• BitMEX has published a new report that shows in detail which companies are driving the development of Bitcoin the most.
• The latest progress shows above all a positive development in the area of scalability.

Bitcoin is considered the secret new world’s reserve currency, although the cryptocurrency still needs to improve significantly in some areas such as scalability in order to be used by billions of people worldwide for all their everyday business. A new report from BitMEX shows in detail which companies are driving the development of Bitcoin the most.

These companies support the further development of Bitcoin

The main organizations driving the development of the Bitcoin open source project are Blockstream and Lightning Labs, with Chaincode Labs providing the largest funding for research on Bitcoin Core. According to the report, more and more companies are participating in research, so that the available financial resources are much higher and the transparency and degree of distribution of capital is much more diversified today than in the past.

The table below shows that Blockstream and Lightning Labs pay a total of 8 developers to work on the further development of Bitcoin or Lightning. Square Crypto and MIT DCI follow with 7 and 6 developers each. In total BitMEX has identified 33 companies working on the further development of Bitcoin. However, BitMEX also notes that the following table is not complete, as not all financial flows of all companies worldwide are publicly available.

BitMEX has continued to try to identify the largest donors and the number of contributions to Bitcoin development. This evaluation shows that Chaincode Labs is the largest financial supporter. The chart below shows that independent developers, marked as “Independent” in the table, also make a significant contribution to Bitcoin.

The main focus of current efforts to improve Bitcoin is, among other things, the further development of the Lightning scaling solution and the sidechains used in it. Lightning is a scaling solution in which transactions are collected in additional channels, the so-called state channels, and are only transferred to the mainchain when the channel is closed.

This relieves the mainchain. In addition, more transactions per second can be processed. Lightning enjoys a good reputation within the community, but a study by the University of Budapest revealed weaknesses in the area of economic efficiency. Furthermore, data protection is not as high as assumed, as was shown in another report by BitMEX.

Important core projects for Bitcoin in 2020

At the end of last year, Bitcoin core developer Newbery presented a roadmap of the main developments to come this year. Among others, the Schnorr/Taproot Softfork is expected for this or next year. This should bring a strong improvement in fungibility, privacy and scalability.

Another innovation could be the PayJoin Payment Protocol. PayJoin is a novel technique to pay other people, where you include your own inputs in the payment to improve the privacy of the sender and receiver. This idea is also known as Pay-to-EndPoint (P2EP) and Bustapay. Newbery summed up at the time by saying that some projects can be implemented more quickly and others more slowly, depending on current developments in the market.

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