Bitcoin investors got a wake-up call in 2017, as they had had to pay a high price of $26 for a single transaction. The price rise got back to normal after some time, but the tension of spike still lingers as it can happen again in case Bitcoin becomes a standalone currency to achieve higher profits.
“The fees would not have to be that high next time,” a statement put forward by Bitcoin OpTech owners.
Bitcoin OpTech is the result of an effort of Bitcoin Core contributor John Newbery, who aims at helping the companies that depend on the bitcoin software to figure out innovative technologies, they are probably not aware of, including those that have can lower the transaction fees.
Newberry revealed in an interview that “Bitcoin businesses were unaware of new crypto technologies. At the same time, there is immense scaling tech that can help them, but they have not adopted yet.”
This gave him the idea that the developers with coding skills of digital money can help companies acknowledge updates, for example, SegWit- the bug fx segregated witness, came into sight last year, but businesses did not adopt it fully as they were unaware of its technicalities.
The project is ready to get off the ground as some of the topmost investors Xapo CEO Wences Casares, entrepreneur John Pfeffer and bitcoin development group Chaincode Labs are funding the project.
Brock Miller, Coinbase lead Bitcoin engineer, said, this idea, with the help of others Bitcoin engineers, can tackle major problems.
15 to 20 companies have joined hands with Bitcoin OpTech so far. According to Newbery, OpTech can help companies scale new technologies while bringing people together.
This will even foster the relationship amongst the groups that support the power of decentralization. Going through bitcoin’s history, you will get to know about the rift that had emerged between developers of the Bitcoin Core protocol and the industry’s companies, both recommending different technical upgrades to Bitcoin investors.
To solve this issue, OpTech has identified key technologies that can help traders of Bitcoin and other Altcoins cut off transaction costs.
One of the major problems is which”coins” to send when a bitcoin user sends a transaction. Talking about the complexity, Steve Lee, Bitcoin OpTech project manager, stressed that the technique for the selection of coins varies from wallet to wallet.
Bringing a new change
The Bitcoin OpTech team does not want to be like central authority, helping bitcoin companies scale the latest technologies.
Instead, the team is trying to be a catalyst to make the most of Bitcoin, said Lee. By hosting more workshops around the world, Bitcoin Optech wants to empower Bitcoin engineers by enabling them to step up from traditional techniques while making the most of new technologies.
Bitcoin Optech is now working on key technologies related to Bitcoin, but they are likely to talk about Ethereum,“the second major crypto after Bitcoin,” and everything related to it, for example, Ethereum mining pool, revealed by Steve Lee.
About the Author