A team of coders from Imperial College London and Cornell University has come up with a brand new solution for bitcoin network scalability, which uses trusted execution environment in the components of secure hardware.
Cool new breakthrough tech for Bitcoin and blockchain: Scaling Bitcoin with Secure Hardware https: The developers insist Bitcoin suffers from a fundamental limit on how far it can scale. The number of scalability solutions is exuberant. Increasing scaling bitcoin schedule a instructions size may be a reasonable stopgap measure, however, changing the blocksize does not appreciably improve latencies for confirmations.
Scaling bitcoin schedule a instructions a 2X or 4X increase in block size delivers at most a 2X or 4X improvement in throughput. Even a highly controversial 10X increase in block size would yield only one transaction per week scaling bitcoin schedule a instructions Venezuelans, still far short of the target, the developers say. Another option one might find in efforts such as Bitcoin NG, ByzCoin and Hybrid Consensus suggested by research groups including Teechan creators is to change the protocol to construct blocks incrementally over time, avoiding centralization bottlenecks.
According to the developers, most practitioners have focused on off-chain scaling, through a technique known as payment channels. While this can potentially improve scale immensely, these protocols, also, require substantial changes to the underlying protocol. Teechan is similar in design to the Lightning Networksave for one crucial differentiating factor: As Teechan creators note, SGX is not the only way of building a trusted execution environment.
Thus, Teechan protocol requires a trusted execution environment in the first place, which requires some special hardware to create a channel. The developers also admit they had to trust Scaling bitcoin schedule a instructions. It is yet unknown by how much Teechan will help Bitcoin scale. The exact benefit scaling bitcoin schedule a instructions on the emergent credit network on top, which has yet to emerge, because it has not been possible to deploy payment channels securely until now.
Also, payment channels rely on the ability to place certain transactions on-chain when needed. This requires space in blocks on the underlying blockchain. As mentioned in the LN paper, full blocks interfere with this and can open payment channels to attack. Anyway, the Teechan will be making the Teechan implementation public in the next few weeks.
For now, they provided the community with a working draft paper. The code is still in alpha, and the developers hope to build an open-source effort around Teechan.
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