The future of Bitcoin development: BitMEX is sawing on the chair of the Bitcoin Core


Bitcoin Core: competition is known to the business. The must have also thought the staff of the research Department of the crypto-exchange BitMEX, as they started to make a own Client to the further development of Bitcoin. With the new Client BitMEX would like to demonstrate that the supposed dominance of the Bitcoin Core implementation is not set in stone.

Bitcoin Core is the most common implementation of Bitcoin. More than 95 percent of the Nodes in the network using Bitcoin Core on Satoshi Nakamoto’s original reference Code is based. The research Department of BitMEX has now examined how you can strengthen the competition in the development, without compromising the crypto-currency through events such as Chain Splits.

More than 9 out of 10 Nodes running Bitcoin Core

BitMEX analyzed first, which forms of competition in the development of the Protocol exist. Projects, which are in competition to Bitcoin Core, according to the analysis of crypto-to divide the stock exchange a majority in two categories:

Competition between the various Chains

In this category of Software projects, which provide new rules for consensus-building for already existing implementations of the Protocol fall. It can be Soft and Hard Forks. An example for competing Chains is the debate Bitcoin ABC vs. Bitcoin SV at BCH. BitMEX referred to this approach as “risky”, because it can lead to a Chain Split. Such is also feared in the case of BCH. Other examples of this approach make Bitcoin UASF and the BTC Classic.

Competition between independent implementations

A different approach consists in the implementation of the Bitcoin Core Protocol, on a new Code base. This Re-deployment must include the same rules for consensus formation, such as Bitcoin Core. Nevertheless, there may be conflicts in the consensus mechanism, if the Re-implementation will behave because of their different Code base, different than the dominant Client on the network. In the worst case, there can be a Chain Split. Examples of the Re-implementation of the Bitcoin Core Protocol are BTCD, inter alia, Libbitcoin, and bcoin.

The third way

BitMEX is looking for a third way to communicate with Bitcoin Core in competition. Neither the consensus rules of the Code base of Bitcoin Core to be affected. Instead, a Software Fork. This contributes to the – not just the original Bitcoin BitMEX Research. The Client is intended to illustrate that a healthy Form of competition with Bitcoin Core is possible. It should also be provided proof that the fate of Bitcoin is not linked inseparably with the Bitcoin Core Client. Finally, each Node operator has the free choice, for which implementation he decides. And this corresponds to the Bitcoin Ideal, rather than to constantly make the views of a rogue Bitcoin-core developer team.



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