New ‘Spider’ Crypto Routing Scheme By MIT Boost Blockchain Transactions By 4x
Massachusetts Institute of Technology researchers have developed a fresh technology that they claim will help ease the congestion on the cryptocurrency payments networks, Cointelegraph reports.
Dubbed Spider, the new crypto routing scheme will provide enhanced efficiency for payment channel networks commonly known as PCN. In a press statement, MIT claimed that Spider will help in reducing the time used for blockchain-based transactions as well as boost profits.
As per the press release, transactions in PCN are done with little action from the blockchain network. PCN enables the users to charge various accounts with a selected amount of cryptos. The payments are then done through a linkage of similar accounts whereby its only the opening and the closing of the said accounts are registered on the blockchain network.
Although conventional schemes utilize the shortest paths available to conclude a transaction and do not take into account the user’s balance, the new PCN technology depends on bidirectional joint accounts. In this case, payments are only routed to the channels with enough funds to complete the transactions. This, as per the press statement, will help to avoid a case where users within a joint account deals with lots of transactions leading to zero balance and making it hard to route additional transactions.
The researchers also explained that Spider will help in splitting every completed transaction into different smaller packets that can be distributed across various channels at divergent rates.
One of the key researchers of Spider technology is Vibhaalakshmi Sivaraman. He explained:
“Shortest-path routing can cause imbalances between accounts that deplete key payment channels and paralyze the system […] Routing money in a way that the funds of both users in each joint account are balanced allows us to reuse the same initial funds to support as many transactions as possible.”
Another crucial aspect of Spider is that it enables the queing of transactions when the accounts are congested rather than being rejected. The team also came up with an algorithm which will help in identifying the congested accounts.
The implementation of the Spider technology is scheduled to start before the end of this month.