Ken Chigbo
Independent Analyst
- Bloom Technology, South Korean firm has tested a solution to speed up blockchain transactions.
- A single blockchain transaction can now happen in less than 23 seconds, as per their tests.
Bloom Technology, South Korean-based firm has announced that they have created a new technology that is able to speed up transactions on the blockchain.
It was reported that the CEO of Bloom Technology, Lee Sang-yoon, said that the company’s Lotus Chain technology has been able to reduce blockchain transaction processing times to fractions of a second.
He detailed that one single blockchain transaction takes just less than 0.23 seconds. The company were said to have conducted a public test with 635 participating nodes to reveal the transaction speed of the Lotus Chain technology.
Korea Blockchain Association Vice-Chairman Moon Young-bae commented on the tests:
“Locus Chain is still under development to become a complete version. But I believe that technology is already commercially viable. I think it is a real deal.
He added commenting on current timings:
more than 10 minutes for cryptocurrencies and even longer than an hour for Bitcoin.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.