Circle patents parallel block processing technology
The technology allows simultaneous processing of several pieces of information by sequentially checking blocks
22.12.2023 - 09:40
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3 min
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What’s new? Circle, the company that issues the USDC stablecoin, has received its first patent for parallel block processing in blockchains. The innovative technology was developed by the company’s director of engineering, Marcus Boorstin, and it allows multiple pieces of information to be processed simultaneously while sequentially verifying blocks. He explained that Circle first used this technology to process transactions on the Solana blockchain, which has significantly higher throughput compared to the Ethereum network.
What else is known? Several Circle products, including Circle Mint, must process on-chain data to record incoming deposits and outgoing withdrawals. However, the blockchain nodes that the company’s apps connect to are sometimes slow and unreliable, making it difficult to process network data, and the new technology aims to address this problem.
Jeff Tang, the company’s chief intellectual property counsel, called Boorstin’s invention extremely timely, as Circle “gain traction on Solana.”
Earlier this month, Circle added Solana support for its euro-linked EURC stablecoin and also received an interim license from the French regulator to provide cryptocurrency-related services.
And in September, payment company Visa expanded its USDC cross-border payments pilot to include the Solana network.
В Circle опровергли обвинения в финансировании терроризма и связях с Джастином Саном
Ранее в НКО Campaign for Accountability заявили, что USDC на блокчейне TRON активно используются палестинскими группировками
Last year, USDC transaction volume exceeded $7 trillion. By comparison, Visa and Mastercard combined totaled $14 trillion. USDC ranks seventh in the overall cryptocurrency ranking as of December 22 and is the second largest stablecoin with a capitalization of over $24,8 billion.
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