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FYX GAMING SETS WORLD RECORD FOR PROOF OF WORK BLOCKCHAIN TRANSACTIONS. AGAIN.
For Immediate Release Mary Bilbray, Director of Operations April 28, 2022 Please feel free to reach out to us at email@example.com
For Immediate Release
Mary Bilbray, Director of Operations
April 28, 2022
Please feel free to reach out to us at firstname.lastname@example.org
(Raleigh, NC) — FYX Gaming announced today that they had broken their own world record for the third time of processing blockchain transactions in a single day: The record, set on April 21, is 20,342,762 transactions processed — with an average of 236 transactions per second — using a proof-of-work (PoW) validation against the original Bitcoin protocol.
“We’re all very excited about this new milestone,” said Ivan Assenov, CTO of FYX Gaming. “We’ve been working to increase our capabilities for the last several months. We updated our infrastructure, fixed our internal vulnerabilities, and optimized our system and software to support the increasing demand from our flagship product.”
Prior to this latest achievement, on March 1st, the company maintained an average of 1.5 to 2.5 million transactions per 24-hour period for weeks that were placed on the public blockchain. Two weeks later, they achieved a new peak of 3.4 million transactions on March 20th within 24 hours. Thanks to massive user adoption, transactions continued to reach the 10 million mark daily.
Increased transactions have become more important because one of the most popular blockchains for dApps, Ethereum, has failed to process over 1.7 million transactions in 24 hours. This sparked interest in the game Crypto Fights and the processing power that FYX Gaming was projecting onto the BSV network.
At the beginning of April 2022, FYX Gaming set its sights on a goal to process 5 million transactions per day. On April 10, they surpassed that mark by processing 13.5 million transactions in a single 12-hour period, or 176 transactions per second.
“These are some of the most complicated transactions put together on the Layer 1 blockchain with some of the largest mining blocks mined in the history of blockchain,” said Assenov. “A lot of companies are building on the Metaverse, but they’re doing it on Layer 2 or Layer 3 blockchain because they can’t figure out how to scale on Layer 1. We will build the Metaverse first because we know how to scale on Layer 1.”
Thanks to their early successes, CryptoFights, FYX’s flagship product, saw unprecedented growth, which also led to a few growing pains. This has been the driver behind the company’s continual quest for improvement and scalability.
“It’s been a nice problem to have,” said Adam Kling, CEO and founder of FYX Gaming. “We were forced to create a login queueing system for CryptoFights in 48 hours just to keep up with the popular demand of CryptoFights. And we’re able to leverage those efficiencies for other industries, which has been one of our goals.”
Companies can partner with FYX to use blockchain technology to protect the sanctity and security of their data as a way to prevent unauthorized changes. Banks, stock exchanges, insurance companies, payment processors, and gaming companies need to be able to process high volumes of transactions while also protecting from potential bad actors.
“The ability to offer full data integrity without sacrificing decentralization, security, or scalability is the key to offering a new solution for data processing throughout many industries,” said Kling.
FYX Gaming’s ultimate goal is to begin serving the fintech, manufacturing, food, and healthcare markets, even though its primary focus has been gaming thus far.
“Video games are currently one of the biggest users of blockchain technology, more than most other industries,” said Mary Bilbray, Director of Operations of FYX Gaming. “We need to be able to process transactions — in this case, game actions — from hundreds of thousands, if not millions, of users around the world. Since we manage those, we can easily manage other industries.”
Bilbray said that being able to demonstrate their capabilities is beginning to attract the interest from the world of financial technology, stock markets, and wealth management who not only need to be able to secure their clients’ transactions but to process hundreds of thousands of transactions every second.
“With this decentralized public ledger, every transaction is recorded and reported in real time,” said Bilbray. “That means certain blockchains have high gas fees, charging you a few dollars per transaction and we only pay a fraction of penny on those 20 million transactions. On the other hand, it could cost an Ethereum trader as much as $200 for certain types of transactions.”
Professionals who work in highly-secured, highly-regulated industries understand the need for security, but they also need lower operating costs and the ability to scale up as their workload goes. This allows them to put their own applications and systems into a blockchain and take advantage of that technology.
About FYX Gaming: FYX Gaming is a blockchain technology company that specializes in scaling on the bitcoin protocol. Their product, CryptoFights, is a proof of concept for how games can put moves and their economies on-chain without blockchain scaling issues. FYX Gaming is able to convert the blockchain into a scalable performant database, which allows any industry that processes a high volume of transactions to manage them all in a fast, secure, scalable environment. The company is focused on developing a protocol for the metaverse. FYX Gaming was founded in 2018 by Adam Kling and David Case.