As financial institutions look to move beyond proofs-of-concept, the speed at which available blockchain solutions can process transactions is expected to play a deciding factor in adoption. In preparation for that shift, New York startup Symbiont today publicly launched its Assembly blockchain. Previously only hinted at in a demos , the blockchain solution is already being implemented by Symbiont partners including the state of Delaware and Credit Suisse. Coming in at 87,000 transactions per second during a live test on four nodes, the Assembly blockchain (or dedicated distributed ledger, as Symbiont describes it) appears to be capable of transacting at more than 10k times the speed of the bitcoin blockchain, even if it isn’t quite up to speed with Nasdaq’s reported capacity. Symbiont co-founder and CTO Adam Krellenstein, however, said the system has reached transaction speeds that even surpass those claimed by VisaNet in a recent report . Krellenstein told CoinDesk: "We fully expect our competitors and other developers in the industry to be able to reach comparable numbers in the future. But it’s a question of time and what sacrifices they have to make." Symbiont’s own building process has required design modifications, as well. Originally, Symbiont’s smart contract system ran on the bitcoin blockchain, but as the use-cases became increasingly complicated, the company said a tailored solution was needed to give customers both a private solution and faster transactions times. Today, Symbiont’s smart contract system is capable of supporting a wide-range of blockchains including Hyperledger and ethereum. The private, immutable Assembly network of distributed nodes is managed by Symbiont’s clients, which pay a fee to license the software. Powered by the BFT Smart consensus algorithm, Assembly also generates revenue by charging additional fees to originate new investment vehicles (more details are now available on Symbiont’s Github site ). […]
