Hi everyone,
We just released the whitepaper describing Bitcoin-NG, a new technique for addressing some of the scalability challenges faced by Bitcoin. Surprisingly, Bitcoin-NG can simultaneously increase throughput while reducing latency, and do so without impacting Bitcoin's open architecture or changing its trust model. This post illustrates the core technique:
while the whitepaper has all the nitty gritty details:
Fitting NG on top of the current Bitcoin blockchain is future work that we think is quite possible. NG is compatible with both Bitcoin as is, as well as Blockstream-like sidechains, and we currently are not planning to compete commercially with either technology -- we see NG as being complementary to both efforts. This is pure science, published and shared with the community to advance the state of blockchains and to help them reach throughputs and latencies required of cutting edge fintech applications. Perhaps it can be adopted, or perhaps it can provide the spark of inspiration for someone else to come up with even better solutions.
We would be delighted to hear your feedback.
- Ittay Eyal and E. Gün Sirer.