dozens of milliseconds (not microseconds as we may assume knowing the average speed).

Obviously, the proof of work cannot be properly implemented at this speed. The system will operate on the basis of proof of stake. Only approved licensed nodes will be able to verify transactions. In order to speed up the process, it is proposed to share data and contract processing between different performers. Moreover, there will be a separate cloud service engaged in digital signature verification.