Insolar, a new enterprise blockchain platform has registered a resounding success as it launched its testnet on the 22nd of January, 2019. It managed a stellar feat of recording more than the massive figure of 10000 in transactions each and every second.
This data, derived from Insolar explorer, its very own block explorer is extremely striking because of the extremely high number of transactions it has managed to process in just a single second. By doing this, Insolar has managed to reach the goal it had set for itself, in its attempts to prove its immense speed and high degree of scalability.
While the blockchain network that underlies the pioneering cryptocurrency Bitcoin can handle just 7 transactions each second, the closest competitor of Insolar, Ripple, can handle 1,500. If you compare with either of these numbers, you will realize that Insolar has truly outdone its competitors with great élan.
However, one must bear in mind that Ripple does have the potential to scale up to handling about 50,000 transactions every second. Having said that, the testnet launch of Insolar has definitely been quite promising. The firm has announced that it will be releasing its technical white paper about a week later on 30th January, 2019.
According to the website of Insolar:
“Insolar is building an open-source enterprise-grade blockchain platform to enable seamless interactions between companies and new growth opportunities powered by distributed trust”
Now, Insolar derives its uniqueness from the fact that its node operating system is so different from the other systems in existence. The handling and delegation process of nodes is such that the highest possible degree of scalability and speed is ensured.
Explaining the process, the firm stated:
“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.”
Given that scalability has proved to be a major problem in the crypto sector, that has been particularly difficult to handle to so far, the success of Insolar is rather reassuring. We can only hope it outdoes its own testnet performance with its mainnet launch soon.
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