Bitcoin’s problem with scalability is well documented. The time it takes to process a single transaction often exceeds ten minutes, while the probabilistic nature of Bitcoin's consensus mechanism leaves the cryptocurrency vulnerable to attacks and prevents secure real-time transactions.
There has been fierce debate around the solutions to this issue among the Bitcoin community, with each having both merits and drawbacks. It is one that requires a more proactive approach capable of guaranteeing transaction persistence, but consensus as to what this is has not been forthcoming.
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ByzCoin as a solution
ByzCoin has the potential to overcome the lag through scalable collective signing, commiting Bitcoin transactions irreversibly within seconds.
It is a novel Byzantine fault-tolerant (BFT) consensus protocol which dynamically forms hash power-proportionate consensus groups to speed up the process. It guarantees greater consistency within the blockchain, processing throughputs of hundreds of transactions per second, among hundreds to thousands of decentralized miners.
Bryan Ford will provide an outline of ByzCoin and lead discussion on the model as a solution to Bitcoin scalability.
About the speaker
Professor Bryan Ford leads the Decentralized/Distributed Systems (DEDIS) lab at the Swiss Federal Institute of Technology in Lausanne (EPFL). He focuses broadly on building secure decentralised systems, recently focusing on scalable and privacy-preserving blockchains. He earned his B.S. at the University of Utah and his Ph.D. at MIT.
Head of Decentralized/Distributed Systems (DEDIS) lab, EPFL.
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