PARIS, 26 Sep. (Benin News / EP) –
IMDEA Software and IMDEA Networks presented set chaina new data structure that improves the scalability of the application. blockchainsallowing more transactions per block and addressing the front-running problem.
Modern blockchains have the figure of smart contracts, programs that describe the functionality of transactions. Thanks to them, people can observe the details of a transaction from start to finish.
The introduction of the Byzantine consensus algorithm for prevent attacks generated a limitation of the number of transactions that can be inserted into the string. Hence the growing interest in improving the scalability of blockchains, i.e. improving the performance of the blockchain network in the face of a high number of transactions, as explained in a press release sent to Europa Press. .
In this sense, the research team of IMDEA Software and IMDEA Networks carried out a joint work that is reflected in the article “Setchain: Improving Blockchain Scalability with Byzantine Distributed Sets and Barriers” and in the development of the Setchain app. The study is the result of a collaboration agreement between IMDEA Software, the Tezos Foundation and Nomadic Labs.
According to Margarita Capretto, a pre-doctoral researcher at the IMDEA Software Institute, “Currently, a blockchain like Ethereum only allows 8,000 transactions per minute while VISA, for example, reaches 100,000. […]This is why we worked on creating an application that allows us to achieve a breakthrough in this aspect and which can also be applied to any blockchain, not just Tezos”.
The main advantage of Setchain is scalability, as Antonio Fernández Anta, research professor at the IMDEA Networks institute, points out. The result of his research shows that if barriers (a conceptual visualization of the boundary between blocks) are not needed too often (no more than once per second), “Setchain allows add millions of new transactions, whereas blockchains can usually only add thousands of transactions.“.
Setchain gets sort the blocks within the blockchain without the need to order transactions within blocks. The process works more efficiently and saves blockchain users money.
IMDEA Software and IMDEA Networks research team believes that its application can detect the headlong rushthe act of observing a transaction request and maliciously injecting another identical one before the observed requests are executed, thereby making a profit, and acting as a mechanism to build a more efficient Mempool that encrypts transaction requests through the use of multi-signatures.
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Setchain multiplies the number of transactions per minute on any blockchain. – Benin News
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