• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

Scaling Bitcoin Conference: On Scalability Non-Currency Application

newsbtc by newsbtc
5 years ago
in Cryptocurrency news
Reading Time: 2min read
Scaling Bitcoin Conference On the Scalability of Non Currency Applications. Bitcoin news.
Advertisement

The Scaling Bitcoin workshop held in Montreal, Canada from September 12-13 aimed to discuss several issues currently affecting the industry. One of the biggest topics on the table was that of the block size limit, which could be addressed through scalability.

Among the presentations made during the bitcoin conference was on the scalability of non-currency applications, discussed by Harry Kalodner of Princeton’s Security and Privacy Research Group and assistant professor of computer science at Princeton Arvind Narayanan.

Scaling Solutions for Bitcoin

As it is, the bitcoin network has been subjected to a hard fork, with some developers favoring the Bitcoin XT software that allows a shift from a 1MB to 8MB maximum block size. Others, however, thought it best to stick with the Bitcoin Core version that is reportedly more stable.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

In their presentation during Day 2 of the conference, Kalodner and Narayanan discussed the various non-currency applications of bitcoin and blockchain. After all, the distributed public ledger has been enjoying the spotlight these days, thanks to its numerous applications in record-keeping and trade settlement.

Among the applications presented are the use of blockchain in stock trading activity wherein each trade could be recorded as a transaction on the blockchain. The presentation shows that NASDAQ handles approximately 10 million trades each day while the NYSE has 3.5 million trades per day, comprising a large volume of entries on the bitcoin ledger.

Another potential application of blockchain is on car ownership, which can allow the ledger to track transfers of assets. The speakers noted that there are around 245 million cars in the United States alone, also underscoring the fact that a large number of entries need to be stored.

The duo suggested the use of “colored coins” wherein specific outputs get extra information, such as that for stock trades or those for car sales, but everything will still be recorded on the chain. Another possibility is to use altcoins or a different blockchain for separate counterparties, but this could wind up fragmenting the entire system.

The presentation concluded by showing that scaling solutions might then require higher fees and off-chain transactions through exchanges. For them, the sheer number of applications for blockchain technology suggest that the industry is prime for an explosion but that some scalability solutions might not fit for all.

Tags: bitcoin conferenceBitcoin Newsbitcoin scalingbitcoin workshopNews
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
newsbtc

newsbtc

Related Posts

bitcoin collateral

Summing Up The Case For Bitcoin As The Future Of Collateral

8 hours ago
Algorand, OKEx

OKEx Announces Support for USDT and USDC Stablecoins on the Algorand Blockchain

14 hours ago
hashbon

How to Get 0% Commission for Accepting Crypto Payments – Meet Hashbon and Its Native Token

15 hours ago
payment gateway

Open Source vs. Ready-Made Payment Gateways: Which Crypto Processing Option Is Easier to Implement

15 hours ago
Bitcoin Hopes to Retest Record Highs After Powell’s Testimony; Here’s Why

Bitcoin Hopes to Retest Record Highs After Powell’s Testimony; Here’s Why

20 hours ago
coinsbit

In Honour of Coinsbit 3rd Anniversary, the Exchange Is Launching a Unique Staking Pool With 30 Bitcoins up for Grabs, Tickets to the Maldives and More

21 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Oxygen Protocol to List OXY Tokens on BitMax

February 24, 2021

HOPR Hosts Global Token Launch Event on February 24th after First-Of-Its-Kind DAO Experiment

February 24, 2021

Egoras- a Decentralized Finance Ecosystem for Growing Markets!

February 23, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.