TL;DR: Developer Chris Pacia announced a proof of concept on the “bleeding edge cryptocurrency design which finalizes transactions in 2 seconds. 6x faster than ether.” It’s another development in the spirit of “buidl” for the crypto community during an extended downtime in terms of speculative markets.
Cryptocurrency Proof of Concept Finalizes Transactions 6x Faster Than Ether
“So here’s something I’ve been working on for you cryptocurrency nuts,” Pacia posted to his personal Facebook page. “This is a proof of concept of a bleeding edge cryptocurrency design which finalizes transactions in 2 seconds. 6x faster than ether. And ether txs are never actually ‘final’ as a reorg can always wipe out blocks. In this system when I say final…. I actually mean final…. No wipeouts possible…. in 2 seconds,” he stressed.
Pacia is best known for his lead development on the OpenBazaar platform. Recently, he was guest on the CoinSpice Podcast, outlining his work and background. He’s published thoughts on the potential benefits of Avalanche, of which the current innovation he’s proposed is putting to use, along with his overall goals for Bitcoin Cash (BCH).
When asked if this latest project is an alternative to proof-of-work (PoW), Pacia answered, “It can be used that way. Emin has a team working on a pure avalanche coin. This will likely be used for pre-consensus with blocks still mined using pow.” Emin is his reference to Cornell Professor Emin Gün Sirer, who has championed Avalanche as an alternative.
The Avalanche explorer website explains, “it is a new consensus algorithm that was introduced in 2018,” and there “is an active proposal to use it in Bitcoin Cash to enable nodes and miners to come to a pre-consensus on the set of valid transactions before they are included in a block. If used this way, it would give Bitcoin Cash the equivalent of nearly instantaneous confirmations while improving mempool synchronization and reducing the financial incentive to 51% attack,” of particular concern since the Hash War and recent ETC controversy.
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