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New BIP is proposed to decrease transaction bandwidth of BTCs

Another Bitcoin Improvement Proposal (BIP) has been authored to reduce bandwidth in transactions through BTC.

New BIP is proposed to decrease transaction bandwidth of BTCs


In the past years, many have been criticizing Bitcoin because of its ‘longer’ transaction time compared to other cryptocurrencies.

 

However, the criticisms seem to be ending now through the newest Bitcoin improvement proposal by Bitcoin developers. The said protocol proposal will be called Erlay.

 

According to Bitcoin developers, Erlay is a new relay of protocol that will enable users to experience shorter transaction time using their Bitcoins.

 

Gleb Naumenko, a researcher at the University of British Columbia and a contributor to Erlay, stated that if outbound peer count reached 32, the decrease in transaction time of BTCs will be lesser by 75% compared to today.

 

“The main idea is that instead of announcing every transaction to every peer, announcements are only directed over a small number of connections. Further relay is achieved by periodically running a set reconciliation protocol over every connection between the sets of withheld announcements in both directions.” according to Coindesk’s report.

 

Besides the faster transaction time, Erlay will also help Bitcoin transactions to be more secure.

 

“Erlay can increase the number of connections between the cryptocurrency platform’s nodes, and the protocol’s developers believe it will “harden” the Bitcoin’s blockchain against malicious attacks.”

 

“The most trivial example is Eclipse attack when a target node gets isolated from the longest chain because all its connections are established with an attacker. In this case, an attacker, for example, can make a target node believe that they paid that target node (show shorter chain with that [transaction] in), without actually submitting transactions to the longest chain.”  according to Crypto globe.