Ethereum scaling solution Turbo Protocol launched a new blockchain reportedly capable of processing 400,000 transactions per second, or about 4,000 times faster than a high-throughput chain like Solana, the team announced at the Blockchain Application Stanford Summit on Tuesday.

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

For comparison, the Ethereum base layer processes about 20 to 30 transactions per second, rival network Solana a little over 1,000, while global payments company Visa settles about 24,000 in a similar time frame. 

Turbo CEO Aaron Greenblatt …