Author: Matt Corallo 2015-10-15 01:59:24
Published on: 2015-10-15T01:59:24+00:00
A new technique called Bitcoin-NG has been proposed as a way to address some of the scalability challenges faced by Bitcoin. The technique can increase throughput while reducing latency without impacting Bitcoin's open architecture or changing its trust model. The whitepaper on Bitcoin-NG has all the nitty gritty details, but the core technique is illustrated in this post. Bitcoin-NG is compatible with both Bitcoin and Blockstream-like sidechains. It is assumed that the situation is critical for maintaining incentives for maintaining the weight of the chain. However, microblocks do not contain proof of work. The headers contain reference(s) to previous block(s), current GMT time(s), cryptographic hash(es) of ledger entries, and cryptographic signature(s) of the headers. The questions that are emerging from this implementation are how the information will be managed and protected and whether the Bitcoin-NG scheme can be designed or implemented in a manner that supports Stealth sends, Confidential Transactions, or similar privacy measures. DDoS attacks against miners are already possible, but they seem rare, and it is suspected that it's at least partly because of the success of Matt Corallo's high-speed bitcoin relay network. If NG is layered on top of Bitcoin, it could retain all of Bitcoin as is, so the network wouldn't shut down if the current leader was DDoSed off the network to shut Bitcoin-NG down.
Updated on: 2023-05-19T22:13:52.697265+00:00