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Sunday, January 27, 2019

Trying to Build A ‘Better Bitcoin’ Is As Pointless As Creating A ‘Better’ Google Search

By: Wes Messamore

google search i'm feeling lucky - photo by chriscorneschi

MIT researchers have designed a new cryptocurrency, Vault, to make it easier for new users to join the network by reducing the bandwidth for starting a new node by 99% over Bitcoin.

Shocker (Not): New Cryptocurrency Claims to be Better than Bitcoin

Derek Leung, co-author of the Vault paper and a graduate student in the Computer Science and Artificial Intelligence Laboratory (CSAIL) at MIT, says:

Currently there are a lot of cryptocurrencies, but they’re hitting bottlenecks related to joining the system as a new user and to storage […] The broad goal here is to enable cryptocurrencies to scale well for more and more users.

But the bottleneck to joining the network that maintains Bitcoin’s blockchain is there on purpose by design.

It’s a feature, not a bug. It keeps your money and savings in a more secure network by making it too costly for anyone to create nodes to steal from or sabotage the network.

Read more at CCN.