Month: October 2018

The Future of Bitcoin Development: BitMEX Saws at the Chair of Bitcoin Core

Bitcoin Core: It is well known that competition stimulates business. This must have been what the employees of the research department of the BitMEX crypto exchange must have thought when they started to set up their own client for the further development of Bitcoin. With the new client, BitMEX wants to demonstrate that the supposed dominance of the Bitcoin core implementation is not carved in stone.

Bitcoin Core is still the most common implementation of Bitcoin. More than 95 percent of nodes on the network use Bitcoin Core, which is based on Satoshi Nakamoto’s original reference code. BitMEX’s research department has now investigated how to increase competition in development without compromising the crypto currency through events such as chain splits.

More than 9 out of 10 nodes run with Bitcoin formula

BitMEX first analyzed which forms of competition exist in the further development of the protocol like this According to the analysis of the Crypto Exchange, projects competing with Bitcoin formula can largely be divided into two categories:

Competition between different chains

This category includes software projects that provide new rules for consensus building for existing implementations of the protocol. These can be soft and hard forks. An example of competing chains is the Bitcoin ABC vs. Bitcoin SV debate at BCH. BitMEX describes this approach as “risky”, as it can possibly lead to a chain split. This is also feared by BCH. Other examples of this approach are Bitcoin UASF and BTC Classic.

Competition between independent implementations
Another approach is to implement the Bitcoin Core protocol on a new code basis. This re-implementation must include the same consensus-building rules as Bitcoin Core. Nevertheless, there may be conflicts in the consensus mechanism if the re-implementation behaves differently than the dominant client of the network due to its different code base. In the worst case, a chain split can also occur here. Examples for the re-implementation of the Bitcoin Core protocol include BTCD, Libbitcoin and bcoin.

The third way
BitMEX is looking for a third way to compete with Bitcoin Core. Neither the consensus rules nor the code base of Bitcoin Core should be touched. Instead, a software fork is carried out. This bears the – not exactly original – Bitcoin BitMEX Research. The client should illustrate that a healthy form of competition is possible with Bitcoin Core. It also aims to prove that Bitcoin’s fate is not inextricably linked to the Bitcoin Core client. After all, each node operator has the free choice of which implementation to choose. And this corresponds to the Bitcoin ideal rather than constantly focusing on a supposed Bitcoin core development team.

House of Nakamoto: Bitcoin cult in Amsterdam

Bitcoin fans can be happy: The House of Nakamoto is now also available in Amsterdam. The House of Nakamoto, now known far beyond the city limits of Vienna, now also opens its doors to Bitcoin enthusiasts from the Netherlands.

This is also good news for northern Germans

For the crypto enthusiasts of this world, Vienna is definitely worth a visit. Not only is the Austrian capital one of the European engines for crypto-use; the House of Nakamoto has also been located in Vienna for several years. The house sees itself as a competence centre for crypto currencies and at the same time is an information centre, museum and shop in one. In addition to advice on trading in crypto currencies, customers can also obtain various crypto items such as hardware wallets or Bitcoin vouchers here.

But it’s not only Germany’s southern neighbour that stands out in terms of crypto adaptation. The Netherlands are also a step ahead. The pioneer is “Bitcoin City” Arnhem, whose citizens have been able to pay with Bitcoin in various shops for several years now. The Bitcoin wave now seems to be slowly but surely sloshing into the rest of the country.

Always worth a visit

Since the beginning of this week, the capital of the Netherlands has also been able to adorn itself with a House of Nakamoto. An offshoot of the successful Austrian model opened on 15 October in Amsterdam’s city centre. For the Dutch Bitcoin enthusiasts, this is a good opportunity to learn even more about crypto currencies. Naturally also in the Amsterdam House OF Nakamoto the Bitcoin ATM may not be missing. In contrast to Germany, Bitcoin ATMs are permitted both in the Netherlands and in Austria.

“Digital currencies are more than just a payment system. They embody the revolutionary idea that a decentralized currency should be possible without the influence of the state and banks. With the branch in the centre of Amsterdam, the expansion of the competence centre for crypto currencies and blockchain “The House of Nakamoto” continues. After Vienna, another free and innovative thinking company is approached: We bring Bitcoin and crypto currencies into the real world, with real people in a physical shop in the heart of Amsterdam”,

says Magdalena Isbrandt, Managing Director of the House of Nakamoto.

The opening is also good news for North and West German Bitcoin fans, who find Amsterdam much easier to reach than the Austrian capital. Another good reason for travelling to Amsterdam.