Swiss Researchers Want To Create Zero-Energy Crypto Alternative; It Doesn’t Require Consensus
Everyone knows how exciting Bitcoin can be, but it is hard to deny that Bitcoin mining uses a lot of energy to produce blocks. Because of the environmental impact that mining has, the researchers of the Ecole Polytechnique Fédérale de Lausanne in Switzerland have come up with a new approach to cryptocurrencies.
According to Guerraoui Rachid, a professor of the university at the Computer and Communication Sciences department, the researchers elaborated an algorithm that can be as secure as Bitcoin, but much more efficient.
He affirms that, unlike BTC, this new algorithm does not need a global agreement. They created the model by rethinking how BTC transactions actually work. Bitcoin uses the consensus of the network to determine if a transaction is valid. If someone takes 51% of the network, this person can confirm fake transactions.
However, the approach created by the researchers is very different. Called the “Byzantine Reliable Broadcast“, this new system actually trusts people not to be trying to fake transactions, which diminishes how much energy (and therefore CO2) is spent.
The new model is based on trust. While Satoshi Nakamoto believed that the ecosystem needed to be trustless, Rachid and other researchers are going via the opposite route. Instead of doubting someone’s good intentions, the system assumes that everybody is playing fair and only gives minimal effort to determine if a transaction is not fake.
To them, you do not need a solution that is based heavily on consensus, just to essentially “ask around” whether the transaction is valid or not, meaning that fewer confirmations will be needed.
What are your thoughts on this new theory? Can you really “trust” others to be good actors or would hackers attack this network the first chance they get?