Bitcoin News

MIT researchers have created a new cryptocurrency coin that is 99% lighter than Bitcoin and Ethereum

A new cryptocurrency coin that is 99 percent lighter than Bitcoin and 90 percent lighter than Ethereum has been developed by researchers at the Massachusetts Institute of Technology (MIT). This is according to a post published on jan.23 by the MITNews blog.

The new cryptocurrency coin is dubbed Vault and its set to be presented at the upcoming Network and Distributed System Security Symposium (NDSS) in the coming month. The blog post notes that Vault lets new “users join the network by downloading only a fraction of the total transaction data.”

The new cryptocurrency coin uses PoS

To ensure that it’s efficient the new cryptocurrency coin deletes all empty accounts and allows the verification of transactions by employing only the most recent transaction data.

According to the post, tests conducted on the network revealed:

“In experiments, Vault reduced the bandwidth for joining its network by 99 percent compared to Bitcoin and 90 percent compared to Ethereum, which is considered one of today’s most efficient cryptocurrencies. Importantly, Vault still ensures that all nodes validate all transactions, providing tight security equal to its existing counterparts.”

Interestingly, the block size of Vault is only 10MB which equals 10,000 transactions. Also, each of the blocks has the hash of the previous block. It’s impressive when compared to Bitcoin transactions where a new user has to download around 500,000 blocks that equal to approximately 150 GB to ensure they store all the account balances and verify transactions.

However, unlike Bitcoin, the new cryptocurrency coin is based on the proof-of-stake (PoS) blockchain known as Algorand. The new protocol was created by Silvio Micali who is a professor of Engineering at MIT.

So, Vault lets users verify blocks using the information only a few hundred or thousand blocks in the past. It’s a method known as “breadcrumb.”

What’s your take on Vault, the new crypto coin lighter than Bitcoin and Ethereum? Share your thoughts in the comment section below.

coinmag

Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

  1. I couldn’t resist commenting 🙂

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