What is Blockstream?
On the surface, Blockchain presents itself as a blockchain technology company. That is nothing out of the ordinary, as multiple such companies exist today. Blockstream was co-founded by Adam Back,Gregory Maxwell,Austin Hill, and a few other individuals.Most Bitcoin enthusiasts will be well aware of these names, as these three individuals have been linked to the development of Bitcoin Core in one way or another.
What about the investors of Blockstream?
Blockstream is proud to be working with leading investors from Asia, Europe and North America, including alphabetically AME Cloud Ventures, AXA Strategic Ventures, Blockchain Capital, Digital Currency Group, Digital Garage, Future\Perfect Ventures, Horizons Ventures, Innovation Endeavors, Khosla Ventures, Mosaic Ventures, Real Ventures, Reid Hoffman, and Seven Seas Venture Partners.
What does Blockstream do?
What Blockstream also does is provide funding the development of Bitcoin Core. While it is true developers need to be financially supported, the involvement of Blockstream has been a significant cause for controversy. A lot of people feel Blockstream is actively influencing the direction in which Bitcoin Core is heading right now.
It is worth mentioning Blockstream has also been actively involved in other Bitcoin development. The Lightning network, for example, is made possible thanks to Blockstream hiring Rusty Russell. His job is to develop an implementation of the Bitcoin Lightning Network. This project will only become a reality if Segregated Witness activates on the network, which is the proposed scaling solution by the Bitcoin Core developers.
Blockstream also released an open source project which goes by the name of Elements. This environment will serve as a test bench for sidechain products in the future. Moreover, it can be used to design new Bitcoin protocol extensions. In fact, Segregated Witness was initially tested on the Elements Project testing environment, as was the Confidential Transactions proposal by Gregory Maxwell. It is expected other Bitcoin protocol extensions will make their way to this testing environment as well.
What are the core value of Blockstream.com?
We believe in permissionless innovation.
In the grand tradition of TCP/IP and HTTP that gave rise to the Open Internet, we aim to foster an ecosystem where new financial innovation can thrive. We seek to ensure developers, asset issuers, and users all have provably fair and cryptographically-assured computing technology for their needs.
We believe in fairness, openness, and accountability.
We want to power interoperable markets that are fair and accountable. Openness, accountability, and public ledgers should be the norm and should not require users to sacrifice privacy. We seek to empower users with trustable and secure financial mechanisms via public auditability of their transaction history without disclosing more than is necessary for the integrity of the blockchain.
We believe in programmable trust for all.
We are a private company with a very public mission: the transformation of technologies of trust for the benefit of all.
How Blockstream Plans to Improve Bitcoin Privacy?
Bitcoin is often credited for being a way too anonymous and private mode of transaction. But if Blockstream’s Greg Maxwell is to be believed, there is a still a scope of improvisation.
The Blockstream co-founder and core developer recalled a number of privacy issues with Bitcoin, mostly related to revealable identities of Bitcoin transactors. He said that if an onlooker manages to disclose the identities of involved transactors, he can further figure out one’s financial history by simply looking at his publicly available transaction records.
“You can leak this information to everyone, and they just have to attach your name to one address [to] get all of the other details,” Maxwell added. “When we ask institutions about using bitcoin, even the most boring institutions look at this and say, ‘We don’t want to use all of our transactions in public’.”
Maxwell further pointed out Bitcoin privacy issues in context of inheritance, saying that if a digital currency leaves its footsteps behind, people could know how it was used ever since the moment it was first mined.
“If each bitcoin has a history and people know how it’s used, then maybe some people won’t want some bitcoin,” he added.
The news about the Blockstream
Blockstream to Launch First Sidechain for Bitcoin Exchanges
Blockstream is the leading provider of blockchain technologies, on the forefront of work in cryptography and distributed systems. From fraud to counterfeiting, from security to confidentiality, from accountability to transparency, our mission is to solve problems that undermine trust in today’s financial systems.
Statement: Please be sure to indicate the author and source when reprinting the article.