Researchers at MIT have created a new cryptocurrency which potentially minimizes the requirement for big data to participate in the network and verify transactions by upto 99% compared to other available cryptocurrencies.
The researchers developed Vault, a new cryptocurrency created on a cryptocurrency network called Algorand; it enables users to participate fully in the network by downloading just a fraction of the transactional data. The process reduces the data consumption by almost 90 percent and saves computer memory for other usages. In terms of memory, the design allows the network to delete any inactive accounts that are consuming more space to make room for credible transactions.
Vault carries out verifications with only the most recent transaction data that are shared and divided across the network. The process optimizes data consumption and process requirements.
The new development will be showcased at the upcoming Network and Distributed System Security Symposium. The paper for the research work is titled as a pun. A Vault is a platform where users can store money, but if any user joins a network, the blockchain allows them to ‘Vault’ over blocks.
While conducting experiments with Vault, the cryptocurrency reduced the bandwidth by almost 99 percent as compared to Bitcoin and Etherum, which are today’s most reliable cryptocurrencies. Most importantly, the cryptocurrency delivers tight security as good as Bitcoin and ensures that all nodes validate all transactions.
Algorand is a cryptocurrency network which is decentralized, secured more scalable than other cryptocurrencies.