One of the concerns confronting the Bitcoin community is that of scaling the transaction throughput rate: How do we go from the current rate of approx. 5 transactions per second to a thousand times that?
In this episode, we talk to Emin Gun Sirer and Ittay Eyal from Cornell University regarding Bitcoin NG; a next generation Bitcoin blockchain design that addresses some protocol based limitations preventing Bitcoin from increasing transaction throughput.
Their proposal also enables fast (initial) transaction confirmations on the order of 10-20 seconds.
Topics covered include:
- Metrics to measure the security and fairness properties of Nakamoto consensus as implemented in Bitcoin.
- A network emulation of Bitcoin designed by their team to study properties of Bitcoin network.
- Technical design of Bitcoin NG
- Concerns with Bitcoin NG
- Impact of Bitcoin NG on various stakeholders if it is adopted in the main Bitcoin network.
Links mentioned in this episode:
- Bitcoin-NG White Paper
- Bitcoin-NG: A Secure, Faster, Better Blockchain
- Bitcoin-NG and the Blockchain Test bed (Scaling Bitcoin Workshop Slides)
- Ledger Nano: Smart card security for your Bitcoins - Get 10% off your first order when you use the code EB09 at ledgerwallet.com (valid until 09/30/15)
- Hide.me: Protect your privacy and personal data with a free VPN account at Hide.me/epicenter
Epicenter Bitcoin is hosted by Brian Fabian Crain, Sébastien Couture and Meher Roy.