Bitcoin scalability thesaurus

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With hundreds of digital currencies in financial market, bitcoin remains the most widely used, adapted, and accepted currency around the world. However, the critics of bitcoin still consider it a threat to modern day power usage. This paper discusses the important pitfalls, pros, and cons related to bitcoin's energy consumption. The paper begins by highlighting the flexibilities cryptocurrency can bring to online money transfers compared to traditional 'fiat' architecture.

Then, the focus of the paper entirely remains on listing various facts related to bitcoin's energy utilization including a brief description of several emerging approaches for energy optimization. This paper is concluded by revealing key current challenges associated to bitcoin's energy usage. Bitocin ; digital currencies ; energy constraint. Recent years have shown tremendous growth in the usage of online exchange as a preferred way of money transfer.

Normally, these cryptocurrencies allow users to buy and sell tokens or coins having worth in real money such as USD-United States Dollar , using various online platforms e.

Some of the most famous digital currencies are Bitcoin, Ripple, and Ethereum. Users can also trade between different currencies easily, for example, Poloniex allows its users to convert Bitcoin to Ripple just in one click within the span of a few seconds.

Blockchain is quite difficult to tamper by the hackers due to the strong correlation between blocks using unique hashes and its famous proof of work algorithm explained later in forthcoming sections.

Among several available digital currencies, Bitcoin BTC appears to be far more superior in terms of its worth, usage, and influence on market, therefore, the focus of rest of this article entirely remains on BTC. Despite the above mentioned pros, BTC and other cryptocurrencies are facing the dilemma of consuming huge amount of energy to validate transactions. This energy usage can reach to an estimated value of around ,, kWh kilowatt hour a day last updated in January in [ 2 ] , surpassing the power consumed by millions of houses in a large city.

Initially, when Satoshi Nakamoto invented Bitcoin in the year as a decentralized network of digital money exchange, the number of BTC users and miners were few in number, thus, simple computer processors were enough to handle the BTC mining process. However, due to the current popularity of BTC and the spike it showed in reaching to a high price of up to 20, USD, BTC network has hugely grown in size and magnitude. In its core, BTC functions as a peer to peer P2P network of miners trying to solve a mathematical problem to validate a complete block of transactions.

This mathematical puzzle gets harder to crack with increasing number of miners. Moreover, a group of miners solving the puzzle quickest gets the reward, however, this eagerness might in turn increase the overall energy consumption. To the best of my knowledge, the current academic research lacks any of such work highlighting the aforementioned points, therefore, this paper is just an effort to fill up this research gap. The rest of this article is organized as follows.

In the next section, traditional fiat transactions are compared to BTC in a simple way. The conclusion is provided in the final section of this paper. Typically, in each country, fiat money is maintained and controlled by the Governments where its value increases or decreases based on supply and demand and it is not backed by any physical money such as Gold or Diamond.

All traditional currencies ex. USD , fall under the window of fiat architecture. Normally, the users are required to open bank accounts by providing a lot of personal information and filling up quite a large number of forms. Physical presence and handwritten signatures are also mandatory. Banks provide numerous facilities to their customers including online money transfer, issuance of debit and credit cards, money exchange over the globe, ATM automated teller machine access, payment checks, and so on.

Most of the times, an internet connection is not necessary when dealing with fiat money. A worldwide acceptance and convenience make fiat architectures more suitable for the majority of the people. Unlike above, the cryptocurrencies function differently from fiat money exchange where each coin or token maintains an online value against the real money ex. A user is required to register herself with any trusted dealer or website in order to buy or sell crypto coins.

The registration process is normally quite simple and requires some personal information and ID to get started. The value of cryptocurrency is not defined and fixed by any banking or governmental authority.

This value actually varies based on the interest, usage, and acceptance of people and merchants in digital market. Normally, a digital currency transaction passes through several nodes each trying to solve a mathematical problem. A transaction is accepted if the majority of the nodes validates it. Moreover, pseudonymity, seamless access to accounts, and less transactional fees are some of the advantages of digital currency.

