Researchers from the University of New South Wales have created a computer system that allows to securely conduct transactions and at the same time does not require much energy expenses.
Cryptocurrencies are at a peak of popularity in the last few years. Its work is based on blockchain technology, which ensures the safety of operations by duplicating data about it on all network participants’ computers.
But, as you know, Bitcoin mining requires a large number of computing devices that decrypt keys for conducting transactions between users. The complexity of the calculations increases every month, cryptocurrency mining needs more and more power. Therefore, it turns out that for the sake of virtual money, humanity spends very real energy resources, including causing environmental damage, since a significant part of the electricity continues to be produced at the CHP.
To solve this problem and make the cryptocurrency more environmentally friendly, scientists from the University of New South Wales have created a fundamentally new transaction system. According to the researchers, if the blockchain system believes that everyone is a potential fraudster and wants to trick the system, then their algorithm works on the completely opposite principle. It considers all people to be honest and allows the participants in the system to prevent malicious action if it takes place.
The system passes the way to reaching consensus – that is, for the next payment it is not necessary that all participants in the system receive the same value in the next calculation. Consensus is used on the blockchain, and thanks to this process of “reconciling” Bitcoin mining data and calculations on this cryptocurrency, they spend so much energy.
The new algorithm confirms the reliability of the transaction as follows: it randomly selects a participant from the entire community and watches his calculation results. If they coincide with the results of the calculations received by the participants in the transaction, it is considered permitted and may be carried out without hindrance. If there is an error in the calculations, the operation is rejected.
This concept has right on existence, but it is not known whether it will stand the field test.