Cryptocurrencies

Is Blockstream a Danger for Bitcoin (BTC)? – Cryptocurrencies

They made the crazy bet on Bitcoin (BTC) and today they are accused of wanting to grab it. Does Blockstream jeopardize the decentralization of Bitcoin, by multiplying the various projects around the oldest of cryptos?

Pub


Does Bitcoin Belong To Blockstream?

Blockstream is one of the most important players in the Bitcoin ecosystem, with developers on board who contributed to the development of blockchain in its early days, such as Adam back or Gregory Maxwell.

The dominant position of Blockstream is however criticized by other actors who stress the potential risk it poses to the decentralization of BTC.

Some argue that the project Blockstream Satellite, whose goal is to develop access to the blockchain BTC by satellite, would further strengthen this position.

The Blockstream Mining which could, theoretically, allow the latter to take control of a substantial portion of the hashrate, to the detriment of other equipment manufacturers such as Bitmain, is also not viewed very favorably by bitcoiners.

And finally, the supporters of Bitcoin Cash (BCH) and of Bitcoin SV (BSV), accuse Blockstream to be dishonest in supporting the development of Liquid Network and not that of Lightning Network, while the success of the latter would solve the problems of scalability. 5 years after its launch, the Lightning Network has changed little.

Blockstream, the catalyst for decentralization

The team of Blockstream strongly rejected these accusations. According to its marketing director, Neil woodfine, Blockstream Mining Reduces entry barriers for companies wishing to engage in mining.

The protocol BetterHash, conceived by Matt corallo, encourages decentralization by allowing individual miners rather than mining pools to select which transactions will go into a block.

Woodfine also indicates that to stabilize the network, the firm strongly encourages other players to develop new means of access to it.

Pub

About the Lightning Network, Woodfine believes that the criticisms come from a vocal minority: Blockstream funds 3 full-time engineers who work on this protocol and actively participate in the design of c-lightning.

We complain about Blockstream’s initiatives, but we find it normal that institutional investors with a gargantuan appetite make massive purchases of Bitcoin. Okay, as long as big portfolios push the price up for the benefit of speculators, who cares? A bold forecast to conclude: at this rate, the whales will sink Bitcoin, but it is the tech community that will save it.

Tags

Related Articles

Back to top button
Close
Close