Since its inception, cryptocurrency has been praised for its ability to quickly and securely send money to anyone, anywhere in the world....
Since its inception, cryptocurrency has been praised for its ability to quickly and securely send money to anyone, anywhere in the world. What’s more, with the push for mainstream adoption, there’s been a growing need for blockchain payment processing platforms that allow users to buy and sell real-world items using cryptocurrency.
Historically, there’s been a level of uncertainty associated with blockchain-based payments. After all, it was just one year ago when Bitcoin had an average confirmation time of 78 minutes. There’s no denying that blockchain technology has a scalability problem, but the Vancouver-based startup, BlocPal, intends on changing that by revisiting the way transactions are processed.
By the end of 2019, BlocPal fully expects its platform to be capable of processing more than 1,000 real-time transactions per second, and they plan on achieving this thanks to a new and innovative feature: dynamic block sizes.
Scalability no longer a problem
With BlocPal, block sizes are uncapped and grow based on the transaction volume of previous blocks. This means that a block can grow from 1MB to 2MB, from 2MB to 4MB, and so on. As blocks grow in size, more data is allowed to be stored within each block. This translates to more transactions being added to the distributed ledger at one single time. In other words, BlocPal’s scalability means that more users are able to be accommodated as demand increases.
But BlocPal doesn’t just grow with volume, it also shrinks gradually as transactions decrease. By doing so, the blockchain is protected against unnecessary bloat, ensuring that transaction times are always at their fastest.
How BlocPal works
With BlocPal, blocks are formed on average every 2.5 minutes. Not unlike Bitcoin, each 1MB block is able to support an average of 2,020 transactions for BlocPal’s BPX tokens. When performing multi-currency transactions on the BlocPal blockchain, there is an additional payload involved in the transaction so therefore a 1MB block on the BlocPal blockchain can support on average a total of 1,010 multi-currency transactions. However, an exciting attribute of BlocPal’s solution is the ability to group transactions so they are executed in bulk batches. As a result, BlocPal’s architecture is able to compile multiple simultaneous multi-currency transactions from BlocPal wallets into a single bulk transaction recorded on the block, increasing scalability and making it easier to process multiple payments at once.
While a single 1MB block may process on average 1,010 multi-currency payload transactions, when these multi-currency transactions are grouped, that number multiples. For example, when 10 wallet transactions are grouped on a 1MB block, a total of 10,100 transactions within a 2.5-minute period (10 X 1,010 = 10,100) may be achieved.
Combined with the benefits of variable block sizes, the possibilities increase enormously.
If the block size increases to 4MB, the number of transactions processed within 2.5 minutes doubles to 20,200. Moreover, if the size of a block grows to 32MB, BlocPal will be processing roughly 320,000 multi-currency transactions every 2.5 minutes. That’s more than 2,000 multi-currency transactions per second, which is already higher than the average amount of transactions VisaNet has reported at 1700 transactions per second! With the ability to grow beyond 32MB blocks, the BlocPal blockchain has truly been set to scale for the future.
How has BlocPal performed thus far?
The BlocPal team has successfully facilitated approximately $30 billion in transactions over gaming platforms. Moreover, BlocPal recently integrated this back-office payment solution for gaming transactions and has fully customized it, providing users with complementary services to the BlocPal blockchain, including:
- KYC/AML compliance
- Wallet authentication
- Integrations to multiple crypto and fiat currency exchange services
- Integrations to global fiat payment networks
BlocPal offers the next generation in online payment solutions, providing users with a smarter, quicker, and more secure way to manage their digital assets.
Always growing, BlocPal currently supports USD and CAD, as well as Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, and Litecoin — with more currencies on the way. Visit the official website today to learn more about BlocPal and how you can use it to send and receive cryptocurrency safer and more effectively.