On the other hand, no physical infrastructure, lack of acceptance by most banks and governments, less trust by users, and the need of a mandatory internet connection to complete a transaction are some of the drawbacks associated with cryptocurrencies. In addition, a cryptocurrency transaction requires a huge amount of energy for each Blockchain transaction which is quite a concern.

I elaborate further on this energy issue in my forthcoming sections. As per the scope of this paper, BTC is considered to be my chosen cryptocurrency.

For simplicity, the figure shows a scenario of a customer who wants to pay for shopping at a supermarket. It is assumed that the customer does not have any cash amount to make this payment. The BTC transaction, on the other hand, looks quite simple and short. The customer uses her BTC wallet to pay which gets verified by the blockchain network. Despite having simplicity and pseudonymity of transactions, the amount of energy taken by several distributed nodes of blockchain may sideline the pros provided by the BTC network.

A brief summary of pros and cons of fiat and cryptocurrency architectures is provided in Table 1 a and Table 1 b. Likewise, according to [ 4 ], the energy taken by a single BTC transaction equals the electricity required to serve almost nine homes in USA.

In Venezuela, the huge burst in BTC transactions has led to complete blackouts in certain areas[ 4 ]. The author of [ 5 ] ranks BTC as 61 st country in the world when it comes to energy consumption. Likewise, in a famous article published in May [ 6 ], the author adds up the network power usage by BTC hardware with the cooling and other electricity costs and estimates an approximate value of 2. These calculations were made considering various mining machines such as the famous Antminer, AvalonMiner, and Bitfury.

Similarly, the authors of [ 7 ] build their analysis on the argument that the current hardware cost for mining process is too high and may result in lower revenues for miners if alternate green energy sources are not adapted in future. The energy consumption is estimated based on the data provided by major hardware producers such as Bitmain , the mining facilities ranging from small to large scale , and the mining pools.

These energy estimates are then converted to carbon footprints marginal and average emission factors for a geographical region. Results reveal that the carbon estimates for BTC are quite high and thus far from green. Almost all the highlighted sources agree that one of the main factors for high energy usage of bitcoin lies within its mining process.

In its core, BTC uses the famous proof of work PoW algorithm [ 1 ][ 9 ] where the authenticity of each BTC transaction is verified mathematically by the miners and the first miner confirming the legitimacy of a transaction gets the reward as tokens or coins. Thus, the miner having high computational power succeeds and gets the reward. Of course, in order to process transactions quickly and stay ahead in getting the mining reward, the miners need high processing machines which in turn consume loads of electricity.

This process is repeated every ten minutes where one miner is guaranteed to get the reward. In other words, every ten minutes, one miner gets the reward for its energy consumption however, the power used by all other miners is wasted since they get nothing out of the mining process. Table 2. According to [ 10 ], one BTC transaction equals to the cost of , visa transactions. Moreover, the authors of [ 11 ] combine the hashrate the process of finding the next block and getting the reward for the miner with the efficiencyof using different hardware ex.

However, the aforementioned calculations do not include the electricity used by several offices deployed by visa all over the world with workforce for distribution and physical transfers of amounts from one area to another including fuel costs. In addition, important factors such as security, card printing, code generation on mobile devices, and investigation of fraudulent payments and cards have also been ignored in [ 4 ][ 11 ].

The main motivation for this optimism lies with the convenience BTC users have when it comes to transferring money and coins from one account to another without any effort. These users are not comfortable with the hurdles placed by the traditional banks requiring a lot of steps for verification, validation, and personal information to open accounts and transfer money.

Thus, the optimists believe that the benefits of BTC cannot just be ignored for the sake of its energy constraint. The famous blog maintained by BitStarz news [ 13 ] criticizes the BTC energy-related facts presented in [ 2 ] calling them unrealistic. The renewable energy such as hydroelectric power usage remains higher in facilities ex.

