Average rating : HIGH
Red Belly is attempting to provide a blockchain infrastructure with a high potential for scaling and ability to process transactions at a high speed for a low cost.
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Red Belly is difficult project to rate as it is still in stealth mode and key aspects of the project are still to be confirmed. Clearly, the hard cap, token metrics, and the development roadmap need to be disclosed in addition to a detailed explanation of the network’s token utility before we can try to fully evaluate the project.
Despite this, there are some obvious strong points that highlight that Red Belly may be something special, such as the team having strong academic and business backgrounds that give the project a significant amount of credibility and hint that they may overcome the serious obstacle of ensuring platform adoption.
Data61 has entered into a partnership with law firm Herbert Smith Freehills and IBM to build the Australian National Blockchain (ANB) project, and has also partnered with the Commonwealth Bank of Australia to pilot a blockchain-based smart money app. This highlights that the team are able to achieve significant results in the world of business and commerce, and are able to successfully leverage their extensive network and contacts from the University of Sydney and CSIRO.
The project appears to be well positioned to establish itself in Australia however, the ANB project does throw up some issues as the service will be built on the IBM Blockchain and the previous test results announced by the team were obtained while using Amazon’s Web Services (AWS) global cloud infrastructure. As a result, many of the claims made by the team are still to be verified and public versions of their blockchain need to be evaluated by the general body of blockchain developers and programmers. In addition, we still need to see just what their blockchain can do “out in the wild” under more natural conditions.
As a secure, high throughput, unforkable blockchain, Red Belly faces competition from established projects such as Ethereum and Stellar as well as from a large body of newer projects such as EOS and Hedera Hashgraph. In order to finally rate the project, we will need to see the overall metrics as well as delve deeper into the technical aspects of the project. For now, Red Belly remains one to keep an eye on and definitely has the potential to become an outstanding project.see more