A new cryptocurrency has been developed by MIT researchers that considerably decreases the data users require to connect to the network and authenticate transactions by up to 99% in comparison to the existing well-recognized cryptocurrencies. These cryptocurrencies, like the famous Bitcoin, are systems created on the blockchain, a monetary ledger arranged in a series of individual blocks, each comprising transaction details.
New users, to connect to a cryptocurrency, must download and hoard all transaction details from hundreds of thousands of discrete blocks. Also, they should hoard this information to utilize the service and assist in authenticating transactions. This makes the procedure sluggish or computationally unworkable for few.
In a paper to be represented at the upcoming Network and Distributed System Security Symposium, the team launched Vault—a cryptocurrency that enables the users to connect to the system by downloading only a part of the entire transaction details.
Also, it integrates methods that erase empty accounts that utilize space and facilitates substantiations utilizing only the latest transaction information that is split and distributed across the network, curtailing an individual user’s processing requirements and data storage.
Vault, in experiments, decreased the bandwidth for connecting to its network by 99% in comparison to Bitcoin and 90% in comparison to Ethereum—that is deemed one most efficient cryptocurrencies at present. Essentially, Vault still assures that all nodes authenticate all transactions, offering tight protection corresponding to its prevailing counterparts.
Likewise, Belarusbank, the biggest bank in Belarus, is mulling over establishing a crypto exchange, as recently reported by BelTA, a local information agency. As per Viktor Ananich, the board chairman of the bank, now endeavors are being made to look at the likelihood of establishing a cryptocurrency exchange. Particularly, Belarusbank is intending to issue virtual cards in a few months—online, instead of physical, credit cards—as revealed by Ananich.