Blockchain protocol development organization Devvio announced on Monday that its Devcash blockchain has achieved impressive results. It notched up over 2.5 million on-chain transactions per second, compared to the five transactions per second currently processed by the Bitcoin network and an estimated 24,000 transactions per second processed by Visa.
Devvio CEO Tom Anderson stated, “These results let us build a business upon the most scalable blockchain protocol in existence. When you combine this level of scalability with our stability solution, our fraud/theft/loss protections, and our privacy approach, our protocol represents a viable solution for the future of financial transactions across the world, including areas such as payment processing and Forex trading. I feel we have the most exciting technology in one of the most important up-and-coming technological fields.”
According to a statement, Devcash uses multi-tiered sharding algorithms, employing many shard chains that weave into one final blockchain, and can deploy smart contracts to create digital assets for use in any industry.
“It is rare to come across a company that has the potential to impact the world to the level that Devvio can,” said Ray Quintana, General Partner at Cottonwood Ventures and a Devvio board member, in a statement. “Devvio's technology can disrupt dozens of billion-dollar markets such as automotive, insurance, healthcare, media, logistics, and even government.”
Devvio claims that Devcash is highly efficient and matches the computing power required to process transactions of older tokens like Bitcoin and Ethereum.
Head of Research at Information Sciences Institute at SRH Berlin Anish Mohammed, also a Devvio and Collider-X advisor who previously advised for Ripple Labs stated, “I am very excited about a protocol with these capabilities, that addresses the main challenges in the blockchain space. I am personally most excited about the potential to take the scaling capabilities of such an efficient design, and let users apply it for their own uses.”