Researchers at MIT are preparing a cryptocurrency. What will be its main advantage over Bitcoin?
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Researchers at the Massachusetts Institute of technology (MIT) has created a cryptocurrency to approve a transaction which nodes need 99 percent less data compared to Baccano . About it on January 23 announced on the official blog MITNews. New cryptocurrency got the name and Vault will be presented next month at the Network and Distributed System Security Symposium (NDSS). Reportedly, the crypt of “allows users to join the network, downloading only part of the total transaction data”.
During testing, the Vault managed to reduce the required size of the blockchain when you connect to the network by 99 percent compared to Bitcoin, and 90 percent in comparison with . To date, the project may be the most efficient cryptocurrency. It is important to note that Vault continues to guarantee the validation of the transaction all nodes that provides a stable security level currently existing analogues. In this Vault allow you to delete empty accounts and verify transactions, using the latest data from the distributed registry.
The Vault Limit is 10 megabytes, and this is equivalent to 10 thousand transactions. As described in the official statement, for approval of the transaction in Bitcoins, the user needs to download 500 thousand units, which at the moment is approximately 150 gigabytes. It turns out, the user must have the full blockchain to ensure the solvency of new users when conducting transactions.
Vault is open on the PoS blockchain called Algorand developed by a Professor in engineering at Ford Massachusetsky University Silvio Micali. Recent interview Micali edition Cointelegraph becomes clear that thanks to the Vault, users can confirm the blocks using information from only a few hundred or thousands of previous blocks. This technology is called «bread crumbs».
According to co-author Derek Lunga, this technology allows you to skip all blocks between multiple key. He argues that the main task — to teach cryptocurrency scales well to larger number of users.
Not so long ago a group of researchers from leading US universities, including MIT and the launch of a globally scalable, decentralized payment network Unit-e. More data to search for .
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