Issues Regarding Bitcoin Tech Raised By The MIT Expo

Bitcoin Has Been Hated

The Director of Research at the MIT’s Digital Currency Initiative Neha Narula states they have not set a foundation for building bitcoin till now. She characterized a complete view on progress in the blockchain industry during the 4th yearly MIT Bitcoin Expo.

This two-day event hosted by the student MIT Bitcoin Club and highlights the challenges faced by the developer groups worldwide for making this technology famous for bigger use and the scope of present work at the university.

Some of the biggest changes that can be seen at the conference are the focus of many discussions on the well-known themes regarding how to scale the blockchain while making the protocol safer.

Reducing Bloat

Presently, the majority of the nodes present on the bitcoin network is simplified, lightweight and payment verification nodes, which depends upon the records handled by the other full nodes. However, the issue with the running nodes is that they come with the incur charges like 125 GB of hard-drive space. According to some developers, the growing storage needs is another thing that forces the node operators to leave the network. There were around 5,700 reachable bitcoin nodes in the last year that has decreased to 5,900 as per the Bitnodes.

Off-Chain Focus

There were many speakers at the event who avoids the ideas of controversial development. One of them argue and given priority to one set of solutions to scale the debate. Same as other past technical conferences such as Scaling Bitcoin Milan, this event witness the discussion of layer 2 bitcoin solutions for which lots of people argue that it needs the much-debated upgrade of Segregated Witness.

The recently joined researcher at the DCI Tadge Dryja presents a proposal for the lighting network having a co-relation with the case for the advantages of the SegWit for projecting. Lighting that requires the off-chain payments to process the transactions has viewed by lots of people as the best option to scale the bitcoin without any need to increase the size.

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