BitMex Research Suggest Bitcoin Ecosystem is Thriving With Diverse Development Work
In the wake of the coronavirus outbreak, the financial institutions have come to a standstill and governments around the globe are pumping and printing fiats at their will to keep it going. Bitcoin, the decentralized digital currency which was created in the wake of the 2008 financial crisis also registered a massive drop of almost 50% leading to panic selling.
Apart from the price drop, the Bitcoin network has also seen falling hashrate input, decreased mining difficulty which created a sense of uncertainty among many. However, a recent report from BitMex Research suggests that Bitcoin is going strong and the network is healthier than that of 2014.
The research report suggests that the development of the Bitcoin network is getting stronger not just from the Bitcoin core community, but the contribution has poured in from different walks of the crypto ecosystem who are continuously working to make the network more scalable.
Lightning Lab and Blockstream Biggest Contributors
The BitMex report revealed that Lightning Lab and Blockstream are the biggest contributors to the Bitcoin network. Both these platforms have continuously worked on scaling the sidechain solutions. Bitcoin’s scalability has been one of the biggest talking points in recent times and layer 2 solutions in the form of lightning network and liquid are being actively developed as a sidechain to contain the congestion on the main network.
Twitter CEO Jack Dorsey’s Square app comes in the third position in terms of their contribution to the Bitcoin network. Square is well-known for its belief in the lightning network and has worked in accordance with them to make it more reliable and user friendly.
The research also makes note of independent developers contributing to the network and believe there are at least 33 core developers working on the platform, but there are many other anonymous contributors as well which cannot be easily tracked.
Altcoins Do Not Enjoy Same Diversity in Development
While it’s very evident from the research that the Bitcoin network still attracts a lot of developers both known and unknown to its platform, the same does not hold true in the case of altcoins. The research report revealed that the development community for the majority of the altcoins is quite centralized.
Ethereum and IOTA top the list with over 100 developers working on the foundation tram. While centralization in the developer team has its drawback, it also ensures a clear vision for the platform which streamlines the flow of development and subsequent progress of the network.
As for the financial aspect of the development, the exact details of the funding is obscure as contributions pour in from many non-profit organizations like Chaincode Labs and MIT DCI, while the likes of Square and Blockstream has raised significant amount as well.