Why is TARUSH motivated to enhance the BTC network?
Bitcoin was primarily launched to act as a geographically independent payment solution and it solves that problem pretty decently. However, in order to serve such a massive use case and compete with existing industry giants, several other factors (or rather pros) were also offered. But with the passage of time, due to immense network congestion, the overall efficiency, scalability, and privacy of the network has declined to a considerable extent.
Let’s explore each of them in this article and examine how TARUSH offers unique solutions in multiple regards.
Efficiency
When people started using Bitcoin, they were not just hoping for an “internationally acceptable” currency. In fact, they wanted to enjoy the utmost level of efficiency.
You will be amazed to realize that the throughput of the BTC network rests at merely 4–5 per second which is incredibly lower than its significant others. For a transaction to be confirmed, several minutes are required which is not practical by any means.
For instance, if there is an International deal worth millions of dollars and the mode of payment is Bitcoin, both parties have to wait for a couple of minutes (at least) before the transaction is confirmed and this is not considered as good feasibility by many professionals. If you look at it, this lengthy process increases the time taken for BTCs to be transferred between two addresses — as a result, making the coins less liquid.
Due to this prolonged transaction time, the associated fee is also increased, which is yet another reason why some people have stopped using it as a payment mode. Even though it is far less than traditional bank transfer fee, the overall diminished efficiency combined with heavy cost fails to attract the users.
In order to address these problems, several solutions have been introduced in the market and TARUSH has also taken a keen initiative in this regard by implementing the MimbleWimble protocol, which can be pretty easily integrated with the main BTC network, hence boosting its efficiency.
Talking specifically about the transaction speed, we are aiming at roughly 100,000 TPS, which is approximately 20,000X faster than the current state of Bitcoin. Therefore, we won’t only have an observable distinction in the crypto sphere, but traditional processors (e.g. Visa and Paypal) will also face a tough time trying to offer the same throughput.
Scalability
It depends on an array of factors, but the primary one happens to be the chain size. When a network starts catering to the requirements of more users (scales up!) the length of its chain increases significantly and in the case of cryptocurrencies, BTC in particular, it grows exponentially!
The size of a block in the Bitcoin network is 1MB. Over the years, it has started hindering the growth, causing inefficiency in transaction confirmations and hence, resulting in an increased price. The reason is that ‘large’ transactions are unable to fit in these ‘small’ blocks and for most of them, 1024B of space is just unnecessarily filled with irrelevant details which also pose a threat to user privacy. If we combine all of these factors and view them from a technological perspective, they halt scalability.
Since TARUSH implements MimbleWimble, we address this issue head-on. Instead of using a layered approach that ‘indirectly’ increases the scalability of the network, we explicitly optimize the chain size and enhance throughput so that even if the network scales exponentially, users continue enjoying the same experience.
Let’s have a look at our chain-optimizing procedure. Please note that the aim is to get rid of old and unnecessary transactions.
When a blockchain network reaches a consensus and records a transaction on the ledger, there is a variety of intermediaries that are crucial for achieving the state. Now if you look at it, plenty of these records are useless for the network after several months or years, but since they stay linked with the main chain, they cause ‘clogging’ and the size remains ‘unnecessarily’ long. In this scenario, MimbleWimble protocol ‘bundles’ them and creates one ‘big’ transaction.
Now if you look at it, unlike BTC or major pioneering currencies, a huge block is not required. In TARUSH, every block will be about 100B and it will be more than enough for carrying a record. This is because of our optimization strategy.
In traditional networks, blockchains are quite long and their sizes increase proportionally. However, you must have realized that our solution is not only relatively smaller in size, but it is also dynamic (i.e. the length of the chain changes by aggregating the blocks).
Privacy
The current BTC network ‘claims’ to be private but actually, you are quite exposed. It is important to realize that it does not mean someone can find your picture or track your daily private routine. We are talking about something greater than that.
People dedicated to tracking and monitoring BTC network are not even interested in your actual ID. They are more into determining your wallet addresses, whom you send the payment to, whom you receive from and what are your spending habits. That’s all they want to know and it is enough to blow any individual.
Well, that’s not what BTC was launched for and the founder was dedicated to offering user privacy as well. TARUSH has high regard for that and in order to offer the ‘promised’ level of anonymity, we take minimum details from the users, so they do not have to be reluctant or cautious while sending payments.
Moreover, whenever we record a transaction on the ledger, we remove the following data to avoid any privacy violation:
- Wallet addresses (one of the primary elements for tracing back the sender)
- Transaction value
- Intermediaries (storing their details in the blocks merely accounts to a lengthy chain which ultimately results in halted scalability)
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