The Teechan Solution: Scaling Bitcoin With Trusted Hardware
Scalability has been a central issue within the Bitcoin community for well over a year now. Amongst the most promising innovations being developed are bidirectional payment channels. These can be extended to the Lightning Network, allowing users to transact securely with minimal footprint on the blockchain. Performance of these solutions would be....
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The new technology, Teechan can provide an easier scalability solution for the Bitcoin blockchain. The Bitcoin scalability debate has been going on for a while now. The developer community is divided between the hard fork and soft fork and both the approaches are being backed by some of the prominent names in the ecosystem. As the community struggles to reach a consensus, a new Bitcoin scalability solution in the form of Teechan has now entered the picture. Teechan is a creation of developers from Imperial College London and Cornell University, led by professor Emin Gun Sirer. Teechan....
As 2016 comes to a close, bitcoin development remains at a crossroads. Take the long-anticipated scaling solution, the Lightning Network. An open-source project that aims to boost bitcoin's capacity to millions of transactions per second (and by extension the technology's value), it's code is nearly ready to go live. Yet, bitcoin isn't exactly ready for the change. While some form of the Lightning Network is possible to deploy today, the technical change that could pave the way for an improved version still needs near-unanimous support from miners and users or it won’t activate. (For now,....
Coinbase CEO Brian Armstrong is the latest cryptocurrency industry figure to lend support to Segregated Witness, hereinafter SegWit, technology as Bitcoin’s future. In a tweet Thursday, Armstrong stated he thought the technology, which has traditionally struggled to find wider community support, can “help the industry move forward.” Litecoin on board. The comments were made in response to a similar call from Litecoin creator Charlie Lee. Lee described SegWit as “maybe not the full scaling solution you want” but nonetheless doing “a ton of cool stuff.” The scaling debate in Bitcoin circles....
Ledger is one of the most well-known Bitcoin hardware wallet companies in the world. The primary goal of these products is ensuring customer funds are safe at any given time, and remove any mistakes that might occur when sending or receiving money. The company is also in favor of Segregated Witness, as this solution can be quite beneficial to all Bitcoin hardware wallet manufacturers. That is, by making some minor adjustments. Ledger And Segregated Witness. Very few people are aware of how Bitcoin hardware wallets work under the hood, as the software has to take various complex pieces of....
Consensys, an Ethereum software company, announced yesterday the launch of a new scaling solution for Ethereum, called “Consensys Rollups.” The company enlisted Mastercard programmers to design the solution, which aims to allow the network to reach a throughput of 10,000 TPS (transactions per second), according to a PR statement. The solution can be implemented on top of private, permissioned protocols like Quorum, or on public chains like Ethereum.
Consensys to Address Scaling With Mastercard’s Assistance
Consensys, an Ethereum software company, launched....