Bitcoin Core Developer to work on improving the process of forwarding transactions on blockchain networks

Dr. Pieter Wuille, a developer of Bitcoin Core and co-founder of Blockstream, a company focused on creating software solutions for the Bitcoin protocol (BTC), has announced a new open-source project.

Transaction relay optimization

The new Wuille project will include contributions from other Bitcoin developers such as Greg Maxwell, Gleb Naumenko, among others. As explained by Wuille, the new project will focus on making improvements to the "BTC transaction relay".

Wuille, known for being one of the most prolific contributors to the Bitcoin Core code base, noted that the "not so much [try to enhance] block relay, "but it would work on changes to optimize the process of forwarding transactions." The San Francisco resident also said the project could benefit from other applications.

As described in the project's Github page, the collaborative effort that involves the developers of BTC will create a (code) library for "BCH-based reconciliation". BCH stands for Bose-Chaudhuri-Hocquenghem codes, which "form a cyclic correction class of code errors" and "one of the key features of the BCH codes is that during code design, there is a precise control over the number of correctable symbol errors. from the code. "

Minisketch: "Minimal Bandwidth Overhead"

In other words, when trying to retransmit transactions on a blockchain network, there may sometimes be processing errors. Therefore, the reconciliation library established by BCH of Wuille will aim to minimize these errors in order to ultimately improve the efficiency of transactions on the Bitcoin network. As mentioned, this library can be used by other blockchain network protocols.

In a discussion posted on Twitter, Wuille wrote that the proposed approach, called Minisketch, has "minimal band overhead" compared to the current block propagation method that Bitcoin developers are looking to use.

According to Wuille, the "disadvantage" of this approach is "slower performance" if you measure the amount of time it takes to process the set of instructions associated with the PinSketch algorithm (which Wuille and others want to use). However, the Bitcoin developer said the new approach will be "fast enough with optimizations".

"5x More Development Work" Made in the bear market

As most Bitcoin enthusiasts would know, Wuille helped make several improvements to the Bitcoin protocol including SegWit, BIP 66 (Bitcoin Improvement Proposal for how transaction signatures are handled), libsecp256k1 (a "very efficient implementation" of analysis of public and private keys).

Despite falling prices in digital currencies, development work does not seem to have slowed down. As reported by CryptoGlobe, currently there is a "5x more development work" in the cryptography industry, compared to last year. This, according to the CEO of BlockTower Capital, Ari Paul, who also claimed to see "a long-term purchase opportunity" in consideration of current market prices.