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The recent hype over Bitcoin has exposed the weakness of the current implementation of blockchain. Is Directed Acyclic Graph (DAG) the answer?
The hype surrounding blockchain in the past couple of years has reached fever pitch with Bitcoin (a digital currency that utilises blockchain) hitting an all-time high last December. However, this hype has exposed the weakness of the current implementation of blockchain. For example, the network that verifies the integrity of bitcoin transaction is estimated to consume as much energy as Denmark (Digiconomist) while taking several days or weeks to verify the transaction. It is energy inefficient to build a consensus while not providing any speed advantage compared to a more traditional ledger.
Directed Acyclic Graph (DAG) is another iteration of a distributed ledger that tries to solve inherent problems in the blockchain consensus implementation. We will discuss how blockchain operates and analyse the cause of inefficiencies in the technology. This talk also discusses at a high level why DAG is a viable alternative.