The project, arranged by Credit Suisse and managed by R3 in its Lab and Research Center, leverages technology solutions from Synaps Loans LLC, a recently formed partnership combining Symbiont's smart contract technology with Ipreo's new business process solution to speed loan trade settlement.
Bitcoin Magazine reached out to Krellenstein to find out more. “Assembly, and its public SDK, are standalone pieces of software for use by developers of blockchain companies in different industries that need a performant and secure distributed ledger on which to build their products,” Krellenstein told Bitcoin Magazine. “Assembly is the data storage and consensus system for the Symbiont Smart Securities Platform, and it's our smart contracts system that implements the logic of financial instruments.”
The throughput performance quoted in the announcement is impressive. “We measured the sustained performance of 80,000 transactions per second on a deployment on a regional AWS network,” explained Krellenstein. “We achieve our high performance with the maturity and sophistication of our implementation of an advanced BFT [Byzantine Fault-Tolerance] algorithm.”
Krellenstein added that these performance numbers are in line with those of previous academic benchmarks of Byzantine Fault-Tolerance consensus algorithms, such as Practical Byzantine Fault-Tolerance (PBFT) and BFT-SMaRt, explained in a Symbiont blog post.
“Symbiont’s ledger is currently processing 80,000 transactions per second in a single region and tens of thousands per second globally. Plus, transaction latency is on the order of milliseconds,” said Wall Street veteran Caitlin Long, who joined Symbiont in August as president and chairman of the board of directors. “So Symbiont’s software is not just outperforming all competitors whose comparable statistics we know—it’s outperforming them by multiple orders of magnitude.”
“Assembly is the dedicated distributed ledger component of the Symbiont Smart Securities Platform, which was designed for use in enterprise finance,” Krellenstein told Bitcoin Magazine, in explaining the differences between the Symbiont platform and the Hyperledger Project, a collaborative cross-industry effort to advance blockchain technology led by The Linux Foundation. “Hyperledger is a collection of community-driven open source projects with multiple incompatible designs, implementations and codebases.”
Krellenstein declined to comment on the parallels and differences between Symbiont’s platform and Overstock’s “cryptostock exchange” t0. The question was asked because t0 is derived from Overstock’s “Medici” platform, which was initially built on a software platform developed by Krellenstein and the Counterparty team.