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 covered include:
- 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.