MIT’s Vault’s here to stay
As per the reports, MIT research team is about to roll out a white paper for a new cryptocurrency, Vault. There’s always been a problem with scalability pertaining to cryptocurrency and that’s where Vault will be different. According to the claims by MIT researchers, the cryptocurrency Vault is said to be scalable and would require lesser data input before transactions are carried out.
Vault is going to be an entirely different cryptocurrency. Unlike others, it will not require its users to download and save all data in the transaction. Users will only have to download a fragment of it through the use of ‘sharding’. What does a shard consist of? A shard essentially consists of a comparatively smaller quantity of data which is shared across the network.
This process of sharding lets users use lesser data in the verification process. Also, the introduction of “breadcrumb technology” will be seamlessly integrated into the vault. The process is simple, in the usual case where all blocks are validated. Here, each new certificate verification is done based on a block, as a sequence right from a few hundred, or 1,000 blocks preceding it. Adding to this, the system allows deleting “inactive accounts” with zilch balance. Vault is not alone in this innovation, there are other blockchain projects that have surfaced with innovative techniques and a redefined Blockchain development process is on the rise.
Novel Blockchain Projects on the Horizon
The cryptocurrency trade continues to witness a steady inflow of various cryptocurrency & blockchain projects despite the bear market which is prevalent throughout crypto-verse. The most recent report from Blockchain quarters says that Blockchain projects have increased by almost 110%. 2018 has seen more than 700 Blockchain projects, in spite of the drip in Bitcoin’s price. Blockchain development companies are seeing a substantial increase in projects. Various crypto projects have deliberately been started to improve the stability of cryptocurrencies. There is a need of innovation even in newer technologies like Blockchain, the constant demands of streamlining any blockchain related process is necessary. The data that’s being transferred has to be immutable along with being scalable and fast.
P.S. (Sharding is a method of data partition that separates large databases into smaller, faster, chunks which are easily managed, these smaller parts are called data shards.)