Topic: NEM gets nod of approval from major bank - page 2. (Read 1427 times)
Bitcoin and clones can do 2 million transactions per day using 8M blocks, this doesn't make them scalable.
why does a cryptocurrency need approval from a bank?? The purpose of crypto is to compete with banks not help them.
And this shows that NEM's technology is able to do just that.
So as a NEM user this confirms that we shouldn't be worried about the network not being able to scale properly!
why does a cryptocurrency need approval from a bank?? The purpose of crypto is to compete with banks not help them.
this is very significant..... proof that the NEM blockchain is well thought through and is capable of being used in a real working environment....
Japanese SBI Sumishin Net Bank, commissioned NRI, a leading research group in Japan, and together with Dragonfly conducted a test of the NEM blockchain technology. They were testing a version of NEM technology called Mijin. (Mijin is a private fork of NEM that has some optimizations to make it a private chain). They were testing Mijin with 15 second blocks at over 2 million transactions per day of different kinds spread out over 2.5 million accounts trying to simulate the load a bank might be under. The transaction load was handled fine. Then they tried to systematically knock out nodes, and it was still fine. Then they tried to tamper with transactions and fool the network, and still it was fine.
They concluded that NEM technology was capable of handling the back end of a banking platform and would ultimately bring savings costs and better stability to the banking platform, but they have no further plans to make the switch from current infrastructure to a blockchain like NEM at this time due to the price and logistics of making the switch.
Here is a link to the article posted by SBI on a private financial news service. To view the article you must be a member of the Nikkei. http://itpro.nikkeibp.co.jp/l1/re_nft/?Mr2VlAOeZa2NvjvJlD0USokA8IVR4JxjhnIAVFWBvij6ECIiU612Xr6IjZX9Byl0ppiBi69Qtpve%0D%0ACd3NZLVBAfKl0VjJQg5Rryoe9t%2BEqSwOaVVxaRkm221GuFSsT8GVkA72F%2FJRZqs%3D
And here is a link to a different site (through Google translate) discussing the test and rehashing its results. https://translate.google.com.au/translate?sl=auto&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fmijin.io%2Fja%2F588.html&edit-text=
And this test started in December and ran for a few months, but since December NEM/Mijin has been under development getting better but only the older version was tested.
They concluded that NEM technology was capable of handling the back end of a banking platform and would ultimately bring savings costs and better stability to the banking platform, but they have no further plans to make the switch from current infrastructure to a blockchain like NEM at this time due to the price and logistics of making the switch.
Here is a link to the article posted by SBI on a private financial news service. To view the article you must be a member of the Nikkei. http://itpro.nikkeibp.co.jp/l1/re_nft/?Mr2VlAOeZa2NvjvJlD0USokA8IVR4JxjhnIAVFWBvij6ECIiU612Xr6IjZX9Byl0ppiBi69Qtpve%0D%0ACd3NZLVBAfKl0VjJQg5Rryoe9t%2BEqSwOaVVxaRkm221GuFSsT8GVkA72F%2FJRZqs%3D
And here is a link to a different site (through Google translate) discussing the test and rehashing its results. https://translate.google.com.au/translate?sl=auto&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fmijin.io%2Fja%2F588.html&edit-text=
And this test started in December and ran for a few months, but since December NEM/Mijin has been under development getting better but only the older version was tested.
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