Pieter Wuille, one of Bitcoin's most active core developers, officially proposed a new Bitcoin Improvement Proposal (BIP) called Erlay, which will help the Bitcoin network to further develop and protect it. Subject to multiple attacks.
According to Babbitt's previous report, Pieter Wuille, one of the Bitcoin code maintainers, Gregory Maxwell, a major bitcoin contributor, and Gleb Naumenko, Sasha Fedorova, and Ivan Beschastnikh, scholars at the University of British Columbia, jointly proposed the Erlay protocol . Today Pieter Wuille officially submits it as a BIP, and Erlay goes a step further and becomes part of Bitcoin.
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What problem did Erlay solve? Why is it so important?
Bitcoin works on distributed ledger technology (DLT), which is why network security relies on connectivity between these nodes. So far, there are 9277 active Bitcoin nodes running, but according to research, the connectivity of the entire network is very low.
" @tomatodread and I have completed the BIP draft for efficient transaction relay primitives in the Bitcoin P2P protocol – Erlay, which is a complete solution for efficient transaction relaying, which can be seen as a set around the use of these additional functions. Client Strategy – Pieter Wuille"
The paper, published by the Bitcoin core developer, highlights two major issues in the Bitcoin network and is the proposed BIP protocol to address:
- The current connectivity of the Bitcoin network is too low to achieve optimal security.
- Increasing connectivity will greatly increase the bandwidth used by transaction propagation protocols, making the cost of operating Bitcoin nodes prohibitively high.
Simply put, Erlay not only makes the Bitcoin network more secure , but also reduces bandwidth consumption and makes bitcoin nodes run cheaper .
The Bitcoin node contains the transaction history of the complete blockchain network and plays a vital role in ensuring network decentralization and security. However, running a node is not economically motivating, and people just run it because they love DLT. In fact, running a bitcoin node is a fairly complicated and expensive task, which is why many people have proposed changes that make running Bitcoin nodes more cost-effective.
Erlay protocol will reduce node bandwidth usage by 40%
Core developers have noticed that currently, half of the total bandwidth required to operate a node is used to broadcast transactions to the network. The bandwidth consumption of existing protocols increases linearly, which means that as the number of network nodes increases, bandwidth consumption increases.
The Erlay protocol promises to solve this problem by reducing the bandwidth consumption of nodes by 40% based on current connectivity. It will also improve the connection between nodes, thus keeping bandwidth consumption constant. Therefore, the Erlay protocol not only makes the Bitcoin network more secure, but also provides better connectivity and ensures less complexity and cost-effectiveness when running Bitcoin nodes without any incentives.