Last year the cryptocurrency boom has bitcoin caught off guard. In terms of the daily increase rate average Commission per transaction sometimes up to $26. Of course, it didn’t last long, but fears about what the situation could be repeated when the bitcoin “will become mainstream”.
Next time the charge should not be so high — at least this is the purpose of those who are behind a new Bitcoin project Optech, writes Coindesk. This initiative, led by Bitcoin Core developer John Newbury can to help cryptocurrency companies to identify their needs in technology scaling, including those that will reduce the fee. Newbery says:
The company was caught off guard. At the same time, there was a lot of technology scaling, which could help, and they were well known, but has not yet been used.
For example, updating a Segregated Witness (SegWit) was launched in August last year, but the exchange services are slowly implementing it, although it may reduce the fee by half.
But, as technology scaling can improve the user experience, many well-known companies are interested in them. The number of companies that support Bitcoin Optech, — BitGo, Coinbase, Ledger, Square, and Xapo.
To date, Bitcoin Optech liaises with 15-20 cryptocurrency companies. Newbury says that his team is surprised how all of them welcomed the use of various scaling technologies: in the history of bitcoin, there were times when the developers of the Bitcoin Core Protocol and companies in the industry, there were conflicts regarding different approaches to the update Protocol. Blog Optech States that cooperation will be beneficial for everyone and already provided a few key technologies, which are able right now to help the industry.
The so-called choice coins is a complicated problem the most effective way to select the credits to send when users of bitcoin create transaction. We are talking about the algorithm that decides which bits of data together to create a transaction. In fact, the selection code of the coin repeats the process of calculating the size of, say, $10 to the cashier for the goods worth $7, where the customer receives the delivery of $3. According to Andrew Chow, a developer of Bitcoin Core, the original algorithm of choice coins Bitcoin Core requires a lot of alterations, especially concerning the commissions. It is inefficient and makes a weird cycle, trying to guess the size of the Commission. Project Manager Optech Bitcoin Steve Lee said that the method of choice in different purses is often different.
The Commission’s assessment is another technical problem that is difficult to solve. Often assessment tools in bitcoin wallets recommend users to pay a little more than you need.
Talking about these issues, the team Bitcoin Optech, joined by Andrew Chou, held his first seminar in San Francisco. On the Square sponsored the event, the developers discussed some of the technology scale, and what you need to make the companies to accept them. Bitcoin Optech said, I don’t want to be “Central authority”, telling the companies what they should or should not do. Lee said that the project prefers to be the catalyst for change.
The team produces weekly bulletins describing the latest additions to the Bitcoin Core. Also, the project wants to realize what Lee calls a “cookbook open source”, which describes in detail various updates scaling, which can introduce cryptocurrency to the company. This documentation will be available to all and not just companies that support Bitcoin Optech.
Perhaps in the future the project will also help companies to take other popular technologies such as Lightning or Network signature Snorra, so as to implement these updates, companies need to update their software. Newbury says that it can take some time. At the moment the team is focused on well witnesses the strategies that the company sector is still not recognized.