Connect with us


Bitcoin’s Erlay is one of the most ‘prevalent network improvements’ in years, claims Jameson Lopp

Biraajmaan Tamuly



Bitcoin: Erlay one of most "prevalent improvement" in the network for years, claims Jameson Lopp
Source: Pixabay

Some of the key aspects of crypto-assets that hold substantial importance are based on adoption, network security and overall technological developments in their respective blockchains. The competitive nature of this specific niche industry motivates top cryptos to be omnipresent in the market and maintain a higher price through the market’s inevitable volatility.

Bitcoin [BTC], which has one of most cohesive and dedicated development teams, recently announced the release of Erlay.

Gleb Naumenko, the man who alongside Gregory Maxwell and Pieter Wuille developed the protocol, stated that Erlay was expected to save half of the bandwidth a particular node usually consumes in the network and save up to 75% of the overall bandwidth, when compared to the currently active protocol.

Jameson Lopp, CTO of CasaHODL, recently spoke about the impact of Erlay and claimed that it was one of the most “prevalent improvements” that the network had recorded over the years on the Bitcoin network. The current development will make things a little better in terms of performance and efficiency, without people noticing the change. He suggested that users will witness a “lot more positive impact,” because of the bandwidth reduction.

Jameson Lopp however, mentioned that there was a minor “trade-off” which was attached to the development. He suggested that Erlay would conduct slower propagation across the network, but the gains achieved over higher efficiency and the total amount of bandwidth used shadowed the minor drawback.

He stated,

“The protocol was massively redundant and robust, and you are very likely to get you message out to the entire network very quickly but you would also be sending a lot of back and forth redundant information in the process.”

Previously, Adam Back, Co-founder of Blockstream, had also exhibited interest towards Erlay and stated that it was an intriguing aspect of Bitcoin as the relay protocol would improve network scalability in the blockchain.

Subscribe to AMBCrypto’s Newsletter

Follow us on Telegram | Twitter | Facebook

Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.


Facebook’s Libra ‘sounds an awful lot like Proof-of-Stake’ and will ‘run into Ethereum’s problems,’ claims Jameson Lopp




Facebook's Libra 'sounds an awful lot like Proof-of-Stake' and will 'run into Ethereum's problems' claims Bitcoin engineer, Jameson Lopp
Source: Unsplash

Facebook’s “The Libra Blockchain” whitepaper has created quite a frenzy, not only in the cryptocurrency ecosystem, but also with U.S. government officials. Some people claim that Libra is not a blockchain, while others claim that it is going to kill Ripple, XRP and other similar blockchains. However, Jameson Lopp had a different view, claiming that the Libra blockchain has not solved massive problems that Ethereum has.

Lopp in his Medium article dissected the whitepaper and stated that the Libra Blockchain will be controlled by a set of authorities in a top-down fashion and that it will eventually move from a permissioned to a permissionless blockchain. The blockchain will offer a global currency – Libra coin, which will be backed “with a basket of bank deposits and treasuries from high-quality central banks.”

Since the whitepaper mentions that it will eventually move towards a permissionless and an open system, Lopp speculates that it “sounds an awful lot like Proof of Stake” and like Ethereum, it will face the same problems. He said,

“Apparently the plan is to open up membership after 5 years and hopefully they’ll have figured out Proof of Stake by then… I expect they’ll run into the same problems as Ethereum!”

Lopp added that “Calibra Wallet,” which is used to store the Libra coins, is the only wallet that can hold the coins for now and that it will require strict KYC/AML compliance. Since the blockchain conveniently replaces “stablecoin” for “resources,” Lopp speculates that it will concentrate more on smart contracts since it is built on a custom smart contract programming language called “Move”.

In addition to facing similar problems as those faced by Ethereum, the Libra Blockchain is facing more issues from a political and a regulatory standpoint. There was a lot of speculation even before Facebook dropped the whitepaper.

According to Reuters, United States House Financial Services Committee Chairwoman Maxine Waters issued a statement to halt/pause any and all developments on the project, until and after the Congress and other regulatory bodies have finished reviewing it. A senior Republican, Patrick McHenry, is also calling for a hearing on Facebook’s new cryptocurrency.

Subscribe to AMBCrypto’s Newsletter

Continue Reading