BitShares, a blockchain-based financial smart contract platform has announced the upgrade of BitShares 2.0. The platform is now built on a system known as “Graphene toolkit,” which is developed by an independent blockchain development company founded by the core developers of BitShares, called Cryptonomex Inc.
With the implementation of a new crypto-technology called SmartChains, the soon-to-be released BitShares 2.0 reportedly is set to have the “Speed of the NASDAQ,” with a new “high-performance protocol and engine, capable of handling over 100,000 transactions per second.”
To test its efficiency and capability of the technology, the BitShares team had set up a pilot blockchain with 200,000 accounts, and issued an asset to every account, which involved around a million operations/transactions. After the creation of the blockchain, the BitShares team timed the duration of reindexing the blockchain without signature verification.
According to the press release of BitShares, “A single core of a 2.6 Ghz i7 is able to validate 10,000 signatures per second. Today’s high-end servers with 36 cores (72 with hyper-threading) could easily validate 100,000 transactions per second.”
Criticisms and Improvements
Previously, BitShares received criticisms from the cryptocurrency community and blockchain developers that the slow and inefficient performance of the