Friday, February 14, 2020

Komodo advances in nSPV technology

Komodo is one of the most active platforms currently in terms of progress, the team of this project works tirelessly to make the most of its technology, they are currently working with nSPV (Notarized SPV) technology.

NSPV technology, developed by JL777, one of the main developers of Komodo, is a payment verification process, hundreds of times more efficient than traditional Electrum SPV server methods (Simple payment verification).

“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 decentralized internet and the internet of things.”, they explain from the Komodo Blog.

komodo-nsvp

This technology solves the bottlenecks that could be found in Equihash block chains, which use platforms such as Zcash or Komodo among others, due to the size of their block headers.

But it also brings decentralization to P2P SPV clients and avoids the need to wait for the server to synchronize in order to perform a transaction.

In the case of Komodo, nSPV takes advantage of the notifications made by the Notary Nodes, which benefits users of light wallets by providing them with much more fluidity than they would have with SPV.

“An nSPV superlight client only needs to confirm the block headers from the last notarized block prior to the transaction in question to the notarized block immediately following the block in which the transaction in question was created.”, explains the Komodo team.

What other benefits does nSPV technology provide?

nSPV brings 3 great benefits to the blockchain ecosystem: security, scalability and efficiency.

  • Security: nSPV does not need external modules to function properly.
  • Scalability: It does not require local data storage and allows hundreds of assets to be stored on a single mobile device.
  • Efficiency: Faster, lighter transactions that will benefit IOT applications.

Undoubtedly, this technology will be one of the points where Komodo will devote its greatest resources by 2020 and bring great benefits to the crypto ecosystem in general.

The post Komodo advances in nSPV technology appeared first on Crypto Economy.