Insolar Launches Testnet 1.1 making it the most Scalable Enterprise Blockchain Platform

Insolar, a global technology company building innovative public and private blockchain solutions, just launched the Testnet 1.1 of its blockchain platform by making use of external nodes in its network. A number of corporate and academic partners have already reserved their nodes, including several bluechip companies and top tier academic institutions. The Swiss technical University ETH Zurich and Toronto’s York University will be participating.

The launch of the Testnet 1.1 coincides with recent improvements in the performance of the Insolar platform. The fixes and enhancements have allowed the network throughput to increase to over 19,000 transactions per second on just 20 nodes. As an example, Paypal can only handle 193 transactions per second.

Insolar, the company that calls itself the most secure, flexible and scalable blockchain for business, successfully launched its Testnet 1.0 in Juanuary this year, with a throughput of over 10,000 transactions per second on 20 nodes. During Testnet 1.0, all the participating nodes were hosted internally by Insolar.

Since Insolar’s platform is linearly scalable, each new active network node added to the network allows for the platform’s speed to increase. This makes the speed at which the platform can perform practically unlimited. The significance is decisive: in earlier generations of blockchain transaction speed typically becomes slower when more nodes join the network.

With its unrivaled scalability, Insolar has set a valuable milestone for achieving widespread enterprise adoption of blockchain, a technology which can revolutionize the way the world does business. Gartner predicts that in the near future, 20% of global economic infrastructure will be running on blockchain-based systems, which will add a colossal US $3.2 trillion in annual business value.

Insolar Launches Testnet 1.1 making it the most Scalable Enterprise Blockchain Platform – March 6, 2019
New Decentralized Social Network Platform Creary rewards Creatives and curators for sharing Digital Art – March 6, 2019
Tide protocol launches Open Source Data Marketplace to Make Privacy Profitable – March 5, 2019
Unbanked People Worldwide could Benefit from the Integration between Paxful and Bitmart Exchange – March 5, 2019
Kepler Finance Releases Comprehensive Report On What Lies Ahead For the Security Token Market in 2019 – March 5, 2019
Switcheo is Introducing its OTC Platform for Secure Peer-to-Peer Digital Token Trade – March 1, 2019
Electroneum Launches Affordable Smartphone M1 Which Earns users Cryptocurrency Through App – February 25, 2019
Nebulas could be the Future of Improving The Efficiency of Blockchain Upgrades – February 22, 2019
‘Decent’, a Documentary on how Blockchain can Change the World – February 22, 2019
Blockchain in healthcare market is Expected to Reach $890.5 Million by 2023 due to Increasing Number of Partnerships and Collaborations – February 12, 2019
Coinify Introduces myCoinify, a B2C service For Individual Traders – February 12, 2019
Yosemite X has Announced the First Open Source Public Blockchain that Operates without a Native Cryptocurrency – February 8, 2019
Global Investment Advisory Company says much more Stable STO might merge with, or Entirely Replace IPO – February 8, 2019
The Chamber of Digital Commerce and Blockchain Association of Canada Join for a Stronger and more Coordinated Blockchain Ecosystem – February 6, 2019
US Merchants can now Accept Crypytocurrency Payments from their Customers, With Fee Free Cryptocurrency Point of Sale Payment Ecosystem – February 6, 2019
Former Last.fm’s founder shakes up user privacy access with new Slant on blockchain technology – January 31, 2019
New Report by BlockchainDefender Links Lack of Trust in Cryptocurrency Industry to Dwindling Coin Prices – January 31, 2019
VX Network introduces a new Crypto Based, Monopoly-Style Board Game called Crypto Marble – January 30, 2019
China Ranked first in World of Blockchain and AI Patents Being Filed – USA Runner-up – January 24, 2019
Block.one Releases EOSIO 1.6.0, Transaction Processing Speeds Could Increase up to 35% – January 24, 2019

View All Articles

Published at Wed, 06 Mar 2019 16:56:52 +0000

September 8, 2017

GreenAddress Is Now the First Mobile Wallet to Offer SegWit Transactions

GreenAddress (and its reimplementation GreenBits), the bitcoin wallet that was acquired by blockchain infrastructure company Blockstream last year, is the first mobile wallet to offer Segregated Witness (SegWit) transactions. This means that GreenAddress users are among the first to benefit from lower fees and faster transaction times enabled by the long-awaited protocol upgrade.

“The bitcoin network is currently not being spammed, so transactions with low fees are getting confirmed — however, with SegWit the required fees are even lower; they’re almost cut in half,” GreenAddress developer Lawrence Nahum told bitcoin Magazine.

Once upgraded, all new addresses generated by the GreenAddress wallet will be SegWit addresses (though wrapped in a P2SH address, so they still look the same as before). Receiving payments on these addresses does not differ from typical addresses in any way, nor does spending bitcoins from different addresses. But when users spend the bitcoins from the SegWit addresses later on, the protocol upgrade is utilized. This outgoing transaction that requires lower fees will be included in a block more quickly.

GreenAddress is not the first wallet to enable SegWit: hardware wallets Ledger and Trezor introduced the new feature last week. But in both cases, of course, using the new feature requires owning such hardware devices. GreenAddress, on the other hand, is available to anyone with a smartphone or a computer; if the fees on competing wallets are too high, users can easily switch to GreenAddress.

“We are now the first mobile wallet to implement the solution, but I feel the ecosystem, unlike with previous soft fork upgrades, is moving really fast,” Nahum said. “Hardware wallets are leading, Armory also has support, bitcoin Core will have it in the 0.15.1 release, and I’m sure the others will move fast as they have strong incentives: In GreenAddress transaction fees are pretty much halved.”

Interestingly, the malleability fix that Segregated Witness provides will be utilized by GreenAddress as well. Due to malleability — the ability to change the appearance of unconfirmed transactions — spending bitcoins from unconfirmed transactions could fail due to meddling of third parties. While this will not lead to a loss of funds, it could make for a bad user experience, which is why it wasn’t available to most users. With the malleability fix, this issue will now be resolved, and GreenAddress users can re-spend unconfirmed bitcoin balances straight away.

Over the years, GreenAddress has made a name itself by pioneering new features enabled by bitcoin protocol upgrades. The wallet was, for example, the first to offer opt-in replace-by-fee, which allows users to bump the fee of an outgoing transaction. It was also among the first wallets to offer modern multisig addresses, the first wallet to include fee estimation instead of static fees, the first mobile wallet to support hardware wallets, and more.

The post GreenAddress Is Now the First Mobile Wallet to Offer SegWit Transactions appeared first on Bitcoin Magazine.

Insolar Launches Testnet 1.1 making it the most Scalable Enterprise Blockchain Platform

You might be interested in …

GreenAddress Is Now the First Mobile Wallet to Offer SegWit Transactions

Bitcoin Wallets: Storing Private Keys, Not Bitcoin Coins

DCC: Distributed Banking, Future of the Financial Industry