Western China, North East USA where the demand is considerably lower than the supply and the unit price is cheap as well. Thus, incentives such as cheap unit prices with excessive availability of renewable resources may result in increasing the aforementioned percentage.

On the other hand, some miners may also remain hesitant to adapt green energy sources due to high prices. Bitcoin related energy issues have been discussed in several blogs, forums, and websites. These blogs normally contain an introduction to BTC with a small discussion on the energy perspective.

The important points related the aforementioned approaches are also highlighted in Table 3. In [ 17 ], a lightweight energy efficient algorithm named as proof of authentication PoAh for IoT blockchains is introduced.

Since the devices in an IoT blockchain are restricted with minimal battery resources, therefore, traditional PoW and PoS algorithms cannot be applied directly. Normally, in PoW and PoS, users can go online just to create blocks and then they remain offline, as a result, the nodes may get rewards for staying offline. PoAh addresses the aforementioned limitation by rewarding only those peers who stay active during the mining process.

Moreover, PoAh increases the security of nodes since the reward goes to active online members and holding the currency for longer periods just by staying offline does not provide any incentive to miners. Later, the algorithm has been implemented in both via simulation and real-time experiments showing that the PoAh algorithm achieves less latency than traditional PoW algorithm.

The authors of [ 18 ] propose a new BTC transaction system allowing market users to buy and sell bitcoins without involving any centralized entity or server.

However, in essence, the traditional blockchain model for validating BTC transactions has been used. Another important feature of BE is the development of a smart computerized protocol which puts every BTC transaction under some agreement or contract.

The authors claim the effectiveness and scalability of their BE model through real-life case studies, however no concrete evidence has been given. The work presented in [ 19 ] also proposes a smart protocol for energy optimization however, this work has the same limitations as those mentioned for [ 18 ].

In addition to above, recent research comprises of a few interesting whitepapers addressing the energy efficiency concerns for BTC networks.

The most interesting work has been done by the Bitcoin Green Team to offer a decentralized BTC buying and selling system with the primary focus on energy efficiency [ 9 ]. Unlike PoW, PoS rewards miners on the basis of the wealth or coins they pursue. Therefore, any user having a simple desktop computer can be rewarded since no extra computational capabilities needed to participate in BTC mining. This significantly reduces the energy consumed by the hardware resources.

This reward is calculated irrespective of the number of coins a miner has in her wallet. For this, the miners submit their proofs of using green energy sources such as any bill from a solar energy provider to be eligible for BTC mining.

Alle ETFs im Überblick

We've created a glossary of cryptocurrency and blockchain terms for you. View All Transactions Layer 2 solutions solve this issue by extending Ethereum's scalability. Since it's a testnet, anyone can request for some from a faucet. I am unable to find the Fantom faucet google form. And that fee is paid in form of gas with Matic token. To deploy a smart contract, you send a Fantom transaction containing your bytecode without specifying any recipients. Fortunately, you can get some for free by joining the SpookySwap discord and using their faucet bot.

Zaki, M. J. Scalable algorithms for association list of all the keys used in the dictionary, in arbitrary Advanced in Cryptology-Crypto 85 pp.

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bitcoin scalability thesaurus

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Looking for the coin in the haystack

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was introduced in through the release of the Bitcoin whitepaper (Nakamoto, NFTs also play a key role in scaling the ability of Ethereum to.

With hundreds of digital currencies in financial market, bitcoin remains the most widely used, adapted, and accepted currency around the world. However, the critics of bitcoin still consider it a threat to modern day power usage. This paper discusses the important pitfalls, pros, and cons related to bitcoin's energy consumption. The paper begins by highlighting the flexibilities cryptocurrency can bring to online money transfers compared to traditional 'fiat' architecture.

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Fantom Faucet. Also it is highly scalable than the previous technologies. Can anyone help me out with some Fantom ftm?

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