Entity: BITCOIN-NG
BITCOIN-NG is a term used to refer to an enhanced version of the original Bitcoin protocol, designed to improve scalability and transaction speeds.
BITCOIN-NG
Etymology
The term BITCOIN-NG stands for Bitcoin Next Generation, indicating an evolution or enhancement of the original Bitcoin protocol.
Definition
BITCOIN-NG is a digital currency protocol that aims to address the scalability issues of the original Bitcoin network by introducing a new mechanism for selecting block producers. This mechanism allows for faster transaction speeds and increased throughput compared to the original Bitcoin protocol.
Historical Context
BITCOIN-NG was proposed in a research paper by a group of researchers from Cornell University in 2015. The protocol was designed to improve upon the limitations of the original Bitcoin network, such as slow transaction speeds and limited scalability.
Cultural Significance
BITCOIN-NG represents an important development in the field of cryptocurrency, as it offers a potential solution to the scalability issues that have plagued the original Bitcoin network. By improving transaction speeds and throughput, BITCOIN-NG could pave the way for wider adoption of digital currencies for everyday transactions.
Related Concepts
- Bitcoin: The original digital currency created for peer-to-peer online transactions.
- Cryptocurrency: Digital or virtual currencies that use cryptography for security.
See Also
A digital currency protocol that aims to address the scalability issues of the original Bitcoin network by introducing a new mechanism for selecting block producers.