Former White House tech leader says he's got a fix for blockchain woes
With vocal skeptics now abundant, the early, easy days of the blockchain revolution are over. But Ed Felten, a Princeton professor who also served as deputy chief technology officer in the Barack Obama White House, thinks his startup has an answer for some of the database technology's problems. He co-founded the six-person Offchain Labs to try to profit from technology called Arbitrum that moves a lot of blockchain transactions into a separate domain. That liberates them from the slow transaction speeds and data-privacy problems that burden the Ethereum Project while still linking with that widely used blockchain foundation, Felten said. "It is our goal to operate at the speed of native processing -- as fast as the computer you have, but in a blockchain setting," Felten said. For nontechies, blockchain is about as exciting an innovation as double-ledger accounting, but it could dramatically cut problems like transaction fees, counterfeit concert tickets a...