Accelerating Bitcoin's Transaction Processing. Fast Money Grows on Trees, Not Chains

@article{Sompolinsky2013AcceleratingBT,
  title={Accelerating Bitcoin's Transaction Processing. Fast Money Grows on Trees, Not Chains},
  author={Yonatan Sompolinsky and Aviv Zohar},
  journal={IACR Cryptology ePrint Archive},
  year={2013},
  volume={2013},
  pages={881}
}
Bitcoin is a potentially disruptive new crypto-currency based on a decentralized opensource protocol which is gradually gaining popularity. Perhaps the most important question that will affect Bitcoin’s success, is whether or not it will be able to scale to support the high volume of transactions required from a global currency system. We investigate the restrictions on the rate of transaction processing in Bitcoin as a function of both the bandwidth available to nodes and the network delay… CONTINUE READING
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