Feb 11, 2019 08:24 UTC
Feb 11, 2019 at 08:24 UTC
New BCH Avalanche Pre-Consensus is 10X Faster Than Ethereum
The BCH community has been working on a pre-consensus based on Proof of concept, that would help the network’s main net to differentiate between two conflicting transactions. The newly developed Avalanche protocol can communicate with the node in a real-time and bring in more efficiency to the network.
The crypto community often seems confused over the use of avalanche since it is also being used in a proof-of-stake (PoS) project designed by Cornell Professor Emin Gün Sirer. On the BCH main net, the avalanche protocol runs in parallel with the original proof-of-work consensus, and many developers believe that the new pre-consensus avalanche can make the BCH network more robust.
The sudden rise in attention towards the Avalanche protocol is because of its recent launch on the main BCH network. The Bchd version of Avalanche Github repository states:
“[The following specification] is not intended to be a final spec and is likely not compatible with the implementation being developed by Bitcoin ABC — The primary purpose is to give other developers something tangible to look at, think about, and discuss.”
Avalanche can Solve the Double-Spending Problem
The initial experiments of launching the avalanche protocol in parallel with the original proof-of-work algorithm have shown tremendous growth in transaction speed. The developers suggest that the transaction finality has come down to 2-3 seconds or even lesser. This is a very significant achievement since at that finality speed the transaction cannot be reversed using double-spend.
The avalanche blockchain explorer released by the company states,
“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,” “As you can see, at present most transactions become irreversible after just a couple seconds — To take this from proof-of-concept to an actual consensus rule will require lots of testing, experimentation, data collection, code review, and soft fork activation rules.”
The new Pre-Consensus Ensures 10X Faster Speeds Than Ethereum
Another major factor which the BCH community cannot stop discussing is the significant increase in the speed of transaction. The new pre-consensus ensure a 6-10X faster speed than that of the Ethereum network.
The BCH-ABC developer Amaury Sechet has earlier said that the new proof of concept based avalanche can help the BCH network scale to new heights and also help in more efficient synchronization.
Bitcoin ABC developer, Mengerain has listed several benefits of the new Proof of concept based consensus. The developer states that not only the transaction finality improves, but the new protocol also helps in post-consensus defense against blockchain recognition attacks.
Looking at the various feedbacks from the early testing of the new proof-of-concept consensus, the algorithm seems to have impressed one and all. It would help the BCH network to get past its scalability woes and also get rid of the major issue like double-spending.