Read the success stories of crypto entrepreneurs.

Discussions are fun when we are part of a community.
Login Free Registration

Get 10 AltcoinN Points just by registering on this forums.


New ‘Spider’ Crypto Routing Scheme By MIT Boost Blockchain Transactions By 4x

#1
Bitcoin Exchange Guide

 
Blockchain
New ‘Spider’ Crypto Routing Scheme By MIT Boost Blockchain Transactions By 4x
By Joseph Kibe- February 3, 2020
New 'Spider' Crypto Routing Scheme By MIT Boost Blockchain Transactions By 4x
Massachusetts Institute of Technology researchers have developed a fresh technology that they claim will help ease the congestion on the cryptocurrency payments networks, Cointelegraph reports.

Dubbed Spider, the new crypto routing scheme will provide enhanced efficiency for payment channel networks commonly known as PCN. In a press statement, MIT claimed that Spider will help in reducing the time used for blockchain-based transactions as well as boost profits.


 
As per the press release, transactions in PCN are done with little action from the blockchain network. PCN enables the users to charge various accounts with a selected amount of cryptos. The payments are then done through a linkage of similar accounts whereby its only the opening and the closing of the said accounts are registered on the blockchain network.

Although conventional schemes utilize the shortest paths available to conclude a transaction and do not take into account the user’s balance, the new PCN technology depends on bidirectional joint accounts. In this case, payments are only routed to the channels with enough funds to complete the transactions. This, as per the press statement, will help to avoid a case where users within a joint account deals with lots of transactions leading to zero balance and making it hard to route additional transactions.

The researchers also explained that Spider will help in splitting every completed transaction into different smaller packets that can be distributed across various channels at divergent rates.

One of the key researchers of Spider technology is Vibhaalakshmi Sivaraman. He explained:

“SHORTEST-PATH ROUTING CAN CAUSE IMBALANCES BETWEEN ACCOUNTS THAT DEPLETE KEY PAYMENT CHANNELS AND PARALYZE THE SYSTEM […] ROUTING MONEY IN A WAY THAT THE FUNDS OF BOTH USERS IN EACH JOINT ACCOUNT ARE BALANCED ALLOWS US TO REUSE THE SAME INITIAL FUNDS TO SUPPORT AS MANY TRANSACTIONS AS POSSIBLE.”

Another crucial aspect of Spider is that it enables the queing of transactions when the accounts are congested rather than being rejected. The team also came up with an algorithm which will help in identifying the congested accounts.

The implementation of the Spider technology is scheduled to start before the end of this month.

Previous Review
Use Of Bitcoin Among Merchants Increased In 2019, New Data Shows
Joseph Kibe
Joseph Kibe
Joseph is a blockchain and cryptocurrency enthusiast, with a strong conviction that exposure of blockchain technology is for the good of the society. Fascinated by the massive potential of cryptocurrencies and the technology behind them – blockchain – Joseph spent lots of his time learning more about the industry, becoming a polished expert writer in the sector. He covers any cryptocurrency and blockchain related content.

 
Latest Crypto News
Japan 'Must Be Prepared' To Launch A CBDC If Public Demand Increases: BoJ Official
Japan ‘Must Be Prepared’ To Launch A CBDC If Public Demand...
January 30, 2020
Bank of France Gov: Central Bankers Should Issue Digital Currencies, Not Private Companies
Bank of France Gov: Central Bankers Should Issue Digital Currencies, Not...
January 26, 2020
MENA-Unbanked-to-Drive-Crypto-Adoption-While-China-5G-SIM-Cards-to-Enable-Digital-Payments
MENA’s Unbanked to Drive Crypto Adoption While China’s 5G SIM Cards...
January 24, 2020
NO COMMENTS
LEAVE A REPLY
Comment:
Name:*
Email:*
Website:
Save my name, email, and website in this browser for the next time I comment.

Bitcoin Exchange Guide
ABOUT B.E.G.
Bitcoin Exchange Guide is a hyperactive hybrid of heavy-handed cryptocurrency content curation creators from christened community contributors who focus on delivering today's bitcoin news, cryptoasset user guides and latest blockchain updates.
Reply


Possibly Related Threads…
Thread Author Replies Views Last Post
  Crypto Mining with Solar Energy: Less Risky and More Profitable joshuaexcel 2 817 05-12-2021, 03:40 AM
Last Post: astin
  Mercedes-Benz Launched Blockchain Project for Tracking CO2 Emissions joshuaexcel 0 565 02-03-2020, 05:23 PM
Last Post: joshuaexcel