Emin Gün Sirer & Ittay Eyal

Bitcoin-NG – Scientists Versus the Church

One of the concerns confronting the Bitcoin community is that of scaling the transaction throughput rate: How do we go from the current rate of approx. 5 transactions per second to a thousand times that?

In this episode, we talk to Emin Gun Sirer and Ittay Eyal from Cornell University regarding Bitcoin NG; a next generation Bitcoin blockchain design that addresses some protocol based limitations preventing Bitcoin from increasing transaction throughput.

Their proposal also enables fast (initial) transaction confirmations on the order of 10-20 seconds.

Topics we discussed in this episode
  • Metrics to measure the security and fairness properties of Nakamoto consensus as implemented in Bitcoin.
  • A network emulation of Bitcoin designed by their team to study properties of Bitcoin network.
  • Technical design of Bitcoin NG
  • Concerns with Bitcoin NG
  • Impact of Bitcoin NG on various stakeholders if it is adopted in the main Bitcoin network.