Developers create group to address scaling issues of Bitcoin

For several years, the cryptocurrency community is trying to solve the scaling problem of Bitcoin. However, even if the solution will finally be found, to convince people to use new technology either. An example is the Protocol Segregated Witness.

20 July 2018 project called Bitcoin Optech announced the creation of a forum where developers of Bitcoin and cryptocurrency companies will be able to work together to solve scaling problems online.

Initiated the project programmers American cryptocurrency company Chaincode Labs John Newbery (John Newbery) and James O Bernie (James O ‘ Beirne). Project Manager Optech was a former Google employee Steve Lee (Steve Lee). Financially the project was supported by the General Director of Xapo Wences Casares (Wences Casares) and institutional investor John Pfeffer (Pfeffer John).

«We believe that to provide the forums and to unite the participants of the open source and cryptocurrency industry, trying to help them implement methods of scaling, it will be much more fruitful than screaming at each other in Reddit,» said Newbury.

Audience groups are open-source developers, stock exchanges, operators of digital wallets and other industry participants. The idea of the project is to bring together all these parties to discuss the best ways to use solutions zoom like Segregated Witness, transaction batching and determining optimized commissions. In the future Bitcoin Optech may take up Lightning Network, signature Snorra and offers Scriptless scripts.

The idea of the group was first proposed by the head of Blockstream Adam Beck (Adam Back) last year.

Before the start of the project Newbury, O Bernie and Lee appealed to the representatives of 20 other cryptocurrency companies in San Francisco and new York to learn about their problems, used solutions to scale, as well as their opinion about participation in industry group. After receiving positive feedback, the group started to implement their plans.

In order to become a forum member, you must pay an application fee in the amount of $ 5,000, which Newberry called a formality.

«We are not going to make money,» he says, adding that all funds raised will be used to resolve the problem.

To date the group has released four weekly newsletters and held a seminar in San Francisco. The workshop was attended by 17 people, mostly programmers cryptocurrency companies in the Bay Area. The group plan to expand the geography seminars.

Cryptocurrency exchange Coinbase, one of the first to join the project. «We are pleased to partner with Optech with the aim of scaling and optimization of Bitcoins» — said a leading developer exchange Brock Miller (Brock Miller).

Another participant Optech has become the startup Square.

In the future, Optech plans to create online forums and publish «Reference scaling», which will contain instructions for implementing technology scaling Bitcoin.

«Optech represents the culmination of the ideas of many different people, and we hope that the community will participate the entire ecosystem,» says Newbury.

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