Xunlei launched a high-performance blockchain infrastructure that is able to process millions of transactions per second, which it intends to combine with its StellarCloud cloud computing platform.
To put Xunlei’s processing power into perspective, Ethereum, the fastest blockchain-based platform, operates at about 20 transactions per second (tps). Visa, the largest credit card company in the world, handles slightly less than 1,700 tps.
Visa’s centralized system is more complicated than a blockchain transaction, meaning it takes much more time to complete a single transaction. Still ThunderChain represents a gigantic leap forward in processing power.
The company unveiled the new platform last month describing it as the means for web developers to create decentralized applications. According to the Global Coin Report website by pairing it with its cloud-computing network:
“ThunderChain is now open its APIs to third parties, promoting the development of applications that serve for a large user base. Xunlei introduced measures including investment, incubation, and mentorship to help blockchain startups to build their business within its ecosystem participated by over one million active users. These include grants of 300 million LinkToken to ThunderChain developers that they exchange for cloud services or execution gas. According to Xunlei, the 300 million LinkToken was originally planned for the operational purpose, but now the firm would like to give all of them back to lure developers and startups to build their business on ThunderChain. Ultimately, both startups and end users could benefit from the blockchain, taking the technical development to another level.
“Xunlei is also pushing its blockchain beyond China. In April, Thai government invited Xunlei to collaborate on several Blockchain initiatives as part of a wider goal of the digital transformation. Thailand intends to leverage its proprietary Blockchain infrastructure on two main digital projects, Digital ID System and Smart City, by leveraging ThunderChain’s high-performance and stable concurrent processing capability to record, analyze and manage billions of data points more efficiently and safely.”
According to Xunlei officials, the ThunderChain platform uses an updated “practical Byzantine fault tolerance” algorithm that they tout as Blockchain 3.0. Byzantine fault tolerance is the ability of a computing system to continue operating even if some components fail or if the other components cannot agree whether a particular component has failed.