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Research can seem bland to us laypersons. So, in my opinion, his writing is anything but bland…. Regarding the first elephant, scalability, Bitcoin urgently needs to grow its Blockchain dynamics into something that is living and manageable. That is, it does not require every miner to access the history-of-the-world and append each transaction onto the same chain in serial fashion.
Rather than growing an ever bigger blockchain—with ever bigger computers—we need a more 3D approach that uses relational databases in a multi-threaded, transactional environment, while still preserving the distributed, p2p trust mechanisms of the original blockchain. While clearly technical, it is a good read, even for lay enthusiasts. It directly relates to one of the elephants in the room. Bitcoin cryptocurrency demonstrated the utility of global consensus across thousands of nodes, changing the world of digital transactions forever.
In the early days of Bitcoin, the performance of its probabilistic proof-of-work PoW based consensus fabric, also known as blockchain, was not a major issue. Bitcoin became a success story, despite its consensus latencies on the order of an hour and the theoretical peak throughput of only up to 7 transactions per second. The situation today is radically different and the poor performance scalability of early PoW blockchains no longer makes sense.
Specifically, the trend of modern cryptocurrency platforms, such as Ethereum, is to support execution of arbitrary distributed applications on blockchain fabric, needing much better performance. This approach, however, makes cryptocurrency platforms step away from their original purpose and enter the domain of database-replication protocols, notably, the classical state-machine replication, and in particular its Byzantine fault-tolerant BFT variants.
In this paper, we contrast PoW-based blockchains to those based on BFT state machine replication, focusing on their scalability limits. Bitcoin, blockchain, Byzantine fault tolerance, consensus, proof-of-work, scalability, state machine replication. But, I cede the rigorous, academic credentials to Marko. Thanks for your story. Several institutions of the 20th century come to mind: Any student of tech lore knows that Bell Labs invented the transistor and global satellite communications; Xerox invented the mouse and the process that drives copiers and laser printers; NASA took men to the moon and machines beyond our solar system.
These achievements require patience, money and a serious culture of inventiveness. Today, there are fewer guests at the party. Yet, because this type of research benefits everyone—and because it is science without a political agenda—we all benefit from their generosity….
In my opinion, only two corporations and one government agency IBM, Google and NASA , continue that lofty tradition with sufficient resources to make a difference. The IBM Research Center in Zurich Switzerland is a key facet in the continuing chain of organizations contributing to the legacy of mankind.
I am partial, because of a significant overlap with my own research interests. While I may be overlooking other organizations deserving admiration and praise, I am certain that this facility sits at the top of the list.
I worked there one summer as a college intern. Yet, because this type of research benefits everyone—and because it is science without a political agenda—we all benefit from their generosity… In my opinion, only two corporations and one government agency IBM, Google and NASA , continue that lofty tradition with sufficient resources to make a difference. Ellery reads all feedback.