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From the article: "Bitcoin-NG addresses the scalability bottleneck by enabling the Bitcoin network to achieve the highest throughput allowed by the network cond
by clemensley 11y ago
From the article: "Bitcoin-NG addresses the scalability bottleneck by enabling the Bitcoin network to achieve the highest throughput allowed by the network conditions. Paradoxically, not only does it improve transaction throughput, it also reduces transaction latencies -- it is possible to get an initial transaction confirmation in seconds rather than in minutes. And it does so without changing Bitcoin’s open architecture and trust model."
@stanga as you are one of the authors, could you give us a tl;dr as to how this is possible?
- nhaehnle 11y agoIt says so right in the article: "In Bitcoin-NG, the protocol is, instead, forward-looking: every 10 minutes, NG elects a leader, who then vets future transactions as soon as they happen."
- lectrick 11y agoSo it's a leader-electing decentralized scheme? What if the leader goes down? What if 2 leaders get accidentally elected in the wake of that? What if the elected leader is a bad agent? I don't like non-leaderless decentralization schemes. All you're doing is adding mobility to centralization.
- emin-gun-sirer 11y agoAll good questions, all of which are answered in the white paper. An "elected leader" is essentially the same thing as a miner that mines a block in Bitcoin. Miners can mine empty blocks in Bitcoin. This is OK, as others will step in for such defunct miners. Likewise, in Bitcoin-NG, another miner will step up if the elected leader does not mint microblocks. Keep in mind also that NG would be layered on top of Bitcoin, so everything that works in Bitcoin will work in NG as well.