SETL's network processes 1 mln transactions per second

Tuesday 7 December 2021 10:49 CET | News

UK-based SETL has published a technical whitepaper in which it shows its network was capable of processing 1 million transactions per second (tps).

The whitepaper also details the Regulated Liability Network’s (RLN) performance tests on SETL's Global Banking Blockchain, on an environment run on Amazon Web Services (AWS).

Comparatively, Ethereum currently can process only 15 tps with more recent blockchain technology boasting tens of thousands of tps. Traditional card payment systems process around 1700 tps on average with volumes peaking at around 24,000 tps. 

The RLN is a distributed ledger approach first mooted by Citi’s Tony McLaughlin in his paper, The Regulated Internet of Value. SETL opened its sandbox for trials in November 2021 and has so far attracted banks, custodians, and e-money companies. Central banks are being given free access to the test platform to experiment with how they can issue Central Banks Digital Currency (CBDC) alongside regulated commercial bank and custodian tokens.

The trial is expected to last six to nine months and will explore how RLN can be used to settle interbank and cross-border transactions on a real-time basis, including delivery versus payment and complex liquidity management arrangements.

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Keywords: transactions , blockchain, distributed ledger technology, regulatory sandbox
Categories: DeFi & Crypto & Web3
Countries: United Kingdom
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DeFi & Crypto & Web3

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