SPECTER : A New Scalable and Fast Cryptocurrency Protocol

One of the big issues with bitcoin’s blockchain is the scalability of the protocol which means that the blockchain cannot process a high transaction throughput rate, mainly because the block size has to be kept to a minimum, and their production rate has to be low to guarantee that mining nodes can reach consensus in a secure manner. As of today, the bitcoin blockchain can process no more than 7 transactions per second and it takes a transaction an average of a few minutes to be confirmed and recorded on the public ledger.

A group of researchers from The Hebrew University of Jerusalem, Israel, have published a paper that introduced a new cryptocurrency protocol, SPECTRE, that can promote security with high rates of transaction throughput while also markedly reducing transaction confirmation times. Given any transaction throughput rates, SPECTRE is resistant to attackers even if they control up to 50% of the mining nodes across the network (up to the limit determined by bandwidth constraints and network congestion is reached). SPECTRE was coded to adapt to high rates of block production, so a transaction on its blockchain would be confirmed in a few seconds and the confirmation time is mainly



Article source: https://www.deepdotweb.com/2017/01/12/specter-new-scalable-fast-cryptocurrency-protocol/

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