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Next generation blockchain boosts speed and energy efficiency on global scale

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MEDIA RELEASE

25 SEPTEMBER 2018

The first international trial of next-generation Red Belly Blockchain has shown increased speed and energy efficiencies at a global scale.

Red Belly Blockchain, developed by the technology arm of Australia’s national science agency, CSIRO’s Data61, and the Concurrent Systems Research Group at the University of Sydney, today announced the outcomes of its first large-scale experiment, undertaken on Amazon Web Services’ (AWS) global cloud infrastructure.

Red Belly Blockchain is solving the issues that have plagued previous generations of blockchain systems including environmental impact from significant energy use, double spending where an individual spends their money twice by initiating more than one transaction, and throughput, which refers to how many units of information can be processed in a short amount of time.

The experiment deployed Red Belly Blockchain on 1,000 virtual machines across 14 of AWS’ 18 geographic regions, including North America, South America, Asia Pacific (Sydney), and Europe. 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.)

This is comparable to the latency obtained during a test in 2017 with only 260 replicas located in a single region. In comparison, mainstream blockchain technologies need minutes, with other technologies typically processing less than 20 transactions per second.  

The experiment highlights Red Belly Blockchain’s scalability while retaining fast transaction speeds and high security, making it ideal for faster processing of financial transactions and microgrids that use peer-to-peer trading to transform the energy sector.

“Real-world applications of blockchain have been struggling to get off the ground due to issues with energy consumption and complexities induced by the proof of work,” Dr. Vincent Gramoli, senior researcher at CSIRO’s Data61 and head of Concurrent Systems Research Group at the University of Sydney said.

“The deployment of Red Belly Blockchain on AWS shows the unique scalability and strength of the next generation ledger technology in a global context.”

Mainstream blockchain technologies like Bitcoin require proof of work – a protocol to satisfy certain requirements and verify a transaction – and need to solve crypto puzzles, a highly computational task that slows down the creation of blocks and requires massive amounts of energy. Red Belly Blockchain differs from these blockchains as it is underpinned by a unique algorithm and offers performance that scales without an equivalent increase in electricity consumption.  

Two earlier experiments were conducted on AWS from July 2017 to May 2018. While one of the earlier tests showed a throughput of 660,000 transactions per second across 300 machines in a single Availability Zone, this latest deployment on AWS’ network spun up a global network designed to test Red Belly Blockchain’s performance on a large scale.

“AWS Cloud provides innovative organizations of all kinds with a global network of computing power, allowing organizations like Red Belly Blockchain to quickly conduct large-scale experiments that break new ground,” Simon Elisha, Head of Solutions Architecture, Amazon Web Services Public Sector, Australia and New Zealand, said.

“This is the latest example of how builders and creators all over Australia are leveraging AWS to quickly and cost-effectively move a project from concept phase right through to realizing commercial potential, locally and on a global scale.”

Red Belly Blockchain is a graduate from ON Prime, CSIRO’s Pre-accelerator program, which aided in providing early business model development for the startup.

For more information on Red Belly Blockchain, visit: http://redbellyblockchain.io/

Image courtesy of Mariano Mantel via Flickr

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How Cryptocurrencies Will Change Online Gambling in the Future

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Anyone who has followed online gambling since the beginning can tell you that things don’t stay the same for long. One of the reasons for this is that technology improves at such a ridiculously fast pace, and innovators in this industry are able to match up with those technological changes pretty quickly.

An innovation in technology that the Internet gambling industry has really learned from is cryptocurrency, with bitcoin in particular leading the way. We’ve seen it emerge as an alternative banking method, but it’s going to change the industry as a whole in ways that people can’t quite understand yet.

A Post-Legality Era

Something that has eluded online gambling since its inception is the idea of a global governing body. As it stands right now, each individual country (and smaller units of jurisdiction) have their own governing bodies that oversee in the industry. A lot of these laws are tied to banking laws, and that’s where the legality of playing in bitcoin casinos becomes such an interesting topic.

In the present, we’re seeing country-based regulatory bodies from places like Malta, Gibraltar and the United Kingdom start to work together and recognize each other’s licenses more and more. That’s taking serious steps towards having a global governing entity, and once that happens, the role of bitcoin is going to be even larger than it is now because it’ll…

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VOLUM (VLM) Announces Commencement of Token Generation Event

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ESTONIA, May 4, 2019 – VOLUM (the “Company”), a multi-dimensional blockchain technology holding company, is thrilled to announce the commencement of the Volum (VLM) Token Generation Event (“TGE”) beginning on Saturday, May 4. The VLM utility token is the native cryptocurrency powering the VOLUM supply chain and logistics management platform.

Driven by algorithmically intelligent software tailored to logistics and supply chain management, along with Internet-of-Things (“IoT”) integrated functionality, and a backbone of hybrid public and consortium blockchain architecture, the platform is organized around the Volum (VLM) token. The VOLUM TGE will be managed by deploying ERC20 tokens on Ethereum Mainnet to maximize future access to cryptocurrency exchanges.

The VOLUM platform operates as a comprehensive control center for supply chain and logistics management operations. Companies who use this platform will be able to carry out a wide range of blockchain transactions including: Payments, Rewards, Purchase Orders, Legal Contracts, Regulatory Compliance, Taxation, Shipment Management, Letters of Origin, Customs Documents, Inputs/Outputs and Inventory Ordering, Delivery/Parcel Tracking, IoT Monitoring and Reporting, Big Data Analytics, and Inputs and End-Product Tracking/Traceability.

“The total addressable market for a blockchain-based supply chain solution is nearly $54 trillion globally, with the majority of the world’s workers playing some part of this equation” noted Arnaldo A. Detrés, CEO of Bengala Technologies, LLC, the principle blockchain developer working to build the VOLUM platform. “However, blockchain solutions have been unable to…

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How to Secure Yourself in Relation to Bitcoin: Top VPN Services

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Nowadays, more frequently people opt to use cryptocurrency such as Bitcoin while dealing with financial transactions for its convenience, so its increasing prevalence isn’t round-of-the-mill phenomenon but still, its users need to create fully protected cooltechzone to secure their data.

Recently, a great abundance of VPNs have started to accept it as a way of payment and it definitely makes sense: one buys VPN to retain anonymity on the Web, so why not to use the privacy-focused payment method? Paying for a VPN service with Bitcoins or any other cryptocurrency secures personal data from curious eyes leaving no traces.

What is a VPN?

Virtual Private Network (VPN) is generally presented by the group of linked to each other computers via the Internet. VPN boosts protection and provides a high level of anonymity to all types of Internet connections.

Security

While the connection to the ordinary Wi-Fi networks, a user usually gets access to the Internet directly, thus he becomes vulnerable to the hackers and the malware attempting to steal his personal data. On the other hand, applying VPN one transmits and gets data in encrypted form which makes it protected.

Anonymity

Generally, isn’t hard to trace an Ip-address of any user and to identify his location with sufficient accuracy. With the help of VPN, the attacker will only get the address of the removed computer. Undoubtedly, the safeguard…

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