Bitcoin Core developer proposes “Minisketch” to optimize Bitcoin transaction distribution

One of the leading Bitcoin Core developers and Co-Founder of Blockstream, Pieter Wuille has come up with a new open source project called the Minisketch. Minisketch is an optimized library for bandwidth-efficient set reconciliation. This new project will involve many talented names such as Greg Maxwell, Gleb Naumenko, among others. Wuille goes to explain that the new project’s main aim is to make improvements to the “BTC transaction relay.”
Wuille describes the project on the Github page and it says that the Sketches produced by the library show two distinct properties:

Sketches have a predetermined capacity, and when the number of elements in the set is not higher than the capacity, libminisketch (Library Minisketch) will always recover the entire set from the sketch
The sketches can be combined to obtain a sketch of the symmetric difference between the two sets.