New PHANTOM Protocol will become a competitor to Lightning Network

The creators of the protocols of the SPECTRE and GHOST Jonathan Sompolinsky and Aviv Zohar, described the new Protocol in a paper published this week. Protocol PHANTOM promises reliable confirmation of transactions “with any network bandwidth” and include smart contracts. New development based on the previous decision from the same team, SPECTRE, which departs from the traditional block structure of bitcoin more scalable and uses a “directed acyclic graphs blocks” (blockDAG). The researchers describe the technology as “a generalization of the chain Satoshi, which is better suited for rapid or large blocks”.

Unlike ofcan solutions like Lightning Network when the transactions are added to the network, the Phantom offers oncein-solution to keep all transaction data on the blockchain.

According to the authors, the main distinguishing feature of the PHANTOM is that it makes possible linear ordering of blocks, which did not allow the SPECTRE. It uses a “greedy algorithm” on the platform blockDAG distinguishes the blocks generated by “honest” nodes, “nekupirutayasa” nod that deviate from mining Protocol. As written by the developers, this distinction allows all the “honest nodes” to reach consensus. The solution of a linear order allows the PHANTOM to scale any computation, including smart contracts.

Sompolinsky and Zohar recognize that for a linear order PHANTOM sacrificed the speed of transaction confirmation, which was higher in earlier Protocol SPECTRE. But researchers are going to solve this problem in future work.

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