Monday , June 14 2021

MIT researchers are developing a cryptomad, which requires 99% less data than Bitcoin



MIT researchers are developing a cryptomad, which requires 99% less data than Bitcoin

Massachusetts Institute of Technology researchers (MIT) have developed a crypto-software that requires transaction verification nodes to store 99% less data than Bitcoin (BTC). The development was announced on January 23 in a MIT blog and was published by Cointelegraph.

This cryptomoeda is called Vault and will be presented to the Symposium on Network and Distributed System Security (NDSS) next month. According to the above post, the crypto-currency "allows users to access the network by downloading only a small portion of the total transaction data."

Vault also wants to exclude empty accounts and allows you to check transactions that only use the latest transaction data. The post also reports the results of web tests:

In experiments, Vault reduced the bandwidth to join its network with 99% compared to Bitcoin and 90% compared to Ethereum, which is today considered one of the most efficient crypto-coins. It is important to note that Vault still ensures that all nodes validate all transactions, providing a strict security equivalent to their existing counterparts. "

The Vault Unit size limit is 10 megabytes, equivalent to 10,000 transactions, each of which contains a hash of the previous block. As MIT explains to verify Bitcoin's transactions, "the user will download 500,000 blocks, totaling around 150 gigabytes," as he will have to "store all account balances to confirm new users and ensure that customers have with sufficient funds to carry out transactions. "

The Vault is based on a block that uses the Algorand Proof of Participation (PoS), which was created by Silvio Miki, Ford's engineer-professor at MIT.

The Vault system allows users to check the blocks using information presented in a block, a few hundred or a thousand units in the past called "breadcrumb." In this way, a new node joins the junction – or an old block – to a block far ahead. Derek Lung, co-author of the article, explained that "he can skip all the blocks between them." He also noted:

"The overall goal here is to allow crypto-coins to be well-sized for more and more consumers."

Article Vault also says that in order to access the web, the user needs to download about 90% less data than Ethereum (ETH). Ethereum co-founder Vitalik Bouterin has already stated that future Poch-based blocks will be "thousands of times more efficient."

While Ethereum developers are working on PoS implementation, they are developing a new protocol known as Casper, which should help reduce energy consumption. Until the winter of 2018, Ethereum developers have noticed that they will combine Casper and sharding – a method to increase the number of transactions the blockchain can process – when upgrading.

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