|A South Korean startup claims to have found the solution to speeding up transactions on blockchain. Its most recent public test showed one transaction processed as fast as 0.13 seconds / Photo by: NicoElNino via Shutterstock|
A South Korean startup claims to have found the solution to speeding up transactions on blockchain. Its most recent public test showed one transaction processed as fast as 0.13 seconds.
Locus Chain, a startup in South Korea, has announced a solution for the slow speed of blockchain transactions. Based on the most recent public test, the startup showed that its technology could shrink the transaction speed to 0.13 seconds. That speed was expressed in a single transaction conducted on blockchain.
Locus Chain Offers Transaction Speed Boost on Blockchain
Despite the technology powering cryptocurrency, the speed it takes to complete one transaction can be slower than paying with a credit card. Sometimes, a user has to wait between 10 minutes and 60 minutes for a single transaction to be completed. The 10-minute transaction speed is an average across all cryptocurrency types, but the 60-minute speed is more common in bitcoin transactions. Because of the turtle-like speed, there is an immediate need for innovative solutions to address the problem.
Recently, Locus Chain revealed its innovative solution in solving the transaction speed on blockchain. The primary component in boosting the speed of transactions is its unique ledger structure. This ledger aims to process at least 4,000 transactions per second on the blockchain network. It also aims to process transactions from a variety of devices, such as general computers, mobile devices, and IoT devices. This means that the platform can assist devices with average processing speeds, which normally have problems in cryptocurrency transactions.
In the updated white paper of Locus Chain, the company claims that its speed-boosting capabilities are possible with Account-Wise Transaction Chain or AWTC structure. As the name suggests, AWTC looks into the account unit to increase the completion speed of transactions. In linear structure, the network looks into blocks connected in a linear manner, which limits boosts in speed.
|Despite the technology powering cryptocurrency, the speed it takes to complete one transaction can be slower than paying with a credit card. Sometimes, a user has to wait between 10 minutes and 60 minutes for a single transaction to be completed / Photo by: Teerasak Ladnongkhun via Shutterstock|
The AWTC works within the Locus Chain's Ledger. This ledger is similar to all ledgers in the blockchain that stores transactions made by participants in the network. But with AWTC, the ledger is equivalent to the total of transaction chains of an account. As such, it can accommodate multiple transactions in several active accounts.
In perspective, a typical linear structure can only provide one spot to connect a new block to the previous one. Due to one spot availability, multiple block requests tend to bottleneck the network, creating a long queue and shrinking down the transaction speed. In AWTC, the number of spots scale with the number of transactions and existing accounts in the network. But what about transaction collision?
Collisions between transactions may happen once they look for available spots in blocks. Locus Chain ensures no such thing can occur because of the exclusivity of transactions on blockchain. Spots owned by an account can only be utilized by that account. Even with thousands of transactions flowing in a second, each one looks for a spot owned by its respective account. As long as the account is not malicious, the transaction should be fixed nearly instantly.
Public Test of Locus Chain
In October 2019, Locus Chain publicly tested its ledger to improve transaction speed on blockchain. Here are some of the results from the tests performed from October 22 to October 24 on 635 participating nodes:
- Consensus System: A consensus system was loaded in the tests. The Byzantine Fault Tolerance worked with AWTC.
- Nodes in General PC: As mentioned earlier, Locus Chain wants to leverage general PCs in using its platform. Tests showed that the platform's node ran normally on a low-performance laptop. A screenshot displayed the CPU and RAM of the unit: Intel i7 clocked at 3.60 GHz and 16 GB memory, respectively.
- Ledger Synchronization: The synchronization worked normally in most test days. The average time of the initial ledger synchronization during normal operation was one minute. However, one scenario happened each test day that it took at least 10 minutes to synchronize the ledger in two to three nodes. Locus Chain said that the use of Sharding could resolve the slow synchronization due to a slow network. Overall, the Locus Chain synchronization was faster than the process in Ethereum.
- Single Transaction Speed: Tests of single transactions revealed an average speed of between 0.18 and 0.23 seconds. It was not observed to increase when the number of nodes and transactions became higher. But there was a difference of between two and three seconds in processing speed. Locus Chain determined that the difference was not substantially significant to impact the completion of a transaction.
- Additional Functions: Tests showed that the majority of other functions worked well. Though, there were questions about the message of a node and questions wherein users could not understand the "Activate" concept.
- Verifiable Pruning: This function operated every time an epoch occurred.
- Verification Function: The verification function for checking files worked normally even when the ledger's size decreased.
"Locus Chain is still under development to become a complete version. But I believe that the technology is already commercially viable. I think it is a real deal," said Moon Young Bae, Vice Chairman of Korea Blockchain Association, as quoted by United Press International, an international media company.
There is no confirmed date yet for future public tests. Also, Locus Chain has not confirmed when its platform will be ready for deployment.