Author: Ittay 2015-10-15 15:12:23
Published on: 2015-10-15T15:12:23+00:00
The email thread discusses the scalability and privacy challenges faced by Bitcoin. The proposed solution is Bitcoin-NG, a new technique that could increase throughput while reducing latency without changing Bitcoin's trust model. There are two types of NG - pure NG and overlay NG. With pure NG, one still has to set a transaction bandwidth limit due to individual client's storage and bandwidth limitations. However, this rate can be arbitrarily high with NG without compromising protocol security. With overlay NG, clients cannot run at different rates since all clients must agree on the ledger. However, it can significantly reduce observed latency and increase the bandwidth once everyone is on board. The discussion then moves on to the implementation of NG. Matt Corallo believes that NG should be discussed in the Bitcoin community rather than on Github. Odinn wonders if NG can be designed to support stealth sends, confidential transactions or similar privacy measures. Additionally, he suggests that NG can be implemented as a feature that the user can activate or deactivate from within Core. Emin Gün Sirer, one of the authors of the whitepaper, explains that NG is compatible with both Bitcoin and Blockstream-like sidechains. He also states that DDoS attacks against miners are already possible but seem rare, and similar defenses can apply here.Furthermore, the email thread raises concerns about how the information is managed and protected in NG. The headers contain references to previous blocks, current GMT times, cryptographic hashes of ledger entries, cryptographic signatures of headers, and other information. The question remains whether NG can be designed or implemented in a manner that supports stealth sends, confidential transactions, or similar privacy measures. In conclusion, the email thread highlights the potential benefits of Bitcoin-NG and its compatibility with Bitcoin and Blockstream-like sidechains. However, there are still concerns regarding its implementation and privacy measures.
Updated on: 2023-06-11T00:14:35.462486+00:00