One of the issues that bitcoin used to face is the scalability. That is getting addressed by a team of engineers from Bitcoin. They have unveiled Bitcoin Operations Technology Group, which is known as “Bitcoin Optech”, specifically for this purpose only. Interestingly, this comes at a time when the crypto currency has managed to cross the psychological $7,000 mark during the week. This is one of the favorable catalysts for the digital currency as some of the CEOs have started remaining bullish on ethereum for offering a platform for developers.
Operational Technical Work
Bitcoin Optech aims to concentrate on operational technical work at this stage of the market. This included a number of things like selection of coin, fee estimation, usage of SegWit and transaction batching. These kinds of work are focused towards enterprises keen to amalgamate the increasingly developing technology in the virtual currency space. The company is getting enough support from tech bigwigs such as Wences Casares, a board member of PayPal, and John Pfeffer, an executive from Kohlberg Kravis Roberts & Co., Ltd.
Aside from these two, Chaincode Labs, which is a research and development group of digital coins, is also supporting the non-profit Bitcoin Optech. The group of engineers indicated that it will align with those using the network of bitcoin, as well as, developers of open-source. They will also be holding workshops for its own engineers apart from having a platform for technical scaling issues through online. They will also offer a weekly newsletter as the company wants to provide the scalability issue a full consideration, cointelegraph reported.
Bitcoin Optech’s possible solution on the scalability issue is nothing but the Lightning Network (LN). The issue of scalability issue came into focus after the network’s transaction numbers continued to witness a strong growth. The LN is touted as an option for second layer payment. This would suggest that transactions could happen even off the blockchain platform.
Interestingly, there was a research report indicating that LN cannot be as an effective one for routing payment as everyone thought it to be. However, bitcoin developers and co-founders of LN have refuted such alleged study and they pointed out that the network is only in the beta testing stage. Importantly, CoinGate, a payment gateway of digital currency, unveiled a pilot program early this month that covered 100 merchants. Those merchants would engage themselves in testing transactions on LN variant.
An earlier report suggested that LN and SegWit Developments were aimed at increasing transaction throughput, as well as, reducing fees. Apart from these two advantages, there were proposals to enhance the protocol that is undergoing test. The company’s engineers have been working on developing solutions since last year.
Currently, bitcoin is enjoying the biggest hashing power energy apart from increased decentralization levels. The digital coin is not only enjoying the highest price but also the market cap. Though the company could claim to have achieved two major improvements in LN and SegWit, the developers will be left with no alternative but keep improvements beyond the current year.