News

BitMex Takes a Shot at Bitcoin Core, Set to Launch Software Client

BitMex’s research department has revealed that the cryptocurrency trading platform would be launching its bespoke Bitcoin software client, which would grant the startup a competing capacity as regards implementation and industry standard Bitcoin Core.
The announcement included the reason for the invention, as the research department stated that its BTC client would help correct the misunderstanding that open-source software repository Bitcoin Core facilitates crypto development and “has the unique capability to change or prevent changes to Bitcoin’s consensus rules.”

Who Controls Core?

According to the authors, there is speculation that this misunderstanding got more pronounced owing to blocksize debate which was incorrectly perceived as a form of a standoff between mining firms/large virtual currency conglomerate and Core.
Though at the earliest phase of the standoff, there was a lot of discussion in the crypto sector as to who wields the control of the software repository which as at press time is hosted on GitHub and also a question of what would transpire peradventure the repository is hijacked or deleted.
BitMex’s point of view in this discussion appears to be a little out of the point, as it not a subject of debate that it is users who should be the ones who are truly in charge of the cryptocurrency protocol rules. The company noted;

“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. One of the unexpected negative consequences of that war is that many seem to have switched their opinions to believing Bitcoin Core is in-charge, an equally flawed view. The truth is, as hard as it is to appreciate, end users are ultimately in charge of Bitcoin.”

With BitMex research, the innovation is targeted at reducing the level at which the network relies on a single major software repository, on the other hand, they are also trying as much as possible to achieve this without introducing new risk to the platform. This would imply that BitMex would launch its client as a fork from Core.