Bitcoin Compact Block Relay is an Upgrade to Reduce Block’s Propagation Times
Bitcoin Core, the open source project which maintains and releases Bitcoin client software, has fully embraced BIP152, a new upgrade that will reduce the amount of bandwidth used to propagate new blocks to full nodes. This will decrease the amount of time it takes for a block to propagate across the entire Bitcoin network. Bitcoin Core has published an FAQ section regarding the most recent Bitcoin Improvement Proposal (BIP), we are talking about the BIP 152 named Compact Block Relay, the upgrade is poised to reduce the bandwidth and the time it takes for a block to propagate through the....
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ConsenSys, a blockchain technology company, and Ethereum have developed BTC Relay, an Ethereum contract that allows Ethereum users to pay with bitcoin. Servicing as a bridge between Ethereum and bitcoin, BTC Relay is a tool for developers who want to verify bitcoin transactions for Ethereum and smart contract applications. Community members, called Relayers, provide BTC Relay with new bitcoin block headers generated by bitcoin miners. Ethereum app developers can make API calls to BTC Relay from smart contracts to verify bitcoin network activities. Anyone can join the Ethereum network and....
Exciting times at the Block headquarters. In today’s world, self-custody of your coins is one of the most important things there is. And Jack Dorsey’s bitcoin-focused company knows this. That’s why Block’s team is building a hardware wallet, even though Nick Slaney, Product Design Engineer, thinks it’s “so much more.” In a recent Twitter thread, […]
Bitcoin is designed as a peer-to-peer network, where nodes randomly connect to other nodes. Transactions and blocks are transmitted over this network by these nodes, until each node receives all the latest transactions and blocks. This works quite well, as the distributed model makes Bitcoin relatively censorship-resistant; there is no central point of control to shut down or pressure into compliance. But there are other, more centralized alternatives for transmitting transaction data, too. The best known of these is "the" relay network, introduced in 2014 and maintained by Bitcoin Core....
Bitcoin is designed as a peer-to-peer network, where nodes randomly connect to other nodes. Transactions and blocks are transmitted over this network by these nodes, until each has received all. This works quite well, as the distributed model makes Bitcoin relatively censorship-resistant; there is no central point of control to shut down or pressure into compliance. But it also has a significant downside: The peer-to-peer network is relatively slow. As such, miners (and pools) sometimes waste hash power mining on top of an old block while a newer block is finding its way through the....
The new Block report, “Bitcoin: Knowledge and Perceptions,” is a tour de force. A massive online survey turned into surprising data. The phenomenally-designed publication challenges several assumptions that the public has about bitcoin. Block’s intention with it is to “provide a resource for decision makers to better understand people’s knowledge and perceptions of bitcoin across […]