We compare our blockchain with the wider market
When we first developed the WeOwn concept, the easiest route forward would have been to run our investment products on an existing general purpose blockchain. But we’re ambitious, so we wanted to build something that enabled quick transactions on a large scale.
Now that our native blockchain is fully up and running, we’re being asked how our speed of performance compares to other blockchains. So, here’s a quick overview…
How do we calculate speed of performance?
Before we get into analysing our native blockchain, we should make a quick disclaimer. The traditional metric for measuring speed of processing is Transactions Per Second (TPS), but this method isn’t flawless.
As the name suggests, TPS indicates how many transactions a system can process in one second. In order to do this accurately, it’s important to understand the difference between transactions and transfers.
With TPS calculations, there can sometimes be discrepancies in the way transactions are calculated, which can change the outcome – and even boost performance figures for marketing purposes. You can find out more about this by reading our Medium blog on TPS.
From our perspective, it’s very important to understand the details of how each test is performed, in order to make an informed comparison.
How does WeOwn compare to other blockchains?
To measure our own speed of performance, we first need to look at how other blockchains make their TPS calculations.
For instance, a transaction on Ethereum can have a very different execution time and resource usage, depending on the number of virtual machine instructions it executes. A transaction on Stellar, meanwhile, can specify multiple operations to execute at once.
Our native blockchain can invoke multiple different actions, which means we support complex use cases and guarantee consistent performance. Our score is 650 TPS and we enable up to 24,000 transfers per second, meaning we have a higher sustained peak throughput than Stellar and EOS.
These results get even stronger if we delve into the way in which other blockchains process their figures, compared to independent tests.
For example, the Stellar blockchain network is often quoted publicly as being capable of achieving 1,000 TPS, but tests performed by a third party resulted in 10 TPS. Equally, EOS tests claim to achieve 50,000 TPS, but third party testing shows results of 50-250 TPS.
This demonstrates the different results generated if the number of executed operations is deceptively reported as TPS. It’s not that having multiple transfers inside one transaction isn’t useful; WeOwn’s blockchain supports this. It is just misleading to report this as the TPS figure.
If we calculate our own speed of performance using like for like calculations, WeOwn’s blockchain is achieving 24,000 transfers per second using four nodes, with 1,000 transfers per TX. This is 24x faster than Stellar’s 1,000 operation per second. If we compare using one transfer per transaction, then our blockchain is 65x faster than Stellar.
Additionally, if we apply the test method used by EOS, WeOwn reaches around 67,000 transfers per second compared to 50,000 for EOS. Our blockchain is also at least 2x faster at processing transactions than EOS.
Using this ‘apples to apples’ comparison, therefore, WeOwn’s peak throughput is better than other leading blockchain projects, including Stellar and EOS.
How do we make sure our figures stand up?
To provide reliable TPS figures, we run tests in a typical cloud computing environment. Although our blockchain transactions can perform multiple transfers at once, we use real-world use cases for testing purposes – mimicking a transaction in the Bitcoin network.
Here’s a quick overview of initial results – you can read more about our methodology in more detail in our full technical speed of performance blog.
These are just our first-round tests; our ambition is to enable performance that is competitive to – or even better than – most of the top 10 blockchain networks. However, we understand that speed isn’t everything.
WeOwn built our native blockchain to provide cutting-edge services to businesses and investors. Therefore, our development team puts code stability, maintainability and dependability over raw performance. We just happen to be pretty quick as well!
Visit our technology page to find out more about WeOwn’s native blockchain. Alternatively, see how well it works first-hand by registering for our Digital Marketplace.