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A faster, more efficient cryptocurrency

news.mit.edu

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Re: A faster, more efficient cryptocurrency

#11

Post by tonyjstark »

api wrote: post #3

Does this just reduce join bandwidth? If so it's a minor improvement since the real problems with scalability are transaction size and proof of work cost per TX.

Exactly my thought. Joining is just a one-time problem, staying up to date and mining are the big energy and scalability killer. I somehow assumed that Bitcoin already has some functionality (inherited from Merkle Trees) in place that you don't have to download the whole chain?

Re: A faster, more efficient cryptocurrency

#12

Post by viach »

dpflan wrote: post #8
viach wrote: post #5

Interesting, will they accept tuition payments in it?

That could be an interesting first use case: accepting partial or full tuition payment or maybe student fees or club/activity fees with this?

Yup, that could become big - Facebook started first in academias and first users were students.

Re: A faster, more efficient cryptocurrency

#13

Post by salvadormon »

api wrote: post #3

Does this just reduce join bandwidth? If so it's a minor improvement since the real problems with scalability are transaction size and proof of work cost per TX.

From the conclusions I've read in the paper I understand that this new cryptocurrency reduces the join bandwidth and blockchain size.

https://people.csail.mit.edu/nickolai/papers/leung-vault-epr...

Re: A faster, more efficient cryptocurrency

#15

Post by dpflan »

viach wrote: post #12
dpflan wrote: post #8

Earlier quoted context omitted.

That could be an interesting first use case: accepting partial or full tuition payment or maybe student fees or club/activity fees with this?

Yup, that could become big - Facebook started first in academias and first users were students.

Agreed, college students can be a good target user-base. Making payment easier/simpler/"more futuristic/cooler" could lead to buy-in/usage. Just recall how it was to interact with your university registrar/bursar...

Re: A faster, more efficient cryptocurrency

#16

Post by malloreon »

I have long wondered how cryptocurrency fans would answer the question:

‘Would you be happy if the crypto-utopia you bring up happens in the next 10 years, and all value is stored/transacted through a cryptocurrency, but it was a coin that you do not possess now, nor could you transfer any of you current currencies into it?’

Say tomorrow someone releases the one true coin, but no one notices. All other cryptocurrencies drop to zero value, then a crypto miracle occurs - the one true coin is uncovered and almost overnight becomes the defacto monetary standard. Would crypto fans be satisfied?

This is a long way of asking: do you want cryptocurrency to succeed if you knew that you could not profit from it doing so?

Re: A faster, more efficient cryptocurrency

#17

Post by fabianfabian »

emptyfile wrote: post #7

Is data usage a big problem for Bitcoin?

Not really. The biggest problem is getting more of the participants of the network bootstrapped with a fully validating node. Most people right now choose to rely on others instead which defeats the purpose of Bitcoin and makes the network overall insecure.

Re: A faster, more efficient cryptocurrency

#20

Post by emilfihlman »

malloreon wrote: post #16

I have long wondered how cryptocurrency fans would answer the question: ‘Would you be happy if the crypto-utopia you bring up happens in the next 10 years, and all value is stored/transacted through a cryptocurrency, but it was a coin that you do not possess now, nor could you transfer any of you current currencies into it?’ Say tomorrow someone releases the one true coin, but no one notices. All other cryptocurrenci…

Exactly. Cryptocurrencies are a pipe dream unless they can be effectively and fairly distributed first.
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