MIT researchers’ have developed a new technology cryptocurrency through which data users need to join the network and verify the transaction by up to 99 percent compared to the existing popular cryptocurrencies.
The existing popular cryptocurrencies such as Bitcoin, TRON are networks set up on the blockchain, a financial ledger lined up in a sequence of individual blocks, each holding transactions data.
Previously if you want to join a cryptocurrency, a new user has to download and store all the operations data from all the thousands of individual blocks. These data may also be stored to use the service and help verify all the transactions, which may make it a slower or comparatively unrealistic process for some individuals. The new technology developed is easier to use and operate in comparison to the older one.
A paper is going to be presented in some weeks on Networking and Distributed System Security Symposium, in which researchers have introduced a Vault—a cryptocurrency that allows the users to join the crypto network by downloading the only fraction of the transaction data.
It also assimilates the New Technology which automatically deletes empty accounts that occupy extra space, and enables verification using only the most recent transaction data that are divided and shared across the network; it also disparages the data storage of an individual with minimum processing required.
“The paper title is a pun. A vault is a place where you can store money, but the blockchain also lets you ‘vault’ over blocks when joining a network,” this was quoted Derek Leung, a graduate student in the field of Computer Science and Artificial Intelligence Laboratory (CSAIL) at the MIT.
“When I’m bootstrapping, I only need a block from the way in the past to verify a block way in the future. I can skip over all blocks in between, which saves us a lot of bandwidth.”
I try out; Vault reduced its bandwidth for amalgamation its network by 99 percent when compared to Bitcoin and on the same time for Ethereum 90 percent, which is considered one of the well-organized Cryptocurrencies of today’s world.
Prominently, Vault set a tight seal on all the nodes and transactions, giving tight security which is equal to its existing competitors.
The system built by researchers is on the top of latest cryptocurrency network called Algorand, which is secure, decentralized, and more scalable than other cryptocurrencies.