A recently released Bitmex report shows that the development of the Bitcoin platform continues to grow and diversify. A look at key players reflects an increased interest in scalability and places the flagship cryptocurrency in a position for effective mass use.
The report shows that Blockstream and Lightning Labs have become the main institutions working on the development of Bitcoin. Seeking to create long-term solutions to the scalability challenge, they are both investing significant resources in sidechains that promise to alleviate congestion on the core network.
The image becomes darker when looking at development backgrounds. There are several independent entities that provide funds for a variety of Bitcoin projects, most of which are non-profit. Chaincode Labs and MIT DCI top this list, but many others, like DG Labs and Square Crypto, also play a role in this space.
BitMEX points to a total of thirty-three major contributors to Bitcoin's current development. However, it is likely that many more exist, but they cannot be easily traced. However, there is no doubt that the flagship cryptocurrency is still well supported.
Interestingly, the Bitcoin Foundation, once the key voice of all things, has fallen into obscurity. Although still technically active, he appears not to be involved in any notable work on the platform.
Competition in the Blockchain space continues to grow
While Bitcoin development is extremely diverse, altcoins generally have much more centralized teams. Ethereum and Iota, for example, have over a hundred developers working on their bases. This more centralized arrangement has its drawbacks, but it also allows these platforms to move forward with a clear vision and purpose.
Given the competition between altcoins present, it's not surprising that the biggest players in Bitcoin's development are those looking to increase network efficiency. Proponents of Bitcoin fully understand that Bitcoin's current architecture does not allow for high network capacity, and current scaling solutions are still far from complete. This issue needs to be resolved in order for Bitcoin to remain the top cryptocurrency.
In the future, there is no doubt that much more talent will soon move to the blockchain space. In fact, distributed ledger technology is now the fastest growing field in computing. This fact is certainly good for Bitcoin advocates, however the competition will also benefit as well-funded altcoin teams will have the resources to hire the best programmers.
The overall image reinforces the argument that blockchain technology has now become a permanent element of modern life. Bitcoin development is healthy and diverse. However, he is now far from the only major player in space.