Template:New unreviewed article
 | |
| Company type | Corporation |
|---|---|
| Industry | Cryptocurrency Software |
| Founded | 2014 |
| Headquarters | San Francisco, California, |
Key people | Adam Back |
Number of employees | 10-50 (as of 2014)[1] |
| Website | www |
Blockstream is a blockchain technology company founded by co-founded and led by Adam Back and Gregory Maxwell.
The company is focused on developing bitcoin applications specifically sidechains, as well as other applications.[2][3] Blockstream has raised $76 Million dollars to date.[4][5] Blockstream employs some prominent bitcoin developers including Adam Back (President, Blockstream), Gregory Maxwell (CTO, Blockstream), Mark Friedenbach (Co-founder, Blockstream), Pieter Wuille (Bitcoin Core developer).[6]
On October 12, 2015, Blockstream announced the release of its Liquid sidechain which could allow for the transfer of assets between the sidechain and the main blockchain.[7][8][9] Blockstream produces software that facilitates interoperability between the main chain and the sidechain.[10] Blockstream claims that Liquid reduces the delays and friction involved in a normal transfer of bitcoin. Blockstream asserts participating exchanges–Bitfinex, BTCC, Kraken, Unocoin and Xapo can make near instant exchanges between their accounts and orderbooks.[11][12] The company has proposed that the Liquid sidechain, which is a pegged sidechain, be added to the bitcoin protocol.[13][14][15] The source code for sidechains has been released on an open source basis.[16]
Blockstream hired Rusty Russell, a well-known developer famous for his work on Linux kernel, to develop an implementation of the Bitcoin Lightning Network (LN). Russell has a four-part LN explanation on his blog.[17] The Lightning network proposes to reduce transaction costs by allowing nodes to hold some transaction data in the cache before submitting it to the chain.[18]
Bitcoin’s block size debate has caused some to question the company’s incentives. Blockstream employs five developers who have contributed to or contribute to Bitcoin Core: Pieter Wuille, Jorge Timón, Gregory Maxwell, Mark Friedenbach, and Matt Corallo.[19][20]
Some claim that Blockstream intends to control the bitcoin protocol through its employment of Bitcoin Core developers.[21] This, however, seems unlikely as Bitcoin Core’s lead maintainer Gavin Andresen is part of MIT’s Digital Currency Initiative and only merges pull requests with far-reaching consensus, regardless of what any of Blockstream’s employees may request or suggest.[22] A prominent bitcoin developer named Mike Hearn quit the bitcoin project in protest to the dispute involving a failed block size increase, that Hearn claimed was being opposed by Maxwell of Blockstream.[23]