Gavin Wood, founder of Parity Technologies and co-founder of Ethereum (ETH), has contributed to numerous industry-level decentralized products of Web 3.0. Yesterday he excited the community with the prospective specifications of the Polkadot network.
Million transactions per second
According to the announcement from Mr. Wood, his highly anticipated project Polkadot (DOT) will demonstrate insane transaction performance. Even in 'basic' implementation, without parachains and multithreading (elements of sophisticated in-network interaction in the Polkadot (DOT) infrastructure), the system will process about 1,000 transactions per second.
Latest benchmarks indicate @polkadotnetwork, even without parachains or multithreading, will still push a sustained rate in excess of 1,000 tx/s. With parachains and multithreading then maybe 1,000,000 tx/s, 100% secure, upgradable and decentralised.— Gavin Wood (@gavofyork) April 30, 2020
When released with extended infrastructure, it will handle 'maybe' one million transactions per second. Moreover, this number can rise as Mr. Wood described the Polkadot (DOT) network as 'upgradable'.
To give context, Ethereum (ETH) can process about 15 transactions per second while Bitcoin (BTC) shows even poorer results. Top-level second-layer solutions for Ethereum (ETH) networks like Matic Network or LOOM target four-digit numbers in TPS.
Commenters on Mr. Wood's account welcomed this announcement. Investor and developer Damian Durruty (@foobazzler) asked when we can expect the mainnet release of Polkadot, which was delayed in 2019. According to the semi-joking answer from Mr. Wood, it is right around the corner:
Two weeks ;-)
As previously reported by U.Today, experts believe that with the implementation of the ZKRollup scalability function, Ethereum (ETH) could surpass the VISA card payment system TPS of 2000 Tx/s.