“1 Million Transactions Per Second” GBC Korea Develops a High-Speed Blockchain Transaction Solution

November 23 17:50 2018

The next wave is here.

GBC KOREA, which developed the world’s first M&A (Merger & Acquisition) platform harnessing blockchain technology, will announce a revolutionary new solution that will solve processing speed problems experienced by distributed networks on November 19th, 2018.

For the unaware, M&A platforms have to perform tens of thousands of transactions per second (TPS) since it serves a vast number of users all over the world round the clock.

However, at this present moment, a critical problem that blockchain-based networks face is transaction processing speed.

To illustrate our revolutionary breakthrough solution more clearly –

In current times,

Bitcoin technology processes 7 Transactions Per Second (TPS),
Ethereum technology processes 20 Transactions Per Second (TPS),
and EOS technology processes 3000 Transactions Per Second (TPS).

However, this is still substantially slower when compared to existing services available in traditional electronic payments networks such as the VISA or MasterCard network.

VISA, one of the world’s largest payment network operators, is known to process 24,000 Transactions Per Second (TPS).

What this means is that blockchain’s peer-to-peer technology is unable to compete against traditional payments processing network. This would be critical to the expansion of blockchain technology in FinTech.

With such huge stakes at play, a large majority of blockchain companies are striving to research and develop their how-tos to attain faster processing speed, with Ethereum and EOS to name a few, hoping to emerge in the forefront.

As such, although a relative newcomer, GBC Korea is proud to announce that, “GBC is in the final testing stages in conjunction with TechCoins of Silicon Valley, U.S.A to handle 1 million units per second. Various technologies have been applied in the combination, however, the point is to use a new sharding technology based on the RPOS (Random Proof of Stake) protocol.”

Expanding on the new sharding technology, GBC Korea’s Representative Pak says, “We divide the entire peer-to-peer network into several node groups and select randomly selected node validators from each node group. One task is to create a node block with the agreement of the node verifiers and ultimately generate a master block by validating the shard validator.

“Amongst these procedures, the process of selecting a validator is automatically selected by the server randomly, and this process solves the 1% execution problem.” In conclusion, GBC Korea’s Representative Pak states, “By applying our revolutionary new technology, we will be able to provide customers M&A platform services based on blockchain technology safely and efficiently.”

Media Contact
Company Name: GBC Korea
Contact Person: Steve Davidson
Email: Send Email
Phone: +82-10-4502-3664
Country: South Korea
Website: https://gbckorea.co.kr