Author: Michael Grønager 2011-12-21 08:50:17
Published on: 2011-12-21T08:50:17+00:00
The scalability issue of Bitcoin is a growing concern as the blockchain continues to expand. Transactions will take longer to process and validate, and clients will become overwhelmed with pending transactions. One solution is to partition the transaction space using Distributed Hash Tables (DHT). With DHTs, the network can be structured in a hypercube, and prefixes can be used to address different parts of the network.However, there are two important aspects of bitcoin that need to be addressed: transaction signing/validation and avoiding double spending. While validating transactions is simple, avoiding double spending requires more complexity and exclusivity. To solve this problem, it is necessary to query other nodes for validation while ensuring that they come from separate A.B address spaces. Chord DHT scheme can be used to find proper nodes.Thin clients can keep their spendable coins to a minimum and use only one bitcoin address, listening to only three hash fractions. If the current space is split into 4096 parts, each hash space has roughly 100 clients. The new attack vector is the possibility that a client has only evil peers within one hash range and can be fooled into believing an old transaction can be spent again.The new scheme will scale well as each client serves only a part of the hash space, and the number of validations and block storage can be kept at a minimum. It scales well for thin clients vs. more full clients. However, there is a need to ensure a high level of connectedness and to query several geographically distributed nodes if a transaction has already been spent.In addition to the above, Microsoft is organizing a special training event for developers called "Learn Windows Azure". The event aims to provide a great way for developers to learn about the features of Windows Azure. Interested individuals can attend the event by watching it streamed live online. More information about the event and its registration process can be found at http://p.sf.net/sfu/ms-windowsazure.Furthermore, an announcement about a Bitcoin-development mailing list was made. The mailing list is hosted on lists.sourceforge.net and interested individuals can subscribe to it by visiting https://lists.sourceforge.net/lists/listinfo/bitcoin-development.
Updated on: 2023-06-05T00:45:28.637449+00:00