This article was first published on Komodo
Cryptocurrencies are powered by blockchain technology which, just like any other software, boils down to data. When you send or receive coins or tokens, small amounts of data are being created that only your private key can access.
Over time, as blockchain technology becomes more popular and more people start using cryptocurrency, the amount of data in the blockchain grows. At some point, this leads to a bottleneck.
Traditionally, Simple Payment Verification (SPV), which was outlined in Section 8 of Satoshi Nakamoto’s original Bitcoin white paper, has been the solution to this inevitable data bottleneck. However, SPV itself is a limited solution, as it, too, will eventually reach a point where it requires an excessive amount of data. Current implementations of SPV are also resource intensive, prohibiting integration to small devices and preventing compatibility with the internet of things.
Komodo’s Lead Developer James ‘jl777’ Lee recently developed a new superlight client technology called nSPV. It is hundreds of times more efficient than traditional SPV methods. This new nSPV technology is more secure than ordinary SPV and so efficient that even tiny electronic devices can run blockchain clients, opening up the door for mass adoption of blockchain technology through the internet of things.
Downloading An Entire Blockchain: “Full Seed Nodes”
When Bitcoin was first created in early 2009, anyone who wanted to receive or send BTC had to download the entire blockchain to their computer. This meant that each user’s computer had to download the entire ledger, including every address, transaction, and block in the whole chain.
This is what’s known as running a “full node” or “full seed node.” When you download and sync an entire blockchain, you become part of that blockchain’s decentralized network. Your computer is constantly communicating with all the other full nodes on ...
To keep reading, please go to the original article at: