Emin Gün Sirer [ARCHIVE] on Nostr: 📅 Original date posted:2015-11-09 📝 Original message:Hi everyone, Thanks to ...
📅 Original date posted:2015-11-09
📝 Original message:Hi everyone,
Thanks to everyone for a very friendly and scientifically-oriented
discussion. We have collated all the issues that have been raised related
to NG, and placed them in context, here:
http://hackingdistributed.com/2015/11/09/bitcoin-ng-followup/
Overall, NG has a unique insight: turning the block creation process upside
down can provide many benefits. Most notably, throughput can go as high as
the network will allow, providing scalability benefits that increase as the
network improves. There are many other side benefits, including fast
confirmations that are stronger than 0-conf in Core, and come much more
quickly than Core's 1-confirmations. And there are ancillary benefits as
well, such as resilience to fluctuations in mining power, and healthier
incentives for participants to ferry transactions. We believe that a fresh
new permission-less blockchain protocol, designed today, would end up
looking more like NG than Core. Of course, if NG could possibly be layered
on top of Bitcoin, that would be the ultimate combination.
Many thanks for an interesting discussion, and as always, we're happy to
hear constructive suggestions and feedback,
- egs
On Wed, Oct 14, 2015 at 2:02 PM, Emin Gün Sirer <el33th4x0r at gmail.com>
wrote:
> Hi everyone,
>
> We just released the whitepaper describing Bitcoin-NG, a new technique for
> addressing some of the scalability challenges faced by Bitcoin.
> Surprisingly, Bitcoin-NG can simultaneously increase throughput while
> reducing latency, and do so without impacting Bitcoin's open architecture
> or changing its trust model. This post illustrates the core technique:
> http://hackingdistributed.com/2015/10/14/bitcoin-ng/
> while the whitepaper has all the nitty gritty details:
> http://arxiv.org/abs/1510.02037
>
> Fitting NG on top of the current Bitcoin blockchain is future work that we
> think is quite possible. NG is compatible with both Bitcoin as is, as well
> as Blockstream-like sidechains, and we currently are not planning to
> compete commercially with either technology -- we see NG as being
> complementary to both efforts. This is pure science, published and shared
> with the community to advance the state of blockchains and to help them
> reach throughputs and latencies required of cutting edge fintech
> applications. Perhaps it can be adopted, or perhaps it can provide the
> spark of inspiration for someone else to come up with even better solutions.
>
> We would be delighted to hear your feedback.
> - Ittay Eyal and E. Gün Sirer.
>
>
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📝 Original message:Hi everyone,
Thanks to everyone for a very friendly and scientifically-oriented
discussion. We have collated all the issues that have been raised related
to NG, and placed them in context, here:
http://hackingdistributed.com/2015/11/09/bitcoin-ng-followup/
Overall, NG has a unique insight: turning the block creation process upside
down can provide many benefits. Most notably, throughput can go as high as
the network will allow, providing scalability benefits that increase as the
network improves. There are many other side benefits, including fast
confirmations that are stronger than 0-conf in Core, and come much more
quickly than Core's 1-confirmations. And there are ancillary benefits as
well, such as resilience to fluctuations in mining power, and healthier
incentives for participants to ferry transactions. We believe that a fresh
new permission-less blockchain protocol, designed today, would end up
looking more like NG than Core. Of course, if NG could possibly be layered
on top of Bitcoin, that would be the ultimate combination.
Many thanks for an interesting discussion, and as always, we're happy to
hear constructive suggestions and feedback,
- egs
On Wed, Oct 14, 2015 at 2:02 PM, Emin Gün Sirer <el33th4x0r at gmail.com>
wrote:
> Hi everyone,
>
> We just released the whitepaper describing Bitcoin-NG, a new technique for
> addressing some of the scalability challenges faced by Bitcoin.
> Surprisingly, Bitcoin-NG can simultaneously increase throughput while
> reducing latency, and do so without impacting Bitcoin's open architecture
> or changing its trust model. This post illustrates the core technique:
> http://hackingdistributed.com/2015/10/14/bitcoin-ng/
> while the whitepaper has all the nitty gritty details:
> http://arxiv.org/abs/1510.02037
>
> Fitting NG on top of the current Bitcoin blockchain is future work that we
> think is quite possible. NG is compatible with both Bitcoin as is, as well
> as Blockstream-like sidechains, and we currently are not planning to
> compete commercially with either technology -- we see NG as being
> complementary to both efforts. This is pure science, published and shared
> with the community to advance the state of blockchains and to help them
> reach throughputs and latencies required of cutting edge fintech
> applications. Perhaps it can be adopted, or perhaps it can provide the
> spark of inspiration for someone else to come up with even better solutions.
>
> We would be delighted to hear your feedback.
> - Ittay Eyal and E. Gün Sirer.
>
>
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