Bitcoin is decentralized, but its development requires coordination and collaboration.
The development of Bitcoin must be able to protect a network of high market value.
The B Word event, held yesterday July 21, included in its programming a panel on how to support the open development of Bitcoin, where specialists and entrepreneurs participated who shared their opinion about the current state of this crucial area for the evolution of this technology.
In different talks, the panel «Supporting the Developer Ecosystem», or in Spanish, «Supporting the Developer Ecosystem», showed the opinions of specialists such as John Newbery (Developer, Brink), Alex gladstein (Human Rights Foundation), Conor Okus (Square Crypto), Beth kurteson (Gemini), Hong Fang (OKCoin CEO) and Neha narula, director of the Digital Currency Initiative of the Massachusetts Institute of Technology (MIT), among others.
To log in, your host, Yassine elmandjra, an analyst at ARK Invest, pointed out that the lack of a central authority in Bitcoin is its main characteristic, but that does not imply that there should not be coordinated and rigorous efforts for its development.
The participants of the support panel for the development of Bitcoin in The B Word were developers, entrepreneurs and leaders of organizations with an interest in this technology. Source: The B Word.
“Today Bitcoin is maintained by a passionate group of volunteer developers and distributed organizations, but its long-term success requires a financing model that is sustainable,” he stated.
From this same premise, John Newbery, Bitcoin developer and founder of Brink, started, an organization focused on providing financing, mentoring and education to Bitcoin developers. For Newbery, Bitcoin is “Open Source Money”, whose foundations are based on decentralization, collective collaboration and freedom of expression applied to software.
After reviewing the history of open source software and Bitcoin, Newbery detailed the responsibilities and “critical” tasks of a developer: reviewing and testing the code, finding and fixing bugs or flaws in it, improving its performance (more if necessary). is about an interconnected network), improve security and add new functionalities.
Regarding the history of the development of Bitcoin, Newbery assured that the number of changes made, the comments reviewed in total and the number of commentators who participate in this task, has increased over the years.
Bitcoin code developer and commentator activity has increased over time, but participants are still lacking to adequately protect the value of this network and technology. Source: John Newbery.
However, considering that the price of Bitcoin and its market capitalization has increased exponentially, Newbery considers that Bitcoin development is not funded to the extent required to protect the value that this network retains– A market capitalization of approximately $ 600 billion, according to CoinMarketCap.
In this regard, during the presentation by Peter McCormack and John Pfeffer, entrepreneur and co-founder of Brink, the question arose as to how much financing is really needed to drive the development of Bitcoin.
Pfeffer said this depends on how much work, how long and how many people it takes to achieve a specific goal. “It does not require 10 times more than what is already being given, as it could not be productive,” he said, referring to how the dispersion of efforts can generate the opposite effect to what is sought.
He also stressed that it is necessary to finance Bitcoin developers with money, since it is a job that requires dedication and specific skills. He also sees positive that more organizations can conform and educate developers in different parts of the world.
“The developer community is quite open and responsive, but also demanding, defending a really important monetary network, so it is based on the high standards of its community,” said Pfeffer, advising those who want to be developers to interact in the ecosystem looking for opportunities and projects.
I want to be a Bitcoin developer: who do I have to support me?
Newbery, like other participants throughout the session, mentioned the various organizations that support the development of Bitcoin, with various purposes.
Among the non-profit initiatives, Newbery mentioned Chaincode Labs, The Bitcoin Foundation, MIT’s Digital Currency Initiative, and Brink. As for organizations that do have commercial interests, but support the development of Bitcoin, they are Blockstream Y Square Crypto, who to develop their products need to work on Bitcoin and its allied Lightning network.
Likewise, in recent years some exchange houses such as OKCoin, Bitmex, Xapo and Gemini, have also issued sponsorships to the development of Bitcoin. In the panel where representatives of OKCoin, Gemini and Square participated, they affirmed that they will continue to present initiatives to support the development of Bitcoin.
From Gemini, as reported by CriptoNoticias, recently approved a donation of $ 1.5 million to support 2 Bitcoin Core developers, aiming to further improve the protocol.
“Bitcoin is not ready”
In his speech, the Dr. Neha Narula, Director of the Digital Currency Initiative (DCI) from the Massachusetts Institute of Technology (MIT), announced that the organization he represents would be launching an initiative focused on improving the security of Bitcoin.
As he stated, the objective of the initiative is to take the global security infrastructure of Bitcoin from being a system capable of protecting a market of 1 trillion US dollars.
For this, they will form a team of 10 experts and developers, they will dedicate themselves to eliminating and preventing bugs in the main Bitcoin network, they will carry out research on economic security (for example, balancing the network’s commission system with the increase in the price of BTC). They will also seek to automate processes, identify best practices and not rely so much on experts with infrequent skills.
Narula invited anyone interested in becoming a Bitcoin developer or getting support for their projects to contact the DCI on its official page.