Researchers Suggest New Method to Scale Bitcoin to Paypal Levels of Transactions

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A research paper from the Decentralized and Distributed Systems lab at the Swiss Federal Institute of Technology in Lausanne proposes a new protocol, Byzcoin, that can be incrementally incorporated into Bitcoin in a backward-compatible way, allowing the network to handle more than one hundred transactions per second at a 1MB blocksize and near PayPal levels with just 4MB blocks.

The protocol’s consensus mechanism is highly scalable, says Philipp Jovanovic, a cryptographer and post-doctoral researcher in the Decentralized and Distributed Systems lab, who told CCN in an interview that:

[It] uses tree-structures for communication which gives you logarithmic communication overhead. Moreover, blocks that contain transactions do not require Proof-of-Work, but instead are formed by the current leader and sent to the consensus group for signing.

ByzCoin's Transaction CapacityByzCoin's Transaction Capacity

ByzCoin’s Transaction Capacity

ByzCoin is divided into keyblocks and microblocks. A miner who fids a keyblock becomes the leader, then forms microblocks made of transactions. The microblocks are sent to a consensus group formed of miners that have recently found a keyblock to co-sign the microblocks, thus verifying authenticity and compliance with protocol rules. Any double spending,

Read more ... source: TheBitcoinNews

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