Erlay is a new protocol improvement proposal for the Bitcoin network which has been proposed by ex-Blockstream Bitcoin core developer Gregory Maxwell.
Maxwell left Blockstream last January to focus on deep protocol work before coming out with the protocol upgrade proposal.
According to University of British Comlumbia, Gleb Naumenko, who took to Bitcoin Core development mailing list, stating that the main idea is instead of announcing every transaction to every peer in the bitcoin network announcements are only sent directly over a small number of connections (only 8 outgoing ones) with some periodical reconciliation protocol running over every connections.
This would effectively increase the efficiency of the bitcoin network which will save around 75% overall bandwidth compared to the current protocol.
Futhermore the Erlay protocol introduces randomized timing and therefore would enable Bitcoin to better withstand timing attacks.
The protocol is still up for discussion and has not yet been formally included in the Bitcoin Improvement Proposal.
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