99% Less Data Consuming Cryptocurrency Comes Soon From MIT Researchers

Researchers from the Massachusetts Institute of Technology (MIT) have created a cryptocurrency that will work with the transaction-verifying nodes to store a stunning 99 percent fewer data in comparison to Bitcoin (BTC). We are taking a closer look at the official post from the MITNews blog is in our blockchain news today.

The cryptocurrency created by the MIT researchers is named Vault and will be presented at the Network and Distributed System Security Symposium in February 2019. The cryptocurrency will let users join the network only by downloading a small fraction of the total transaction data.

Vault will also delete the empty accounts and will verify the transactions in only the most recent transaction data. According to the blog post:

 “In experiments, Vault reduced the bandwidth for joining its network by 99 percent compared to Bitcoin and 90 percent compared to Ethereum, which is considered one of today’s most efficient cryptocurrencies. Importantly, Vault still ensures that all nodes validate all transactions, providing tight security equal to its existing counterparts.”

The block size of Vault is 10 megabytes which are equal to 10,000 transactions. To verify a Bitcoin transaction, a user would have to download 500,000 blocks equaling to 150 gigabytes.

Vault is built on the proof-of-stake blockchain named Algorand created by Silvio Micali, a professor of Engineering at MIT. Micali claimed that the blockchain will allow for the creation of a ‘’borderless economy.’’

In order to join the network and use Vault, users will have to download less than 90 percent data when compared to Ethereum. Ethereum developers are thus working on a new protocol known as Casper that will help to lower down the energy consumption.