A new cryptocurrency will hit the market in late 2018 and the founder is no other than Yonatan Sompolinsky, a veteran researcher behind two influential papers in the rising sphere of crypto-economics, confirms CoinDesk.
In an interview, the author of the GHOST protocol and co-author of the SPECTRE protocol spoke about his intentions regarding the as-yet unnamed project. He said that his team’s plan is to solve one of the industry’s biggest problems, the speed at which transactions are disseminated and recorded by distributed ledger systems.
Sompolinsky, to form a team alongside other big names
SPECTRE co-author Yoad Lewenberg, and researcher Ethan Hileman, who worked with the team behind Bitcoin privacy project TumbleBit, will also join the new project. Furthermore, the team is full with gifted developers and business experts, including Guy Corem, the former CEO of Israeli-based bitcoin mining firm Spondoolies-Tech.
They all put together the bases of a new startup called DAGlabs. And rumours say that is raising $15 million as part of a Series A round.
Regarding the new cryptocurrency project, it brings up an innovative idea. It will be among the first to operate via a system called a direct acyclic graph (DAG) and not using a blockchain system.
New changes for blockchain!
“We want to change blockchain into blockDAG. Whether you buy coins or not, you should think about this technology as the next step, releasing the blockchain from the naivety of the chain structure. You will feel this is the natural step towards using a real system,” said Yonatan Sompolinsky.
But the surprises don’t stop here. The new project will use a proof-of-work mining algorithm in which anyone who purchases hardware can compete for its rewards, meaning that what Sompolinsky is trying to achieve will settle more as a niche, not really a competitor to bitcoin.