BitMEX to Launch Software to Compete With Bitcoin Core
BitMEX announces the launch of Bitcoin BitMEX Research to compete with Bitcoin Core "for illustrative purposes" The company hopes to prove that Bitcoin Core is not as powerful or central to the stability of bitcoin as is commonly assumed
Cryptocurrency trading platform BitMEX has announced its intention to launch Bitcoin Bitmex Research, its own Bitcoin software client to compete with the industry standard Bitcoin Core. This was revealed in an announcement posted on the official BitMEX blog.
According to the announcement, the purpose of the project is to disprove the “misconception” that the Bitcoin Core software repository is uniquely able to control changes to Bitcoin’s consensus rules, and that a deletion or takeover of Bitcoin Core’s repository by hostile elements would compromise the existence or stability of Bitcoin. For a better understanding of the schematics for this project, BitMEX classifies the competing software projects with Bitcoin Core into three different groups namely competition between chains, competition between independent implementations and other software projects which neither reimplement the codebase or change consensus rules.BitMEX explains the first category as “…when the competing software project deliberately has a different set of consensus rules to the implementations the users currently run”. According to the platform, using this approach comes with the risk of the coin being split into two chains so in order for it to be effective, a new coin has to be introduced or the competition will be between two different coins or chains. This ultimately means potentially creating a new coin with codes written by the same team as any other approach would betray the concept of competing.
About BitMEX: BitMex is a Peer-to-Peer Trading Platform that offers leveraged contracts that are bought and sold in Bitcoin. BitMEX offers perpetual contracts on bitcoin futures and swaps and also many different fixed-date expiries. The highest leverage BitMEX offers is up to 100x leverage.
