Open blockchain finance platform SETL demonstrates 1M transactions per second

The team of blockchain finance platform SETL, today published a technical whitepaper detailing the Regulated Liability Network’s (RLN) performance tests on SETL’s global banking blockchain, on a cloud environment. The network was capable of processing 1 million transactions per second (tps).The 1 million tps throughput dwarfs both crypto and conventional systems. Ethereum currently can process…
Open blockchain finance platform SETL demonstrates 1M transactions per second

The team of blockchain finance platform SETL, today published a technical whitepaper detailing the Regulated Liability Network’s (RLN) performance tests on SETL’s global banking blockchain, on a cloud environment. The network was capable of processing 1 million transactions per second (tps).

The 1 million tps throughput dwarfs both crypto and conventional systems. Ethereum currently can process only 15 tps with more recent blockchain technology boasting tens of thousands of tps. Traditional card payment systems process around 1700 tps with volumes peaking at around 24,000 tps.

Background

The RLN is a distributed ledger technology (DLT) approach first mooted by Citi’s Tony McLaughlin in his paper, The Regulated Internet of Value.

In that paper, Tony McLaughlin proposed a single shared network for tokens, stating, “Such a network would be significantly different from today’s siloed financial architecture — a regulated internet of value. This system would embody tokenized currencies, bonds, equities, trade instruments, and other regulated financial instruments in an ‘always on’, programmable and global network.”

Open for Participation

SETL opened its sandbox for trials in November and has so far attracted some of the world’s largest banks, custodians, and e-money companies. Central banks are being given free access to the test platform to experiment with how they can issue Central Banks Digital Currency (CBDC) alongside regulated commercial banks and custodian tokens.

The trial is expected to last six to nine months and will explore how RLN can be used to settle interbank and cross-border transactions on a real-time basis, including delivery versus payment and complex liquidity management arrangements. If successful, the network could become an important part of the international financial markets infrastructure.

“This is a breakthrough moment for financial services. We are deploying the technology used by social media, ride-sharing, and online markets, to create an extremely effective payment and settlement infrastructure. It is inherently distributed, secure and resilient.  We are glad to have performed this successful scalability test with a prominent cloud provider realizing the scalability benefits cloud brings to financial services.”


Anthony Culligan, Chief Engineer at SETL

The full whitepaper is available here.

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
South African crypto exchange Xago adds neuromorphic biometric tech to authenticate clients
Read More

South African crypto exchange Xago adds neuromorphic biometric tech to authenticate clients

Xago, a crypto exchange services company based in South Africa, has announced the launch of their mobile application which includes neuromorphic biometric technology to authenticate clients. The mobile app uses advanced (future generation) neuromorphic computing technologies to simulate human cognition – how the brain naturally and instinctively recognizes people.  The result is a more secure…
Liquid Meta teams with Civic to bring capital liquidity to permissioned dApps
Read More

Liquid Meta teams with Civic to bring capital liquidity to permissioned dApps

Related News Civic, a blockchain identity solutions provider, today announced a technology integration with Solana, a project implementing a new, high-performance, permissionless blockchain. The collaboration will allow for improved privacy, regulatory compliance, and ease-of-use for digital... Read more Civic, a blockchain secure payments and identity verification provider, today announced a new partnership with CardConnect, a…
Crypto exchange Bit.com upgrades trading system to utilize all assets for margin
Read More

Crypto exchange Bit.com upgrades trading system to utilize all assets for margin

Bit.com, a cryptocurrency derivatives exchange, today announced the official launch of its new professional Unified Margin (UM) trading system that can use all currency assets for margin to trade its full range of products. Currently, UM mode is supported on web and API (to launch on mobile app later). With the new trading platform, users…
Japanese giant GMO Internet Group to build blockchain business on Klaytn
Read More

Japanese giant GMO Internet Group to build blockchain business on Klaytn

GMO Internet Group, a Japan-based internet service provider. announced it will partner with the Klaytn Foundation to explore blockchain business on Klaytn, a blockchain initiative by the Kakao Group. This latest move is a continuation of the conglomerate’s expansion in internet infrastructure, financial services, e-commerce, payments, and cryptocurrency business segments. GMO Internet Group currently operates…