The New Generation Of Blockchains – What Is It Capable Of?
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The document discusses the capabilities and scalability of new blockchain generations, including various systems like Bitcoin, Ethereum, Ripple, and Ergo. It contrasts transaction speeds, hardware requirements, and the trust assumptions underlying different blockchains, highlighting both user and miner roles. Furthermore, it mentions improvements in authenticated dynamic dictionaries relevant to cryptocurrencies and the challenge of synchronization for mobile clients.
The New Generation Of Blockchains – What Is It Capable Of?
- 1. The New Generation Of Blockchains – What Is It Capable Of? Dmitry Meshkov @ Genesis London
- 2. ● Worldwide decentralized payment system Goal
- 3. Scalability ● Bitcoin, Ethereum, … : ~ 10 tx/s Scalability
- 4. Scalability ● Bitcoin, Ethereum, … : ~ 10 tx/s ● Bitcoin(Waves)-Ng, Byzcoin: ~ 1000 tx/s Scalability
- 5. Scalability ● Bitcoin, Ethereum, … : ~ 10 tx/s ● Bitcoin(Waves)-Ng, Byzcoin: ~ 1000 tx/s ● Different assumptions: ~ ∞ tx/s Scalability
- 6. Different assumptions: ● Ripple: trust to some third parties Scalability
- 7. Different assumptions: ● Ripple: trust to some third parties Scalability
- 8. Different assumptions: ● Ripple: trust to some third parties ● Bitshares: every user have 1Gb/s network, 64 Gb RAM, ... Scalability
- 9. Different assumptions: ● Ripple: trust to some third parties ● Bitshares: every user have 1Gb/s network, 64 Gb RAM, … Scalability
- 10. Different assumptions: ● Ripple: trust to some third parties ● Bitshares: every user have 1Gb/s network, 64 Gb RAM, … ● Lightning: every user is always connected to the network Scalability
- 11. Different assumptions: ● Ripple: trust to some third parties ● Bitshares: every user have 1Gb/s network, 64 Gb RAM, … ● Lightning: every user is always connected to the network (?) Scalability
- 12. Different assumptions: ● Ripple: trust to some third parties ● Bitshares: every user have 1Gb/s network, 64 Gb RAM, … ● Lightning: every user is always connected to the network (?) ● Ergo: miners have high-end hardware, regular users can validate everything on low-end hardware Scalability
- 13. ● Miners ● Regular users Blockchain parties
- 14. ● Miners Do additional job to provide a proof, that their work is correct ● Regular users Can validate proofs for random blocks Blockchain parties
- 15. ● Miners Autheticated state PKA 36 PKB 684 PKD 13 PKC 2 … Header Body Header Body Header Body Header Body Header Body Header Body Header Body Header Body Header Body Header Body Header Body Header Body
- 16. ● Miners Autheticated state Root Hash PKA : 36 PKB : 384 PKD : 13 PKA 36 PKB 684 PKD 13 PKC 2 … Header Body Header Body Header Body Header Body Header Body Header Body Header Body Header Body Header Body Header Body Header Body Header Body
- 17. ● Miners ● Regular users Autheticated state Root Hash PKA : 36 PKB : 384 PKD : 13 PKA 36 PKB 684 PKD 13 PKC 2 … Root Hash Header Body Header Body Header Body Header Body Header Body Header Body Header Body Header Body Header Body Header Body Header Body Header Body Header Header Header Header Header Header Header Header Header Header Header Header
- 18. ● Miners ● Regular users Autheticated state Reyzin, L., Meshkov, D, Chepurnoy, A. & Ivanov A. Improving Authenticated Dynamic Dictionaries, with Applications to Cryptocurrencies Root Hash PKA : 36 PKB : 384 PKD : 13 PKA 36 PKB 684 PKD 13 PKC 2 … Root Hash Header Body Header Body Header Body Header Body Header Body Header Body Header Body Header Body Header Body Header Body Header Body Header Body Header Header Header Header Header Header Header Header Header Header Header Header
- 19. Root N-1 PKA 36 Root N Transactions PKB 684 PKD 13 PKA 22 PKB 684 PKD 27 Txs + proofsRoot N-1 Root N proofs Blockchain parties ● Miners ● Regular users Proofs verify balances and calculate new root hash
- 20. ● Initial synchronization – download headers chain ● ~50 Mb in Bitcoin, ~250 Mb in Ethereum ● And growing! ● Too much for mobile clients Blockchain parties
- 21. ● PoPoW – you don’t even need to download a header chain to estimate work done ● Constant size! PoPoW Kiayias A., Miller A., Zindros D. Non-interactive proofs of proof-of-work. Header Header Header Header Header Header Header Header
- 22. Ergo light node ● Light node blockchain: (~50 Kb) ● Light node state: 32 bytes Header Header Header Header Header Header Header Header Root N
- 23. ● https://ergoplatform.org ● https://t.me/ergoplatform ● https://twitter.com/ergoplatformorg ● http://www.slideshare.net/DmitryMeshkov ● https://twitter.com/DmitryMeshkov ● Dmitry.meshkov@iohk.io Contacts