Monday, December 5, 2022

The Future of Bitcoin 2017 Series: ‘Fraud Proofs’ With Tomas van der Wansem, BitCrust

The Future of Bitcoin 2017 Series: ‘Fraud Proofs’ With Tomas van der Wansem, BitCrust

“Light clients” are Bitcoin clients that verify the blockchain without needing to download the entire thing. This is necessary to run secure wallets on lower-capacity devices like mobile phones. However not all light clients verify blockchain data the same way.

Also read: The Future of Bitcoin 2017 Series: Nikita Zhavoronkov, Why Scale Bitcoin?

BitCrust and Alternative Ways for Clients to Validate the Blockchain

Van der Wansem says his method of validating blocks is to look at spent transactions, rather than unspent (checking unspent transaction outputs, or UTXOs, is the way most clients do this). BitCrust does this with a unique “spend tree” he says is more efficient.

One criticism of light clients is that they’re less secure than full nodes, since they’re unable to validate them 100 percent. A “trusted” full node (on which light clients rely) could potentially feed false information. Van der Wansem talks about using “fraud proofs” to combat this — essentially, if any node detects a fraudulent block, it broadcasts that information to the network.

Find out more technical detail on solutions to this problem in the video:

BitCrust is still in development, and doesn’t have a planned release date yet. It’s designed to be fully compatible with the Bitcoin network, and be aware of any changes to the software (such as a hard fork).

About The Future of Bitcoin 2017

The Future of Bitcoin conference took place in June-July 2017 in Arnhem, Netherlands. Presenting at the event were several high profile individuals who will be making key decisions about what Bitcoin is, and how it works, in the years to come.

This is a comprehensive video series featuring all the speakers and panels from the 2017. event. Watch them for a direct insight into the minds engaged in research and development to keep Bitcoin disruptive, decentralized, global and permissionless.

Did you enjoy this video? Feel free to leave your comments below. 

Image via The Future of Bitcoin

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