This week Token Summit kicked off its 4th conference in the “Token Summit Series.” Token Summit continues to gather leaders from across the country to explore the “Token Based Economy.” This year many topics were discussed such as regulation/compliance, custodianship, token-based business models and network effects. bloXroute out of Chicago IL spoke on Blockchain networks and how their company is fixing the “scalability bottleneck” in Blockchain technology.
If you missed our original coverage on bloXroute Labs, Visionary Finance had the ability to sit down with their leadership in Chicago last week to learn about their solution. We highly recommend you read our original article on bloXroute to fully understand the impact they are making in the Blockchain industry. The most important item is that bloXroute is helping Blockchains such as Bitcoin scale thousands of transactions per second instead of single digits currently seen. This is crucial in order for Blockchain technology to scale whether its for payments or stores of value. Bitcoin currently does around 3 TPS while credit cards are doing 5,000 TPS.
At Token Summit 2019, Uri Klarman (CEO/Co-Founder bloXroute Labs) explained that “Networking” is the only problem in Blockchain; causing the “scalability bottleneck.” Dr. Klarman explained to the audience that bloXroute simply routes blocks of information. They do this because in the current Blockchain infrastructure, it takes a long time for information to reach blockchain participants. This is the networking “bottleneck” that disallows Blockchains from scaling to higher TPS.
Dr. Klarman proved this to the audience. He did so by presenting data showing Bitcoin doing 1,000+ TPS using the Blockchain Distribution Network (BDN); a provably neutral network developed by bloXroute that allows all Blockchains to scale. This research proves that the “scalability bottleneck” is a networking problem and not the result of bandwidth, storage, protocols, or consensus mechanisms. The figure below is a first look at a Bitcoin network, with large and frequent blocks using the BDN and reaching 1,000+ TPS over time.
During the presentation, Dr. Klarman disclosed that this Bitcoin network utilized 330 nodes, and 30 miners spanning internationally, including Europe and Asia. The average block size was 50-100 MB and was produced every 60 seconds. He also mentioned that bloXroute is currently running a mining test with several large mining pools to compare network performance with and without the BDN. Version 1 of this BDN will launch June 2019.
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