Australian Blockchain Project - CSIRO & Uni. of Sydney.
There is an amazing update on the project that Australia’s Commonwealth Scientific and Industrial Research Organization (CSIRO) and the University of Sydney announced not all that long ago, which was named the "Red Belly Blockchain".
This project is in a way unique as it has had great support in various ways from The Government, it incorporates a world class educational facility, namely, The University of Sydney and is being conducted on an international level.
Unlike the Proof of Work (POW) basis for blockchains, which is most commonly associated with Bitcoin, this blockchain is community based and as such is more so aimed at making blockchain technology become an every day aspect of life. So it is expanding the arena of blockchain technology to areas that we have probably never thought to be possible/feasible.
To quote:
For a full read of the article please go to:“A benchmark was set by sending 30,000 transactions per second from different geographic regions, demonstrating an average transaction latency (or delay) of three seconds with 1,000 replicas (a machine that maintains a copy of the current state of the Blockchain and the balance of all accounts.),” the science agency explained in a statement.
Definitely news that shall put a great big smile on all our faces!
As for our contest, today our savings withdrawal of 15 Steem has been done, so in three days time the Steem shall be available to send to the winner for September.
For those who are still not aware, there is a total of:
150 STEEM
For more information, please check out the following post:
CONTEST: 150 STEEM – “PROMOting STEEM” – GO 4 IT!
(https://steemit.com/australia/@steemaustralia/contest150steem-promotingsteem-go4it-1308vxw66g)
It's that simple!
& after the news that we just shared with everyone it is time to call it a day!
Nothing better than putting a grand big ol' smile on peoples faces.
Posted on www.steemaustralia.org by:
@jackmiller (Witness)
Posted from www.steemaustralia.org via SteemPress : http://www.steemaustralia.org/australian-blockchain-project-csiro-uni-of-sydney/
That is awesome news - nice to see Australian researchers working on this. The blockchain they have developed sounds a lot more like STEEM than Bitcoin.
How many transactions per second can STEEM do now?
I think the last tests that I read about, back in June were over 10,000tx per second. But that is all relevant as the technology changes in future.
I think EOS supposedly has like 50,000tx per second. But that is yet to be seen in action as it is all still an infant.
Steem has definitely proven its stability on that front and endurance with the number of transactions handled without any "flaws" that many of the competitors would like to see.
I'm not going to mention BTC, no comparison, that is just way toooooo slow!
Just thinking out loud here @jackmiller, when SMTs come in to play, could an AUD tether Smt be feasible? I know steem and smts are aimed as "media" tokens, but the fast and free transactions make it an interesting option as a payment solution.
An smt (lets call it Aussie Steem Bucks - ASB) as a payment platform for online retail could gain traction if both retailers and consumers are rewarded for using it. New payment system's can gain rapid growth if they are DEMANDED by consumers.
Like I said, just thinking out loud. I don't have any technical skills to even contemplate whether this would be possible. Might make a post to flesh out the idea a bit and call for opinions.
Posted using Partiko Android
I did make a post. https://steemit.com/smt/@jk6276/my-great-big-smt-idea---call-for-input-advice-criticism-knowledge
Would love your input @jackmiller