PARAMETA Publishes Report on Measuring and Improving the Performance of Its loopchain Blockchain Core
September 13, 2023, Seoul — Web3 Enabler PARAMETA (formerly ICONLOOP, CEO JH Kim) announced the publication of a report on measuring and improving the performance of loopchain, its own blockchain core.
The report — PARAMETA Technical Report: Measure and Improve loopchain Performance — covers the technologies needed to improve blockchain performance, how they are applied in loopchain, and the results of testing the performance they deliver. It was produced in the hope that blockchain will find wider use in commercial services, and to show that the technology can be applied practically to everyday services to provide real convenience. In particular, it sets out to show that blockchain's benefits can be maximized in areas such as STOs (security token offerings) by enabling actual business processes — subscription, dividends, trading — to be carried out on chain, rather than using the chain merely to store balances and transaction histories.
The report comprises △ examples of other blockchains achieving dramatic performance gains through technology enabling parallel execution of transactions △ an introduction to the parallel transaction processing technology applied in loopchain 2.0 for high-performance transaction handling, along with performance measurements on loopchain △ an introduction to the technology to be applied in loopchain 3.0 for dramatic performance improvement, with projected target performance based on a prototype △ future development and support plans.
The parallel execution of transactions described in the report is a processing technique that allows transactions to run in parallel when the accounts they involve are independent of one another, dramatically reducing the time required to execute the transactions in a block. Applying the technique to loopchain and measuring the results in a suitably configured test environment confirmed high performance of up to 20K TPS (transactions per second).
The report goes on to cover loopchain 3.0, currently under development with the aim of a high-performance blockchain core reaching tens of thousands of TPS. PARAMETA is targeting a dramatic performance improvement of up to 100K TPS through loopchain 3.0, which applies technologies including BlockSTM, WMT (Willow Merkle Tree), and Spearmint Consensus, and which will support interchain based on BTP (Blockchain Transmission Protocol) as well as Solidity smart contracts.
loopchain is a blockchain core developed in-house by PARAMETA, characterized by a PBFT (Practical Byzantine Fault Tolerance)-based consensus algorithm, smart contracts in Java and Python, trustless interchain based on BTP, and high transaction throughput. loopchain is applied and actively used in the public blockchain networks ICON and HAVAH, and is also deployed across enterprise sites in fields including finance, the public sector, and authentication.
"One of the major obstacles to commercializing blockchain has been the failure to raise performance to a level capable of reflecting real-world transactions," said PARAMETA CTO Hyukgon Ryu, who led the report. "PARAMETA has developed loopchain to address that issue to a meaningful degree, and we will continue our research to build the highest-performing blockchain."
Alongside the report, PARAMETA is also making public all the code and materials used in the maximum-performance testing of loopchain. The report can be viewed and downloaded from the PARAMETA official website (https://bitly.ws/329Db), and access to the code and materials can be requested through the loopchain Test Code application page (https://forms.gle/yeeewUwGLTB7yzs16).
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