RIF Labs Launches Tier 3 Solution Enabling the Bitcoin Network to Process 5,000 Transactions Per Second

The RIF Labs startup behind the creation sidechain RSK, launched a third-level solution to solve the problem of Bitcoin scalability.

The protocol was named Lumino and, according to the development team, is capable of processing up to 5 thousand bitcoin transactions every second. The project is built on top of the Bitcoin RSK side network that supports smart contracts and dapps.

RIF Labs Launches Tier 3 Solution Enabling the Bitcoin Network to Process 5,000 Transactions Per Second

In terms of the transaction processing model, the Lumino concept is similar to the Lightning Network, because it also allows off-network transactions in individual channels until they are closed and the results are transferred to the main network..

The RSK performance reaches 100 t / s, and the third-tier autonomous solution provides almost instant processing regardless of the size of the bitcoin blockchain. Although the throughput of Lumino is inferior to Visa with its 65 thousand t / s, it is many times higher than the current indicator of the Bitcoin network, which now rarely exceeds 10 t / s..

RIF Labs Launches Tier 3 Solution Enabling the Bitcoin Network to Process 5,000 Transactions Per Second

The project will also allow participants to create aliases when performing transactions, rather than using standard long sequences of letters and numbers..

New solutions begin to actively contribute the spread of bitcoin payments in business and commerce. Moon startup recently released a browser extension of the same name based on the Lightning Network, which allows pay with cryptocurrency shopping on Amazon.

text: Ivan Malichenko, photo: straitstimes

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