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January 25, 2021
Blockchain & Cryptocurrency

BitMex awards its final developer grant to a Bitcoin scalability answer from MIT

BitMex awards its last developer grant to a Bitcoin scalability solution from MIT

BitMex’ 100x Group has awarded its final Bitcoin (BTC) growth grant of the yr. The corporate has awarded a grant valued at $40,000 to Calvin Kim for his Bitcoin scalability answer, Utreexo — a mission initially created by Tadge Dryja from the MIT Digital Forex Initiative.

Bitcoin’s protocol checks each proposed transaction to guarantee that the sender has sufficient cash to finish their request. All unspent Bitcoins are saved in what is called UTXO, or Unspent Transaction Outputs. Whereas all the Bitcoin blockchain is at present round 300 GB, the UTXO is barely four GB. MIT researchers declare that because the community grows, this will likely in the future current a bottleneck of its personal.

With Utreexo, the particular person holding the funds laid out in a specific transaction maintains the total UTXO knowledge themselves, proving that the finds exist. After they need to spend cash from their pockets, they current proof of their validity within the type of a hash, which takes up rather a lot much less house than the unique knowledge. This in flip makes the protocol extra scalable with out sacrificing safety, in keeping with the mission’s researchers.

This answer is paying homage to the “quick catch up” idea not too long ago proposed by Algorand. It’s value noting, nonetheless, that Bitcoin purists are typically skeptical of any scalability options that search to interchange full nodes with hashes or zero-knowledge proofs. 

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