Great news for the Nxt community! The National Settlement Depository (NSD), Russia’s central securities depository, has developed and successfully tested an e-proxy voting system running on a distributed ledger built with the NXT distributed cryptographic platform.
Nxt was carefully chosen above Bitcoin and Ethereum, because Nxt is fully functional and working for years successfully decentralized.
Rymanov explained that the NSD’s e-proxy voting proof-of-concept (PoC) project specifications required setting up a private permissioned blockchain where every node participating in the network is known, and included a number of specific challenges related to processing capacity and permission-based access to the data. According to Rymanov, other blockchain technologies such as Bitcoin and Ethereum couldn’t meet the project’s requirements with an out-of-the-box solution, which motivated the choice of the NXT platform.
“Using the proof-of-work (PoW) Bitcoin blockchain would have potentially created a situation where a particular node with a superior computing power could gain an unfair advantage over its peers, thus jeopardizing the security of the network and, if being a malicious actor, could rig the results of the vote,” said Rymanov. “Furthermore, we see PoW systems as an unnecessary drain on resources in private permissioned blockchains.”
“With regards to Ethereum, our team has been in touch with the Ethereum core developers and has been informed that the current limit on processing is around 60 transactions per second,” added Rymanov. “However, even though Ethereum offered a huge improvement both in functionality and processing speed over Bitcoin blockchain, it did not match the NSD requirements.”
“After a careful consideration we have selected NXT,” Rymanov said. “The proof-of-stake (PoS) blockchain has provided us with enough flexibility to architect a solution that is scalable, stable and with processing capabilities well in the range of NSD expectations. In the lab environment we have pushed DSX fork of NXT to process up to 800 transactions per second. With the custom developed e-proxy voting module running on top of the NXT fork we have stabilized the system at 80 votes per second, which is 160 transactions per second reaching a notable result in line with NSD expectations.”
Read more here:
https://bitcoinmagazine.com/articles/russia-s-national-settlement-depository-successfully-tests-blockchain-based-e-voting-system-1464198071
