A group of researchers from the Massachusetts Institute of Technology revealed the brand new project called Vault. This cryptocurrency is 99% more efficient than Bitcoin and 90% when compared to Ethereum, according to experiments’ results. Means, nodes in this blockchain store much less data and, respectively, users don’t have to download large packages to start using the network.
As a result, researchers claim that they have discovered a next-gen level of scalability impossible for all traditional cryptocurrencies. If the idea is recognized as viable, we will get access to extremely quick and efficient platform.
Vault is currently under development and officially will be released during the Network and Distributed System Security Symposium next month.
The Key Differences
Nearly all of the major decentralized projects force users to download entire blockchains to start interacting with them. For example, you have to store about 150 GB (the size of the system which consists of 500,000 blocks) to mine Bitcoins. With Vault, you can download only certain blocks which include the necessary information, so the overall size is reduced drastically.
Plus, MIT researchers base their cryptocurrency on proof-of-stake (PoS) protocols and have already implemented sharding schemes. In total, this simplifies storing and transferring data to create simple blockchain for everybody.
More detailed, here are major features revealed in the announce from the team of developers:
- New PoS protocol. Blockchain called Algorand and invented by Silvio Micali chooses accounts to verify transactions according to their in-system funds.
- Jumping over blocks. The unique breadcrumb feature connects far blocks. Means, a new user don’t have to trace all blocks in the chain because he or she can get the first one and trace key info to another part 100, 200 or even 1000 blocks ahead by jumping over other elements.
- Efficient Merkle trees sharding. While using the traditional binary tree, MIT developers splitted it into separate shards but also added the common layer of nodes. Thus, users can track data into their small shards quickly and simultaneously can access the general layer to find info from other shards.
- Discarded empty accounts. To free the system even more, Algorand can detect and delete accounts that have zero money on them for a long term. Other cryptocurrencies keep such irrelevant stuff, usually.
- Small size limits. Finally, one block in the Vault’s chain is limited to 10 MB or approximately 100,000 transactions.
Vault looks pretty promising, so we will keep an eye on this project.