A new cryptocurrency that requires 99 percent less data input by users before making a transaction in comparison to other cryptocurrencies is under development by MIT researchers. The white paper is to be presented next month.
Vault, The Crypto That Requires Less Data and Highly Scalable
MIT researchers are ready to release the white paper of a new cryptocurrency, Vault, said to be highly scalable and requires less data input before making transactions. This, as reported, will be released next month. The presentation will be spearheaded by Derek Leung, Yossi Gilad, and Nickolai Zeldovich, to reveal the crypto that is set to change the status quo of the crypto space.
Derek Long noted in the release that there are a lot of cryptocurrencies in the space at the moment, but they are hitting bottlenecks issues such as joining the system as a new user and storage. He further noted that the goal of the company is to make cryptocurrency scale more and more for users.
The cryptocurrency, Vault is unique. Unlike other cryptocurrencies, it does not require its users to download and store all transaction data, but only a fraction of it through the use of sharding. Notably, a shard consists of a much smaller quantity of data that are shared across the network, which enables users to process less information in the verification process. Also, they introduced breadcrumb technology, instead of validating all blocks, they provide each new certificate verification information based on a block, a few hundred, or 1,000 blocks behind it.
Further, the system of the permits deleting inactive accounts with zero balances. The bandwidth for joining vaults network is claimed to be smaller than Bitcoin’s or Ethereum’s in the test condition, and the next test is to take place in a production environment.
Influx Of Different Blockchain Projects
The cryptocurrency market continues to see the influx of different cryptocurrency and blockchain projects despite the bearish trend that is prevalent in the cryptocurrency space. A recent report revealed that the crypto market experienced a 110 percent increase in the number of blockchain projects in the market in 2018. The report noted that over 700 blockchain projects were introduced into the crypto space in the year, despite the bearish trend the market is experiencing.
Various crypto projects have sprung up purposely to improve on the deficiency of the early cryptocurrency. The deficiency includes scalability, usage as a currency among others. The vault project is also joining a host of others.