SEOUL, South Korea, September 4, 2018 /PRNewswire/ --
South Korea's blockchain platform company WIZBL revealed of its mainnet named BRTE or Blockchain Real-Time Ecosystem at a press briefing on Tuesday. The revolutionary blockchain network promises a million transactions per second, made possible by increasing each block's size to 8 megabytes and giving a specific number to each node.
Bitcoin can handle seven transactions per second on average. For Ethereum, the figure stands at 20.
The fintech company's CEO Andy You emphasised there are additional benefits as well. "The platform can reduce energy consumption because the BRTE platform compensates users for the maintenance of the ecosystem environment as opposed to mining," said the serial entrepreneur.
A mainnet refers to a blockchain network that transfers a digital currency from a sender to a recipient. In other words, it serves as a place where a financial transaction takes place on a distributed ledger.
WIZBL revealed its independently tested version in June and its testnet a month after.
In July, WIZBL received the first prize at Crypto Shark Tank, an initial coin offering review reality show during this year's Korea Blockchain Week.
WIZBL is a financial technology company which specialises in blockchain platforms. The research team came together in 2014 to create a more practical blockchain technology. The team encompasses dozens of members with 16 years of experience in financial and telecom companies and state-owned enterprises.
The research team has created the WIZBL BRTE Platform, which stands for Blockchain Real-time Ecosystem. The high-tech platform is designed to generate blocks that can contain up to a million transactions per second by minimising the time-consuming block generation and the propagation rate.
About WIZBL R&D Tower
WIZBL is certified by the South Korean government's Ministry of Science, Technology and Information. The five-story research centre focuses on creating a standard for blockchain technology that transcends borders.
Kwangil Jacob Choi