Author: Emin Gün Sirer 2015-11-09 18:33:27
Published on: 2015-11-09T18:33:27+00:00
The creators of Bitcoin-NG have released a whitepaper describing their new technique to address scalability challenges faced by Bitcoin. The protocol can increase throughput while reducing latency without impacting Bitcoin's open architecture or changing its trust model. The NG protocol has benefits including fast confirmations that are stronger than 0-conf in Core, and come much more quickly than Core's 1-confirmations, resilience to fluctuations in mining power, and healthier incentives for participants to ferry transactions. It is believed that a fresh new permission-less blockchain protocol designed today would end up looking more like NG than Core. Fitting NG on top of the current Bitcoin blockchain is future work that is quite possible. NG is compatible with both Bitcoin as is, as well as Blockstream-like sidechains. The creators state this is pure science, published and shared with the community to advance the state of blockchains and to help them reach throughputs and latencies required of cutting edge fintech applications. They are delighted to hear feedback and constructive suggestions.
Updated on: 2023-06-11T00:14:43.855651+00:00