Author: odinn 2015-10-15 18:43:43
Published on: 2015-10-15T18:43:43+00:00
A new technique called Bitcoin-NG has been released to address scalability challenges faced by Bitcoin. It can increase throughput while reducing latency without impacting Bitcoin's open architecture or changing its trust model. It is compatible with Bitcoin as it is and Blockstream-like sidechains, and is complementary to both efforts. The protocol works by electing a 'leader' who vets future transactions as soon as they happen every 10 minutes, which supposedly can run as fast as the network will allow. There are two options for the hypothetical overlay-NG that runs on top of Bitcoin: significantly reduce observed latency or increase the bandwidth once everyone is on board. It does not affect privacy schemes, which are only concerned with the transaction DAG. Microblocks in Bitcoin-NG contain ledger entries and a header. They do not affect the weight of the chain because they do not contain proof of work. All entries must be valid according to the specification of the state machine, and the signature has to be valid. The actual leader in NG is a key, not a specific node.
Updated on: 2023-06-11T00:13:52.934560+00:00