Will MIT Developers Create a New Faster and More Efficient Cryptocurrency than Bitcoin?

2019-2-18 22:44

MIT researchers seem to have developed a new cryptocurrency that is expected to be faster and more efficient than the popular digital asset Bitcoin (BTC). The information was released by the MIT back on January 23.

The main intention behind this virtual currency is to drastically reduce the data that users need to join the network and verify transactions. Compared to Bitcoin, this cryptocurrency consumes 99% less energy and the network is much more scalable.

Bitcoin and other virtual currencies work on top of blockchain technology and for processing transactions, users have to store all the data from transactions. This is something that requires a lot of space and makes the whole process slow and impractical for many users.

According to a paper that will be presented at the Network and Distributed System Security Symposium, MIT researchers will be introducing Vault. This virtual currency allows individuals to join the network just by downloading a fraction of the total transaction data. Moreover, it incorporates techniques that delete empty accounts and that take up space.

The new cryptocurrency reduced the bandwidth for joining the network by 99 percent compared to Bitcoin. If the bandwidth is compared to Ethereum (ETH), they were able to reduce it by 90%.

The co-author Derek Leung, commented about it:

“Currently there are a lot of cryptocurrencies, but they’re hitting bottlenecks related to joining the system as a new user and to storage. The broad goal here is to enable cryptocurrencies to scale well for more and more users.”

Users that want to download the Bitcoin network would have to download 500,000 blocks, equal to about 150 gigabytes. At the same time, users must store all account balances to help verify new users and ensure they have funds to complete transactions. It is worth mentioning that storage requirements are becoming substantial, thus, being less accessible for individuals.

The new digital asset has been built on top of a crypto network called Algorand, that was invented by Silvio Micali, the Ford Professor of Engineering at MIT. The network is secure, decentralized and it also can scale more than other virtual currencies.

Algorand uses a proof-of-stake (PoS) consensus algorithm to process transactions in an efficient way compared to proof-of-stake.

In order to make the network more efficient and scalable, the researchers designed a sharding scheme that divides transaction data into smaller portions that are shared across the network. This allows individuals to process small amounts of data to verify transactions.

So as to implement sharding in a secure way, Vault uses Merkle Trees. The top node contains a single hash that is called the root hash. The tree combines each pair of children hashes along the bottom to form their parent hash. That repeats the process up to the tree, assigning a parent node from each pair of children nodes.

With Vault it is possible to separate shards assigned to separate groups of users. If a user needs to verify a transaction from outside of their shard, it is possible to trace a path to that common layer.

Furthermore, researchers designed a scheme in which it is possible to recognize and discard user’s assigned shard accounts and that had zero balances for a certain length of time.

Bitcoin has been in the market for ten years and it has proven to be a very resilient cryptocurrency. There are other digital assets that have also been launched to the market and that aimed at improving the Bitcoin’s network. However, Bitcoin remains the most popular digital asset in the market and the dominant network in the crypto space.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Time New Bank (TNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.01 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0028577 (-100%)

mit cryptocurrency efficient bitcoin new faster virtual

mit cryptocurrency → Результатов: 47


Фото:

Opinion: Stop Trying To Build a Better Bitcoin

A team of professors from top US universities have come together to create a new globally scalable decentralized payments system. But with Bitcoin already proving to work as intended for ten years running, would a ‘better Bitcoin’ even stand a chance? MIT and Standford Professors Developing Unit-E The professors formed a non-profit foundation based in Switzerland, called Distributed Technologies Research, backed by Credit Suisse and Pantera Capital.

2019-1-19 13:00


Professors from MIT, Stanford, Carnegie Mellon, Team up to Create a Crypto to Rival Bitcoin (BTC)

Professors from seven U.S universities are teaming up to create a cryptocurrency that will be faster than Bitcoin (BTC) and remain true to the decentralization concept. The cryptocurrency will be known as Unit-e and is the first project of Distributed Technology Research (DTR): a non-profit foundation formed by the same academics and backed by Pantera […] The post Professors from MIT, Stanford, Carnegie Mellon, Team up to Create a Crypto to Rival Bitcoin (BTC) appeared first on Ethereum World News.

2019-1-19 12:51


New Unit-E Cryptocurrency Touted as “Killer Application for Blockchain” by MIT and Stanford Researchers

A Switzerland-based non profit organization called Distributed Technologies Research (DTR) announced a cryptocurrency called Unit-e this past week. In a press release published on January 17, DTR described Unit-e as a “globally scalable decentralized payments network” and a “killer application” for blockchain.

2019-1-18 22:42


Фото:

Academics and Pantera Capital’s “Better Bitcoin” Is still Slower than Visa

A non-profit group comprised of MIT and bay area academics, as well as hedge fund Pantera Capital was formed to develop a coin that can offer faster speeds of processing transactions than Bitcoin.   How to Make Unit-e More than a “Nice Idea” Teachers from Massachusetts Institute of Technology, Stanford University, and Berkeley’s University in California along with five other.

2019-1-19 19:00


Фото:

US academics say their shardy blockchain will be 10X faster than Visa

US academics are working together to create a new and improved cryptocurrency in a bid to rival Bitcoin. According to Bloomberg, professors from seven US colleges (including MIT, University of California, Standford University, and Berkely) are looking to create a digital currency capable of processing thousands of transactions a second without sacrificing the basic principle of decentralization.

2019-1-17 17:24


New MIT Digital Currency Scaling Technology “utreexo” Could Allow Bitcoin and Phone to be Synchronized Directly

It seems that it might be possible for Bitcoin to be synchronized using just a smartphone. According to Tadge Dryja, a cryptocurrency research scientist at the MIT Digital Currency Initiative, there is a scaling solution that will make things easier for Bitcoin and it’s called ‘utrexxo.’ The intention behind this proposal is to deal with […]

2019-1-14 19:32


Блокчейн-стартап Algorand привлек $62 млн инвестиций

Стартап Algorand из Бостона, основанный профессором Массачусетского технологического института (MIT) и лауреатом премии Тьюринга Сильвио Микали, привлек инвестиции в размере $62 млн. Algorand announces @stevekokinos & @wsford as CEO & COO of Algorand.

2018-10-25 13:07


Фото:

Premier Educational Institutions Invest in Crypto, Including MIT, Stanford, and Harvard

The Senate Banking Committee has been hearing testimonies from various stakeholders in the cryptocurrency industry and their opposers. Legislators are yet to decide if cryptocurrency, and thus the technology behind it, is the most significant technological innovations of this generation or the “mother of all scams,” as notable economist Nouriel Roubini calls it.

2018-10-15 12:49


Top Bitcoin and Cryptocurrency News For Today October 12th [VIDEO]

Nouriel Roubini and Peter Van Valkenburgh To Discuss Cryptos In Congress Today Nouriel Roubini and Peter Van Valkenburgh To Discuss Cryptos In Congress Today OKCoin USA to Release New Chinese Yuan (RMB)-backed Stablecoin OKCoin USA to Release New Chinese Yuan (RMB)-backed Stablecoin Crypto Funds Get Investments from Stanford, Harvard, MIT, North Carolina and More Per […]

2018-10-13 00:54


Фото:

Bitcoin [BTC] Developer Discovers Vulnerability In Bitcoin Cash [BCH] Code, Finds It Near Impossible to Report the Bug to Developers

On Thursday, August 9, a developer and researcher in the crypto industry detailed the difficulties he had communicating a vulnerability in the Bitcoin Cash protocol to their dev team. Cory Fields from the Digital Currency Initiative at MIT Media Lab in Massachusetts outlined the issue in a post on his Medium blog.

2018-8-10 12:02