How To Make Bitcoin Transactions 10x Faster
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What do you consider if you hear the phrases: “BitSNARK & Grail”?
a) A brand new Netflix particular by a well-known comedy duo
b) A ragtag staff of spies who use code names to take care of anonymity
c) An answer for fixing an enormous a part of the Holy Grail of blockchain expertise – the trilemma – boosting transaction speeds on the Bitcoin community by 10x.
When you answered a or b, we wouldn’t blame you. However fortuitously, Seb and Chevy aren’t planning to turn into comedians (or nameless spies).
This week, a brand new whitepaper was launched known as BitSNARK & Grail which features a detailed proposal about methods to resolve for the Bitcoin trilemma.
The trilemma states that to ensure that a blockchain to perform, trade-offs have to be made to a minimum of one of many following: decentralization, safety or scalability.
Bitcoin has all the time been extremely decentralized as a result of means new BTC is mined, and the truth that it didn’t begin with one group of individuals proudly owning an enormous portion of the crypto.
Bitcoin is insanely safe. Thus far, it’s by no means been hacked. *knock on wooden*
The trade-off has been in scalability.
Evaluate it to Solana for instance: BTC can deal with about 7 transactions per second. Solana can deal with about 65,000 transactions per second.
So, the large brains behind BitSNARK & Grail have provide you with an answer – use rollups, on the BTC community.
Rollups bundle a bunch of transactions off-chain, validate them, then carry them again on-chain (so the unique blockchain solely has to course of a single transaction).
We like to see innovation occur in all corners of web3.
However innovation targeted on the Bitcoin blockchain makes us further excited.
Like to see it 🙂
