BitMEX Research, an analysis department of the BitMEX derivative exchange, has been trying to find out who is the most influential and effective Bitcoin developer.
Blockflow and Lightning Labs are the most generous
First of all, analysts at BitMEX Research have been studying the funding of open source developers operating on Bitcoin or the Lightning Network, the second-class scalable solution that works on top blockchain. Below is a chart that includes only developers with known funding sources:
It seems that the Canadian-based Blockstream company shares its lead with Lightning Labs Inc., based in San Francisco. The team then raised $ 10 million in funding for Series A from Slow Ventures, Ribbit Capital and other private investors.
Jack Dorsey's Square Crypto is in third place. The company is passionate about developing Lightning as an anonymous developer, famous for its valuable contributions to this infrastructure.
In a move that can never happen in any other space, we offer a subsidy for what looks like a hash function at first glance. Please welcome ZmnSCPxj to Square Crypto's small but growing family.
In a move that could never happen in any other space, we quite supplying a grant to what looks at first glance like a hash function. Please welcome ZmnSCPxj to the small but growing family of Square Crypto grant recipients.
- Square Crypto (@sqcrypto) December 11, 2019
In the second part of the study, analysts tracked GitHub's commitment activity in the Bitcoin Core repository. Based on their research, it seems that independent developers overtake the company's competitors by a wide margin.
These results allow BitMEX Research to conclude that the Bitcoin development ecosystem is as follows:
Being in a pretty strong situation regarding developer funding, based on metrics like donor distribution and transparency.
This compares with the initial phase of Bitcoin adoption in 2012-2014, when the Bitcoin Foundation was the sole and significant contributor. Diversity has brought in various sources of funding since then, upgrading the decentralization and development of Bitcoin software. So according to the researchers:
The current situation is stronger than before.
According to U.today
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