Chaincode Developers Create New Bitcoin Scaling Assistance Group
Scaling is a subject that has continuously stirred countless debates with the BTC community. Additionally, once new technology is created and released, public awareness and acceptance is the next stepping stone. SegWit, for example, has yet to be fully adopted by crypto-services providers. Digital wallets have not completely adopted the protocol as well.
A New Medium
On the 20th of July, an announcement by Bitcoin Operations Technology stated that expert developers and businesses can join each other in a new environment created by the company. In this forum, all involved parties will collaborate and tackle the persistent issue of scaling by several debates online involving the community and workshops.
Two developers from Chaincode Labs, a digital currency company, created the new protocol. John Newbery, as well as James O’Beirne, were the creative minds behind the project. Chaincode Labs is also a significant backer of Bitcoin Core.
Steve Lee, previously employed at Google as the company’s product manager is currently overseeing Bitcoin Optech’s development. To pay for the project, other contributors like Wences Casares of XAPO and John Pfeffer, a large-scale investor contributed significantly to pay the operations expenses.
John explained to a publication that if the company manages to group several contributors and industrial participants together on one forum to tackle the best methods for raising scaling awareness and adoption, it’ll benefit everyone much more than simply debating on internet forums.
Bitcoin OpTech online forum aims its purpose at open-source programmers, cryptocurrency exchanges, digital wallet services and other interested parties. The initial plan is to merge great minds from every sector and discuss the best way of dealing with solutions such as SegWit and how to increase its adoption. Other projects like Lightning could possibly be addressed by the forum as it develops further.
The chief executive officer of Blocksteam conceived the idea of a forum. Adam Back initiated the entire concept as of now its development is underway. John Newbery stated that almost twenty companies involved in Bitcoin within the United States, mainly SF and NY to test the knowledge of each company and determine their weak-spots. Additionally, John said with the assistance of Lee and O’Beirne. Given the uplifting response to the creation of the group, all three took another big step towards their end-goal.
To join the group, each participant is charge $5K to become a member. John Newbery has said that the yearly charge is official. Dismissing any idea that this was about making money, Newbery commented and stated that any information or data the company gathers is quickly poured into solutions.
The forum’s first seminar started in San Francisco this week. Four weekly news publications are also another production by the group. In total, 17 attendants joined the workshop and were the representing faces of six leading Bitcoin companies. The group plans to expand their workshops to Europe and Asia and has stated that more will be conducted on US soil.
Coinbase, one the largest cryptocurrency exchanges in the world, was an initial member of the project. Brock Miller of Coinbase, it’s head BTC engineer, mentioned the efforts provided between the company and Optech to tackle scalability and further enhance bitcoin.
Square, a cryptocurrency payment provider is another participant of the forum. The SDL of Square, Mike Brock, explained the positivity and excitement in hosting a forum bringing together leading engineers and companies on the platform.
Another future step for Optech involves acting as a support for online groupings, contributing to scaling adoption and a book designed to entail proper guidelines for introducing Bitcoin into scaling-tech.