nChain Announces Technical Support for Bitcoin Unlimited Client Software

LONDON, July 19, 2017 /PRNewswire/ -- Blockchain research and development pioneer nChain announces it will provide technical support to build on Bitcoin Unlimited's client software, and explore further collaboration to help the bitcoin network scale.

To solve bitcoin's current capacity problem, both nChain and BU share the vision to lift the artificial 1MB block size limit, enable larger blocks, and achieve significant on-chain scaling of the bitcoin network.  Other proposed solutions, such as Segregated Witness (or SegWit 2x), merely defer the capacity problem.  With increased scalability via larger blocks, the network can power faster transactions and enterprise-level capabilities – cementing bitcoin's place as the dominant cryptocurrency.

Unlike Bitcoin Core, the BU client software is designed for larger block sizes.  To further accelerate support for BU's vision of a scaled network, nChain will build on the BU client software and further address the needs of bitcoin miners.  nChain's development team will contribute its staff and processes to strengthen the BU software with (1) rigorous software testing and quality assurance - including a Secure Software Development Life Cycle, and comprehensive testing that includes unit and regression testing, as well as performance, loading and explorative testing; (2) thorough software documentation; (3) strong software support; and (4) detailed project management.

On July 24 and 25, 2017, teams from nChain and BU will meet for a workshop in Vancouver, Canada to discuss technical improvements to the BU software.  nChain will also explore additional ways to use its innovations and expertise to collaborate with BU, and to jointly support on-chain scaling of the bitcoin network.

nChain's Chief Executive Officer Stefan Matthews comments:

"nChain's mission is to enable exponential growth of the bitcoin cryptocurrency and the bitcoin network for everyone's benefit.  We have confidence that the BU client software provides a solid foundation for this mission, and are pleased to provide our expertise and resources to improve the software.  This will open a future of massive on-chain scaling where everyone, especially miners, reaps financial rewards, as the value of bitcoin dramatically increases."

Andrew Stone, Lead Developer of Bitcoin Unlimited, remarks:

"I am excited to work with the nChain team to make Bitcoin Unlimited a stronger, more useful client.  Bitcoin Unlimited already has significant support as an alternative to Bitcoin Core, but better software will only enhance its role as the foundation to a faster, more powerful network -- the network that the bitcoin community has always envisioned."

Providing technical expertise for BU software is the first among many steps nChain intends to take to support the broader bitcoin community.  Mr. Matthews observes:

"Bitcoin has reached a critical juncture, and its community has become highly polarized.  It's time to remember we're all on this bitcoin journey together, and there is more than enough opportunity for everyone to succeed.  While reasonable minds may disagree on how network growth should occur, let's not artificially divide the community.  Instead, let's find more ways to collaborate and foster 'coopetition' to achieve a rewarding bitcoin future for all."

In addition to its support of BU, nChain is researching and developing tools, protocols and applications to support blockchain growth worldwide. This includes a software development kit to enable programmers to develop applications on the bitcoin blockchain, solutions for scalability of the bitcoin blockchain, inventions to improve security, on-chain scripting for smart contracts and a decentralised trading platform that uses autonomous agents.

ABOUT NCHAIN: nChain is the global leader in research and development of blockchain technologies.  Its mission is to enable massive growth of the bitcoin network and dramatic increase in the value of bitcoin for everyone's benefit.   The nChain Group of companies has grown to a team of in excess of 60 world-class scientific research, engineering and other professionals primarily based in London, United Kingdom and Vancouver, Canada.

NOTES TO EDITORS

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