First, ALPF outperforms BL since we process a batch of messages rather than only one message at a time and when many messages are delivered to a subscriber [s.sub.i];, the VO [s.sub.i] consists of only one signature, which is computed using the root hash value of the TMR-tree.
According to Figure 9, we first find that, in ALPF, it always costs subscribers less time to authenticate the messages delivered to them than that in BL.
However in presenting the results in ALPF, the Treasury summarises or reduces these variables to three factors.
The Treasury does not provide this information in ALPF. This paper seeks to fill the gap.
The focus here, however, is not on the Garnaut review but on the Treasury's reference case to 2020 as published in ALPF. This is a product of highly detailed modelling.