Startup Launches 'Complete Redesign' of Blockchain to Address Scalability Concerns

A U.S.-based startup has unveiled a blockchain which can store data as well as transactions - meaning clients no longer need to trust third parties with their data.

Fractonet Innovation Technologies, or Fractonet, says its SHA-256-based blockchain has a block size of 1.5 GB, and claims it is capable of handling more than 33,000 transactions per second with a block time of five minutes.

To enable its Fracton Network blockchain to sync such big amount of data, a new communication protocol - RIFT protocol - has been developed.

Storing and accessing large data on blockchain The company says that the need for change has now become urgent - and cryptocurrencies which fail to address their scaling limitations will soon experience a decline in their importance, falling by the wayside as crypto becomes "The money of the future."

Fractonet describes its solution as a "Complete redesign of the blockchain." The company says its RIFT protocol means data does not need to exist outside of the blockchain.

Overall, the company hopes that its blockchain will see the cost of mining fall.

Multiple use cases The company believes that its evolution of blockchain is "Frankly revolutionary" and that, at the moment, the public is choosing other solutions simply because they do not understand blockchain, they are unable to develop the storage of data on a chain or they are willing to compromise on security and trust by using cheaper third-party solutions.

In time, it also believes that its blockchain could be used for financial services, to monitor supply chains, for medical recordkeeping, in the retail and e-commerce sectors, and other industries.

The company is confident that its blockchain can change the course of the industry for the future - providing much-needed stability, scalability and functionality.

One potential next step could be developing a to-go blockchain platform.