MIT researchers develop a new super cryptocurrency. Here are the characteristics of the announced "Vault".
MIT researchers developed one new cryptocurrency that promises to drastically reduce the number of data that users need to enter the network and verify transactions - up to 99% compared to today's popular cryptocurrencies. This is a potentially revolutionary novelty, considering that doing so could lay the foundations for creating a much more scalable network.
Cryptocurrencies, like the popular Bitcoin, are networks built on the blockchain, a financial register formatted in a sequence of individual blocks, each of which contains transaction data, i.e. records. These networks are decentralized, which means that there are no banks or organizations to manage funds and balances, considering that it is the users themselves who join forces to collectively store and verify transactions.
Scalability problem
However, decentralization leads to a scalability problem. In order to join a cryptocurrency, in fact, new users must download and store all the data of previous transactions from hundreds of thousands of individual blocks. They also need to store this data to use the service and help verify transactions. In short, the process can be made slow or impractical for some.
The news now comes in a document presented at the Network and Distributed System Security Symposium next month, in which MIT researchers are happy to introduce Vault, a cryptocurrency that allows users to join the network by downloading only a fraction of the total transaction data. The technology also incorporates techniques that erase empty accounts that take up space and allows audits using only the most recent transaction data that is shared and shared across the network, minimizing the storage and processing requirements of a single user's data.
In the experiments, Vault reduced bandwidth to enter its network 99% compared to Bitcoin and 90% compared to Ethereum, which is considered to be one of the most efficient encryption systems today. Importantly, Vault still ensures that all nodes validate all transactions, ensuring security equal to that of existing counterparties.
We just have to stay updated on this important issue: we will share the news of the next month!
