Bitcoin Core Developer Aims to Improve Transaction Relay

Dr. Pieter Wuille, the co-founder of Blockstream, a firm which majorly focuses on building software solutions for the Bitcoin Network, has announced a new open-source product. The project aims to improve upon the roadblocks faced in making the transactions over BTC network faster and flawless.

A Bitcoin core developer himself, Mr. Wuille’s newly announced the project would take in contributions from other Bitcoin developers like Greg Maxwell, Gleb Naumenko, and many more.

The open-source project would not be focusing much on the block relays or token improvements, but rather on optimizing the transactions relay on the network. The new announcement is not out of the blue as many believed that bitcoin network transaction relays are relatively slower.

The number of transactions made per second holds a critical value in the decentralized network schemes. The main selling point for the Blockchain based networks is faster transactions at negligible transaction fee. The price factor is still on a positive side for the crypto networks as most of the crypto trade attract a significant lower transaction charge than the centralized authorities like a bank. However, same can’t be said about the number of transaction processed on the network per second.

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Bitcoin on an average makes a mere seven transactions/second, whereas VISA is capable of 24,000 transactions/second.
When compared to the other networks of the crypto realm, Bitcoin lags by large margins and Ripple tops the chart with 1500 transactions/second. The following infographics give you a broader picture.

The BCH Code Library

BCH here stands for  Bose–Chaudhuri–Hocquenghem codes, the people behind the project are aiming to create a code library for  “BCH-based set reconciliation.” The new code library would form a class of cyclic error-correcting codes. The features would also give precise control to the developers over the number of symbol errors correctable by the code.

The new addition would eliminate or minimize any processing issues observed during the transaction. Since the project is open-source, other developers from different networks can incorporate the changes into their source protocol

Willie in a trail of tweets has named his latest approach as Minisketch, which has minimal bandwidth overhead when compared to current methods used by developers on the Bitcoin network. The current proposal will result in slower performance at the initial stage, but with right optimization techniques, the system would fare better considerably.

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The Bear Market has Resulted in 5x More Development Work

The current bearish trends have resulted in some of the worst nightmares for investors who were of the belief that crypto would attain new heights after its Dec 2017 price of $20,000. However, the declining market has resulted in more development work to make the networks better prepared for harder times.

The CEO of BlockTower Capital Ari has said that there are 5x more development work going behind the curtains, a considerable high from the last year. Ari also asserted that the current market price would invite new entrants to the crypto world as the current market price calls for a long-term buying opportunity.


Final Thoughts

Every problem in this world has a solution if you can identify it at the lowest level. The current issues of centralized authorities such as huge transaction fees and the not-so-secure environment have attracted many towards for a better alternative in cryptocurrencies. But, most of them are new and improving and many able to achieve what they promised. Bitcoin which is the pioneer has been facing the issues of slower transactions, and the world was calling it out for not able to hold its forte.

However, with Mr. Wuille’s new open-source project, Bitcoin network aims to reduce many such issues with its transaction process. As the developer has mentioned, not only the bitcoin network but many others facing transaction relay problems and scalability issue would benefit from the project mainly.