Bitcoin Roundup: October Week 3–2
A blockchain model developed by University of Sydney’s Red Belly surprised everyone when it was found that its model can process financial transactions 50 times faster than what Visa processes. While, Bitcoin lending has begun to pick steam in India.
Although, the concept is new however, there are takers for the same. Meanwhile, Singapore surprised the world after it announced that it will not regulate Cryptocurrencies. The country will be partnering with Hong Kong for Fintech.
University of Sydney’s Red Belly Blockchain Scales 660,000 Transactions/Sec; 11.5x of Visa, 94,000x of Bitcoin
New trials from the University of Sydney’s Red Belly Blockchain have found that it can process financial transactions 50 times faster than originally thought, making it quicker than Visa for worldwide payments.
Back in July, it was initially reported that researchers at the university had developed a new model of blockchain that could process 440,000 transactions per second on 100 machines. This is compared to Visa’s network, which can process 56,000 transactions per second. Bitcoin is limited to around seven per second whereas the ethereum blockchain can process 20.
Singapore Will Not Regulate Cryptocurrencies and Partners with Hong Kong for Fintech
Singapore is making some waves when it comes to cryptocurrency like Bitcoin. While Singapore has a lot of ties to China when it comes to culture, education, and economy, it’s not following China’s lead when it comes to digital currency. China has banned ICOs and forced a number of exchanges to shut down, but Singapore is singing a different tune. In fact, the country has no plans on regulating cryptocurrency.