Aurora Blockchain hits 2000 transactions/sec, becomes faster than Monero
blockmanity Posted On May 19, 2018 2017 has been the year of Blockchain. With Blockchain technology on the rise, tech pundits calling Blockchain as the Web 3.0 and hordes of new Blockchain startups coming to the market daily, it’s fair to say that 2018 is going to be a bigger year for Blockchain.
One of the biggest application of Blockchain is decentralized banking, which will allow users to transact without any government/private intermediary. And the biggest challenge in this system is the transaction speed. Currently, Credit card companies like Visa handle millions of transactions per second. While Bitcoin has around 7 transactions per second. This has given rise to many other crypto-currencies that have a higher transaction speed.
One such Blockchain company is Aurora chain. Aurora Chain has achieved a rate of 2000 tx/s (transactions per second). With this rate is now fourth fastest blockchain in terms of transaction speed, coming only behind XRP (centralized) and NEM.
Aurora Chain has achieved this feat of 2000 tx/s by a combination of DPOS and BFT consensus mechanism, combined with multi-chain parallel operations. The Blockchain company is seeking to become a leading DApp creation platform.
Meijun Zhang at Aurora Press Conference. (copyright crypto-news.in)
Aurora Chain’s CEO Meijun Zhao said at a Press Conference in Seoul
Among 100 coins in CoinMarketCap, around 27 coins are app-based coins and 21 support blockchain and the rest 52 coins are just forms of financial instruments. Less than 5 coins have the capability of smart contracts and we are one such blockchain.
Aurora Chain’s CEO also added that by July 2018, Aurora would have completed the step 2 on the roadmap which includes 50-100 companies using Aurora’s DApp solution.
“Cross chain communication is very important in the near future… We would like to invite more industries to join our chain so that we can communicate with different chains. That is the next step for us”, says Aurora Chain’s VP Mr. Bo Zhang
The press conference also saw discussion of some of the brightest minds in the industry including David Song (CEO of World Blockchain council), Luke Heine (CEO of SummerPlaybook) and Muhd Amrullah (CEO and Founder of FaceRecog).
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
