Since its inception, cryptocurrency has been complimented for its potential to swiftly and safely send money to anyone, anywhere in the world. What's more, with the push for mainstream adoption, there's been a developing need for blockchain payment developing systems that allow users to buy and sell real-world items using cryptocurrency.
Over the years, there's been a degree of uncertainty associated with blockchain-based payments. After all, it was just one year ago when Bitcoin had an average confirmation time of 78 minutes. There's no rejecting that blockchain technology has a scalability concern, but the Vancouver-based startup, BlocPal, means on changing that by taking another look at the way transactions are processed.
By the end of 2019, BlocPal fully expects its program to be capable of processing more than 1,000 real-time transactions per second, and they plan on achieving this thanks to a new and innovative feature: dynamic block overall sizes.
Scalability no longer a challenge
With BlocPal, block dimensions are uncapped and flourish based on the transaction quantity of previous blocks. This means that a block can increase from 1MB to 2MB, from 2MB to 4MB, and so on. As blocks increase in size, more data is allowed to be stored within each block. This converts to more transactions being added to the distributed ledger at one single time. In other words, BlocPal's scalability means that more users are able to be accommodated as demand raises.
But BlocPal doesn't just expand with quantity, it also shrinks gradually as transactions diminish. By doing so, the blockchain is protected against needless bloat, ensuring that transaction times are always at their speediest.
How BlocPal works
With BlocPal, blocks are formed on average every 2.5 minutes. Not unlike Bitcoin, each 1MB block is able to support an average of 2,020 transactions for BlocPal's BPX tokens. When carrying out multi-currency transactions on the BlocPal blockchain, there is an additional payload involved in the transaction so therefore a 1MB block on the BlocPal blockchain can support on average a total of 1,010 multi-currency transactions. However, an exciting attribute of BlocPal's service is the capacity to group transactions so they are executed in bulk batches. As a result, BlocPal's architecture is able to compile multiple synchronous multi-currency transactions from BlocPal wallets into a single bulk transaction recorded on the block, improving scalability and making it simpler to process multiple payments at once.
While a single 1MB block may process on average 1,010 multi-currency payload transactions, when these multi-currency transactions are grouped, that number multiples. For example, when 10 wallet transactions are assembled on a 1MB block, a total of 10,100 transactions within a 2.5-minute period (10 X 1,010 = 10,100) may be accomplished.
Combined with the benefits of variable block overall sizes, the possibilities raise enormously.
If the block overall size boosts to 4MB, the number of transactions processed within 2.5 minutes doubles to 20,200. Furthermore, if the size of a block grows to 32MB, BlocPal will be processing roughly 320,000 multi-currency transactions every 2.5 minutes. That's more than 2,000 multi-currency transactions per second, which is already higher than the average amount of transactions VisaNet has reported at 1700 transactions per second! With the capability to grow more than 32MB blocks, the BlocPal blockchain has truly been set to scale for the future.
How has BlocPal undertaken thus far?
The BlocPal team has properly enhanced approximately $30 billion in transactions over gaming systems. In addition, BlocPal recently incorporated this back-office payment service for gaming transactions and has fully individualized it, providing users with complementary professional services to the BlocPal blockchain, including:
- KYC/AML compliance
- Wallet authentication
- Integrations to multiple crypto and fiat currency exchange solutions
- Integrations to global fiat payment networks
- BlocPal offers the next generation in online payment remedies, offering users with a smarter, quicker, and more secure way to manage their digital assets.
Always increasing, BlocPal currently supports USD and CAD, as well as Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, and Litecoin-- with more currencies on the way. Visit the official website today to learn more about BlocPal and how you can use it to send and receive cryptocurrency safer and more effectively.