University of Sydney Creates New Blockchain Technology
The University of Sydney (USYD) announced that its researchers are building a new blockchain technology called ”Red Belly Blockchain” that is believed to have the potential to revolutionize the world economy. This new technology is based on the latest research consensus on the advantage of preserving the integrity of a public consortium regardless of failures and attacks.
The Red Belly Blockchain (Red Belly Blockchain in Spanish) offers unprecedented performance of more than 400 thousand transactions per second on 100 machines. The security aspect of blockchain acts as an invaluable value for important industries like banking, payments, among others.
The researchers at the university include Tyler Crain, a postdoctoral student; Chris Natoli, doctoral student; Gary Shapiro, passionate businessman; Michael Spain, research scientist; among others. These researchers have collaborated with Data61-CSIRO and demonstrated the limitations of forkable blockchains such as Bitcoin and Etereum. They also explained how a double-spending Equilibrium attack can be issued, which consists of the theft of blockchain assets.
The new blockchain system is being developed by the University School of Information Technology and will allow the instant digital transfer of digital coins around the world, which is said to be faster than the systems established by the likes of the card giant Visa.
USYD also said the next step is to develop a blockchain recommendation system to automate the selection of participants of an instance of consensus.
Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and/or services. This press release is for informational purposes only. Information does not constitute an investment advice or an offer to invest.