New Bitcoin scaling proposal research paper released by the co-author of BTC the lightning network
|- Dryja is among the key figures that contributed to Bitcoin’s LN.
- The lightning network allows Bitcoin’s transactions to scale significantly.
According to CoinDesk a new research paper that proposes a scaling solution for Bitcoin network has been released by Tadge Dryja, the co-author of the original paper for Bitcoin’s lightning network (LN).
The paper has been in research for the past year and is expected to alter the size of Bitcoin’s part referred to as “state” much smaller and simple to run aided by cryptographic proofs. Dryja is among the key figures that contributed to Bitcoin’s LN. The lightning network allows Bitcoin’s transactions to scale significantly after pushing the transactions to a second layer. There are developers who are working to customize Bitcoin’s LN for payments.
The new research paper Utreexo is meant to achieve the same results as the LN by making code running easier. It is not easy to implement LN because it takes up a lot of computational resources to do so. However, it is the most secure way to scale Bitcoin without needing to use a middleman to verify the transactions.
“As the number of users of the system increases, the UTXO set grows, and the resource cost of running a node increases. This has led to a progressively smaller proportion of users running their own node as more users rely on light clients or on [third] party nodes to inform them of the state of the network,” Dryja’s paper explains.
Dryja added while speaking to CoinDesk:
“Since January I’ve implemented more code and made the code public on GitHub, and gotten performance numbers for bitcoin mainnet download sizes.”
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