Get ‘Yer Scaling While It’s Hot: Bitcoin Optech to Foster Community Efficiency
The newly launched Bitcoin Optech, formally known as the Bitcoin Operations Technology Group, has set its eyes on helping companies in the crypto ecosystem onboard contemporary Bitcoin scaling techniques. The group, headed up by prolific Bitcoin developer John Newbery and a small outfit of experts, hopes to foster efficiency and a “collaborative atmosphere” in the space.
Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts
Come One, Come All: Bitcoin Optech Happy to Help
In a July 20th announcement, Bitcoin Optech hailed its arrival in the community and declared its mission to help companies implement “the best scaling techniques” currently available for the OG cryptocurrency.
Indeed, the group said it would be eschewing focus on in-progress solutions like Schnorr signatures and the Lightning Network in favor of what “can be deployed by companies today,” namely strategies like “segwit usage, transaction batching, fee estimation and coin selection.”
Renowned Bitcoin developer, engineer, and Chaincode Labs member John Newbery is joined at Optech by fellow Chaincode peer James O’Beirne (developer, engineer), Marcin Jachymiak (engineer), David A. Harding (technical writer), and Steve Lee (Product Manager).
On Twitter, Newbery said the name of the game was getting the scaling strategies in question “widely adopted”:
I'm very proud to be a part of this with @jamesob, @moneyball, @hrdng and @MarcinJachymiak. I'm really looking forward to working with Bitcoin companies to get best scaling practices more widely adopted.
— John Newbery (@jfnewbery) July 20, 2018
The Plan, and What the Group Ain’t
In their announcement post, Bitcoin Optech laid out their plans for the foreseeable future, which included conducting engineering workshops, holding online forum discussions, collaborating with Bitcoin companies’ engineers, and possibly even creating what they dubbed a “scaling cookbook.”
The group also was explicit in what they weren’t:
“We’re not a Bitcoin foundation. We’re just engineers and contributors who care about Bitcoin and want to see it succeed.”
“We don’t represent Bitcoin Core. We’ve all contributed to that project, but our work with Bitcoin Optech is project-agnostic.”
“We don’t represent and are not beholden to any Bitcoin companies.”
“We’re not profit-driven. We’re fortunate enough to have sponsorship to carry out our work, and are asking for modest contributions from member companies to cover our expenses.”
A Who’s Who of Who’s In
The endeavor already boasts several member companies, most highly recognizable in the cryptocurrency ecosystem, e.g. Coinbase, Ledger, and Xapo.
Bitcoin Optech’s sponsors will also be familiar to many in the space — Wences Casares is CEO of Xapo, Alex Morcos is a Chaincode Labs co-founder, and John Pfeffer is an oft-spotted entrepreneur in crypto.
With members and backers like these, not only will Bitcoin Optech likely thrive, but so should its efforts to foster scaling tech adoption among ever-maturing Bitcoin companies.
What’s your take? Is the launch of Optech an applaudable move for the ecosystem? Sound off in the comments below.
Images via Bitcoin Optech, Pixabay