Enterprise blockchain platform Insolar (INS) has successfully launched its testnet on Jan. 22, recording over 10,000 transactions per second (TPS), according to data from its block explorer Insolar Explorer.
As the company announced on Sunday, Insolar set up its private testnet launch in order to prove its scalability and speed, with the goal to reach at least 10,000 TPS.
The original Bitcoin (BTC) blockchain is able to process about 7 TPS, while the network of another major coin Ethereum (ETH) can process 20 TPS. Ripple (XRP), the second biggest crypto by market cap, “consistently handles” 1,500 TPS, but can purportedly scale up to 50,000 TPS.
In the recent testnet announcement, Insolar has also set the release date for its technical white paper for Jan. 30.
Insolar notes that its node operating system differs significantly from other systems, claiming that a certain node does not both compute and validatie transactions simultaneously, which ensures maximum speed and scalability of the Insolar blockchain. The firm 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.”
While the Insolar blockchain explorer shows a TPS max of 10,229, at press time the network is recording 73 TPS.
In 2017, Insolar announced a project to decentralize the grocery industry which would purportedly make grocery shopping cheaper and more secure by cutting out middlemen. The company reportedly signed deals with major global grocery manufacturers such as Unilever .
The blockchain scalability problem is one of the main problems plaguing the industry. Recently, a professor at Massachusetts Institute of Technology (MIT) claimed that blockchain has a potential to create a borderless economy if blockchain systems simultaneously match three major properties — security, decentralization and scalability.