Vladislav Sopov

With COVID-19 being the main hellraiser for the last weeks within blockchain space, the BitMEX derivatives exchange has brought some good news about Bitcoin (BTC).

BitMEX Research, an analytics branch of the BitMEX crypto derivatives exchange ecosystem, attempted to figure outwho arethe most influential and productive Bitcoin (BTC) developers.

First of all, analysts at BitMEX research studied thefunding of open source developers working on Bitcoin (BTC) or the Lightning Network, the second-layer scalability solution working atop the flagship blockchain. Below is the chart that includes only developers with known sources of funding:

It looks like theCanada-based company Blockstream shares the first position with Lightning Labs Inc., which based in San Francisco. The later team recently raised$10 million in Series A financing from Slow Ventures, Ribbit Capital, and other private investors.

Jack Dorsey's Square Crypto is in third place. The company is passionate about Lightningdevelopment as an on-board pseudonymous developer, which is well-known for its contributionto this infrastructure.

In the second part of their research, the analysts tracked the GitHub committing activity in Bitcoin Core's repositories. Based on their research, it appears that the independent developers surpass their corporate competitors by a wide margin.

These results allowed BitMEX Research to conclude that the Bitcoin (BTC) development ecosystemis the following:

is in a reasonably strong situation with respect to developer funding, based on metrics such as the distribution of funders and transparency.

This is in comparison with the initial stage of Bitcoin (BTC) adoption in 2012-2014, when the Bitcoin Foundation was the one and only significant contributor.Nowadays, diversity has brought funding sources, whichin turn, has upgradedthe decentralization and development processof Bitcoin (BTC) software. So, according to the researchers:

the situation is more healthy than it has been in the past

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Bitcoin (BTC) Ecosystem Healthier than 2014 and BitMEX Research Explains Why - U.Today