London-based blockchain start-up Setl claims to break the mark of 1 billion transaction per day for blockchain operations.
According to the Setl press release, the company removed constraints on volume.
“We are not running on a third party platform or powered by an off-the-shelf technology. We develop at the source code level to give us absolute control over how we can deliver our service,” said Setl CEO Anthony Culligan.
The company plans to deploy a multi-asset, multi-currency institutional payment and settlements infrastructure and “is currently in discussion with more than 40 financial institutions including leading banks and infrastructure providers to create a cross-industry solution.” The company does not use single blockchain, but connects “many blockchains” with the help of many nodes in US and in Europe.
As some experts have pointed out, the information from Setl looks problematic. At present bitcoin system development speeds up bitcoin adoption and boosts the number of daily transactions.
At the end of 2010 the number of daily transactions would not exceed 1,800. In the middle of 2012 this number surpassed 50,000, whereas at the end of 2013 users made more than 100,000 transactions a day for the first time in history.
In February 2015 Blockchain.info recorded more than 125,000 transactions per day. Now the number stands at about 150,000. Some people think that there is a connection between the new record and a sudden rise of bitcoin price, while others consider the growing pace of bitcoin adoption to be the reason. Yet no company before Setl claimed the possibility to serve 1 billion transactions a day.