Bitcoin has a new competitor
Bitcoin transactions rely on thousands of Internet connected computer software operation. To the center of the network using a series of rules and principles of encryption to reliably verify the transaction, even if there is no person or organization in the control of these transactions.
Stanford University professor David Mazi res claimed to have designed a faster, more secure digital currency payment system. On Wednesday, he launched his own design on a piece of paper.
The new crypto currency agreement called SCP, Stellar will be used to replace the old system. Last year, the unexpected system “Stellar bifurcation” became the two network, the transaction is invalid, and the value in a few hours trading back turn. It is said that the new system in order to avoid this kind of problem and the construction of the.
Now Mazi res has left the Stanford University, began to project chief scientist, and work four days a week.
At present, a new bitcoin trading that takes about 10 minutes, and energy consumption. Mazi res said the use of mining executive trust and security also has its limitations, and his system will correct these restrictions.
Mazi res said: Bitcoin is great, but we want to add some additional features from the start.”
SCP Mazi res also depends on the software running, and communicate through the Internet, but not by mining safety. Mazi res said, through mathematical calculations, his new protocol will be able to reliably verify, and is faster than bitcoin transactions using much more energy. This is going beyond is a bitcoin encryption currency? Only the future will tell us.