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Happy 11th Birthday, Bitcoin! Satoshi Nakamoto's White Paper Marks New Milestone on Halloween

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Thu, 10/31/2019 - 06:00
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  • While everyone is busy carving their pumpkins, crypto enthusiasts have another major cause for celebration with Bitcoin turning 11

Cover image via www.123rf.com

This Halloween marks another birthday for Bitcoin, the world's first cryptocurrency. The white paper called “Bitcoin: A Peer-to-Peer Electronic Cash System” was published by elusive visionary Satoshi Nakamoto on Oct. 31, 2008. 

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Despite being dismissed as another hi-tech fad, tulip mania, and the darling of criminals, Bitcoin somehow managed to stay here for all these years. It has already become a full-fledged asset that is ingrained in a global financial system

Bitcoin had very few adopters from the outset, but the idea of a new financial system where everyone could be their own bank was too powerful to ignore. The paradigm-shifting decentralized currency started growing at breakneck speed and led to the creation of a new industry whose market capitalization rose above $600 bln at the end of December 2017.      

Coincidentally, the total amount of fees paid on the Bitcoin network exceeded $1 bln right on the verge of the coin's 11th birthday. 

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In just one tumultuous year, the top cryptocurrency managed to tank to $3,100 before entering a new bull market and experiencing a major price correction. At press time, Bitcoin is sitting at $9,145 at the time of writing, which is undoubtedly impressive for a digital currency that very few expected to succeed just five years ago.          

Many still believe that Bitcoin will remain a relic of the past. With the growing numbers of obituaries, the Big Daddy of crypto keeps proving naysayers wrong, and a fledgling economy that was created with the help of Satoshi's white paper is yet to show its full disruptive potential.    

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Sat, 03/28/2020 - 18:25
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  • With COVID-19 being the main hellraiser for the last weeks within blockchain space, the BitMEX derivatives exchange has brought some good news about Bitcoin (BTC).

Cover image via stock.adobe.com
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BitMEX Research, an analytics branch of the BitMEX crypto derivatives exchange ecosystem, attempted to figure out who are the most influential and productive Bitcoin (BTC) developers.

Blockstream and Lightning Labs are Most Generous

First of all, analysts at BitMEX research studied the funding of open source developers working on Bitcoin (BTC) or the Lightning Network, the second-layer scalability solution working atop the flagship blockchain. Below is the chart that includes only developers with known sources of funding:

Current funding of open source developers working on Bitcoin or Lightning – number of developers
Image by BitMEX Research

It looks like the Canada-based company Blockstream shares the first position with Lightning Labs Inc., which based in San Francisco. The later team recently raised $10 million in Series A financing from Slow Ventures, Ribbit Capital, and other private investors.

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Jack Dorsey's Square Crypto is in third place. The company is passionate about Lightning development as an on-board pseudonymous developer, which is well-known for its contribution to this infrastructure. 

Independent Devs on the March

In the second part of their research, the analysts tracked the GitHub committing activity in Bitcoin Core's repositories. Based on their research, it appears that the independent developers surpass their corporate competitors by a wide margin.

Current funding of top 33 Bitcoin Core contributors by number of commits
Image by BitMEX Research

These results allowed BitMEX Research to conclude that the Bitcoin (BTC) development ecosystem is the following:

is in a reasonably strong situation with respect to developer funding, based on metrics such as the distribution of funders and transparency. 

This is in comparison with the initial stage of Bitcoin (BTC) adoption in 2012-2014, when the Bitcoin Foundation was the one and only significant contributor.  Nowadays, diversity has brought funding sources, which in turn, has upgraded the decentralization and development process of Bitcoin (BTC) software. So, according to the researchers:

the situation is more healthy than it has been in the past

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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