PARAMETA Releases <PARAMETA Technical Report : Measure and Improve loopchain Performance>

September 13, 2023 – ‘Web3 Enabler’ PARAMETA Corp. (formerly ICONLOOP, CEO Jonghyup Kim) announced the release of a report on how to measure and improve the performance of its blockchain core 'loopchain'.

<PARAMETA Technical Report : Measure and Improve loopchain Performance> covers the technologies needed to improve the performance of blockchains and the results of testing how these technologies are applied to loopchain and to what extent they perform. This report is designed to show that blockchain can be utilized more in commercial services, and that it can be practically applied to everyday services to provide convenience. In this report, PARAMETA aimed to show that blockchain can be used to maximize the effectiveness of STOs by enabling actual operations such as subscription, dividend, and trading to be performed on-chain, rather than simply storing balances and transaction history.

This report consists of the following contents: △Examples of other blockchains that are realizing dramatic performance improvements through technologies that enable parallel execution of transactions; △Introduction of transaction parallelism technology applied to loopchain 2.0 for high-performance transaction processing and performance measurement results on loopchain; △Introduction of technology to be applied to loopchain 3.0 for targeted performance improvement and target performance estimates through prototypes; and △Future development and support plans.

The report introduces loopchain's Parallel Execution of Transactions, a processing technology that dramatically reduces the time required to execute a block of transactions by allowing transactions to be executed in parallel if the accounts involved are independent of each other. After setting up a suitable environment for testing, we applied this technology to loopchain and measured its performance, which showed high performance of up to 20K TPS (transaction processing speed, transactions per second).

The report goes on to discuss loopchain 3.0, which PARAMETA is currently developing with the goal of a high-performance blockchain core with tens of thousands of TPS. Using technologies such as BlockSTM, WMT (Willow Merkle Tree), and Spearmint Consensus, PARAMETA aims to dramatically improve performance with loopchain 3.0, which will support BTP (Blockchain Transmission Protocol) based interchanges and Solidity smart contracts, to achieve up to 100K TPS.

loopchain is a blockchain core developed by PARAMETA that is characterized by its PBFT (Practical Byzantine Fault Tolerance) based consensus algorithm, Java and Python based smart contracts, BTP based trustless interchain, and high transaction processing performance. loopchain is actively used in public blockchain networks ICON and HAVAH and is also used in various sites in the enterprise field such as financial, public, and authentication fields.

"One of the major obstacles to the commercialization of blockchains has been the inability to improve performance to a level that reflects real-world transactions," said Edward Ryu, CTO of PARAMETA, who led the creation of <PARAMETA Technical Report : Measure and Improve loopchain Performance>. "PARAMETA has developed loopchain, which solves this issue to a certain extent, and we will continue to develop the highest performance blockchain through continuous research."

In addition to the report, PARAMETA is making all the code and materials used to test loopchain's peak performance publicly available. <PARAMETA Technical Report : Measure and Improve loopchain Performance> can be viewed and downloaded from PARAMETA's official website (https://shorturl.at/cqwJO), and access to the code and materials can be requested through the loopchain Test Code application page (https://forms.gle/yeeewUwGLTB7yzs16).