BitMEX has announced plans to develop a Bitcoin (BTC) software client that will compete with Bitcoin Core’s software which is currently considered the industry standard.
BitMEX made the announcement earlier this week revealing that will embark on the endeavor through its research division. The crypto trading platform made the announcement in a lengthy post that highlighted the advantages of rival software clients competing in the same space.
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The notion that Bitcoin Core is in charge is flawed
The BitMEX research team revealed that it opted to launch its own BTC client to help eliminate the misconception that Bitcoin Core is the only repository that is responsible for Bitcoin’s development.The BitMEX research team also revealed that the block size debate fueled the misconception especially given the standoff between mining firms and Bitcoin Core. The standoff led to talks within the cryptocurrency community about who is in charge of the GitHub-hosted core software repository.
“People tend to look for somebody who is in control of Bitcoin’s protocol rules. Prior to and during the blocksize war, many thought it was miners, large businesses or Gavin Andresen,” BitMEX Research pointed out.
BitMEX plans to introduce its software client without disrupting the system
The research team also claims that the idea that there has to be someone in control creates the misconception that Bitcoin Core is at the helm. BitMEX research plans to use a new software client that will reduce the dependency on one software repository without adding new risks to the system. This is good for the codebase because it can still be updated using the Bitcoin BitMEX repository in case the Bitcoin Core repository is deleted or hijacked.
The research team revealed that their software client will compete on three main categories: Competition between chains, competition between independent implementations and consensus rules changes. BitMEX does not plan to rollout consensus changes that will require a hard fork require a codebase rewrite of the implemented protocol.
BitMEX offers a Bitcoin Core software fork which will be part of the other projects competing in the same stage. The BitMEX team did not reveal the timeline for the new software client launch.