The Turbo team noted in a news release that “as opposed to sequentially, as currently happens on Ethereum, the project is one of many emerging efforts to experiment with ‘parallel transaction processing, the process of recording multiple transactions concurrently.” 

While global payments major Visa settles over 24,000 in a comparable time period, the Ethereum basic layer handles roughly 20 to 30 transactions per second, rival network Solana a little over 1,000.

During a presentation at the Blockchain Application Stanford Summit in New York City, Turbo CEO Aaron Greenblatt showed the live blockchain and pointed out that apps starting on the Layer 2 network would not have to contend with Ethereum gas prices.

“Any web3 project looking to move heavy computational loads on-chain can use Turbo Protocol,” Greenblatt stated. “That can be initiatives in the distributed artificial intelligence, gaming, and social verticals.”

Ethereum has been limited since the network opened in 2015 by its slow transaction processing time and regularly sees periods of costly fees as users have to fight to have their transactions permanently included in a block.

Among others, layer 2 networks, including Turbo, Optimism, and Polygon, are all using different strategies to build more effective blockchain systems whereby batches of transactions are ultimately “rolled up” onto the main Ethereum blockchain.

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