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Blockchain@UBC Research Monthly Talk: “Scalability of Proof of Work – The Principle and Challenge of Payment Channel”
June 19, 12:00 pm – 1:00 pm
Speaker: Dr. David Z.H. Wang Cheif Micropayments Scientist for RightMesh
Presentation link: Blockchain at UBC Monthly Talk June 19th, David Wang
Blockchain technology is flourishing and reshaping the industries in numerous fields. Meanwhile, different blockchains have not yet agreed with each other in terms of their consensus algorithms. Indeed, the consensus algorithms have their pros and cons. The Proof of Work (PoW), which dominates both Bitcoin and Ethereum, is widely believed as the most secure one but suffers from the transaction throughput bottleneck. PoW is regarded as the most secure consensus algorithm because it is rooted in physical restriction, namely, the computational power. In contrast, Proof of Stake and Delegate Proof of Stake can significantly improve the transaction throughput in the blockchain, but the security principle is relaxed from physical to ethical or (game) theological. We will first briefly introduce the analyze several popular consensus algorithms. We will then talk about the micropayment channel technology and the use case of integrating micropayment channels in RightMesh Project and form a payment network to circumvent the performance limitation in Ethereum.