03/10/19 04:10 UTC-4

In Switzerland, they invented an alternative to Bitcoin with less energy consumption

CryptocurrencySwiss scientists invented an alternative to Bitcoin
Swiss scientists invented an alternative to Bitcoin

Researchers at the Lausanne Polytechnic School have developed an algorithm similar to the BTC algorithm but with significantly lower energy costs. 

Bitcoin alternative

According to Rachid Guerraoui, a professor at the School of Computer and Communication Sciences (IC):

"Unlike the first cryptocurrency, the new algorithm does not require consensus of the network to confirm the transactionTransaction
– is a financial term that means a logically meaningful operation that can only be carried out completely. Details
, during which the participants perform complex calculations, the equipment for which consumes a significant amount of electricity."

The BTC system was built without the confidence of the participants in each other, Guerraoui and colleagues chose a different approach.

The algorithm, called Byzantine Reliable Broadcast, is based on player trust and communication. The system initially assumes that all participants play fair, until proven otherwise.

Confirmation of the transaction is made by a random player, and we are actually talking about the exchange of information, explained Guerraoui. If any member’s malicious behavior is detected, the rest ignore him.

Scientists claim that the electricity consumption by the BTC network is approaching that of Austria, which leads to the emission of carbon dioxide at the level of Denmark.

In the case of energy consumption at Byzantine Reliable Broadcast, the amount is "equivalent to email exchange."

"The new system promises to be of narrow application, compared to blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
and BTC. Used only for managing cryptocurrencies or other assets. For more complex transactions, such as smart-contracts, the algorithm is not applicable" Guerraoui admitted.

Interesting in the section: Blockchain shopping: Technology will help verify the authenticity of New Balance shoes

  • Scientists plan to open Byzantine Reliable Broadcast by the end of 2020.

See also: "The US launches a new cryptocurrency pegged to the dollar"

#Switzerland #Bitcoin #algorithm #cryptocurrency #blockchain

Editor: Yuliya Soroka


12/10/19 04:20 UTC-4

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