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

BitMex’s 100x Group has awarded its final Bitcoin growth grant of the yr. The corporate has awarded a grant valued at $40,000 to Calvin Kim for his Bitcoin scalability resolution, Utreexo — a venture initially created by Tadge Dryja from the MIT Digital Foreign money Initiative.

Bitcoin’s protocol checks each proposed transaction to guarantee that the sender has sufficient cash to finish the request. All unspent Bitcoin (BTC) is saved in what is called UTXO, or Unspent Transaction Outputs. Whereas the complete Bitcoin blockchain is at the moment round 300 GB, the UTXO is barely four GB. MIT researchers have claimed that because the community grows, this will sooner or later current a bottleneck of its personal.

With Utreexo, the individual holding the funds laid out in a selected transaction maintains the total UTXO information themself, proving that the funds exist. After they wish 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 information. This, in flip, makes the protocol extra scalable with out sacrificing safety, in response to the venture’s researchers.

This resolution is harking back to the “fast catch up” concept recently proposed by Algorand. It’s value noting, nonetheless, that Bitcoin purists are typically skeptical of any scalability options that search to switch full nodes with hashes or zero-knowledge proofs. 

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