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Ethereum Blockchain to get a New Protocol

Ethereum Blockchain to get a New Protocol

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Ethereum’s blockchain will be getting a fresh upgrade that will remove the restrictions it had to bear over the years and will improve the services delivered on its blockchain network.

In brief:
Ethereum’s blockchain will be getting a fresh upgrade that will remove the restrictions it had to bear over the years and will improve the services delivered on its blockchain network.

To overcome ethereum's restrictions, the blockchain is going to get a fresh upgrade that will remove the barriers it had to bear with over the years. Since scaling has become the focus of the public blockchain sector, efforts are being made to enhance the services delivered on its blockchain network.  

According to Coindesk, a new version of TrueBit protocol release will remove the ethereum "gas limit". The gas limit is the highest number of computations that the network can make at a point in time, but the new protocol aims to substantially increase this capacity of the Ethereum network.

TrueBit is among many in-progress scaling solutions being developed for the ethereum platform but it is the only one that focuses on the network's computational capacity rather than just the speed of transactions of the network. As such, ethereum blockchain will have the higher speed for the broadcast of videos as well as heavy computations. Zack Lawrence, the co-founder of 1protocol, who developed the technology, says, "In short, the new scheme would be a vast simplification of the current TrueBit protocol."

Further, Jason Teutsch, a mathematician, and co-founder of TrueBit said, "When so many people have eyes on the papers, over time, you get more and more confident that it's correct, but it's always an ongoing process for these things that are living systems... Now, we go another layer down the protocol rabbit hole, it's this iterative process of getting deeper and deeper into this."

By moving computations off-chain, it aims to take away the gas limit on ethereum. It outsources the computational tasks on the network and the people who solve and verify the tasks are rewarded. Verifiers are the people who solve the tasks, and validators are those who check that the results are correct while the people giving out the tasks are the task givers. Within the marketplace "task givers" pay "verifiers" to solve computations in exchange for rewards. TrueBit is somewhat "complex and technical."

The new protocol depends on an incentive driven plan known as "forced error jackpot". Through this, validators verify the accuracy of the results given by verifiers, and if a validator finds these forced errors, they're rewarded with the "jackpot", a considerable payout.

Within the new protocol, instead of restricting the participants' tasks, everyone can openly participate. It permits all the verifiers to participate without limiting the number of participants' tasks. Those who verify tasks submit their computational results, and other participants who may find errors in the results can submit what they believe the computation should be and thus all the possible answers are pooled together for a final decision. Since the verification pool is expensive to participants, the protocol incentivizes them to work together honestly so clashes do not occur.

Lawrence mentioned that this iteration removes the security flaws in addition to making it easier to implement and could increase the number of computations participants are willing to perform since it eliminates the once-every-so-often jackpot.

Security-wise the new protocol is said to do away with the limitations of the old protocol. However, it cannot be said that the new protocol will realize optimum efficiency. When it comes to massive computations, both versions of the protocol will still hit against eventual limits, states Teutsch. He said, "Remember that the verification game is really slow compared to native computation, so my concern expressed here is more than just theoretical."

The developers may choose to run both the original protocol and the new one hand in hand. Instead of relying on more familiar security auditing processes, TrueBit is a protocol built on game theory. It's "security is an observational science," in which developers put themselves in the most suitable attacking position. 

According to CoinDesk, Teutsch says, "Full confidence happens once you have all the money in the world behind it, and its sat there for a few years."


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