Bitcoin Wallet Bought By Blockstream To Promote Sidechains

Blockstream bitcoin

Blockstream buys the wallet provider GreenAddress to boost their startup, which have a  positive impact on the development of its signature. The team of three developers of the GreenAddress will continue to work on the features of security and privacy for the wallet for the sidechains, which is a bitcoin infrastructure component raised $76 million by the Blockstream in the rounds of two investments.

The former founder and CEO of the GreenAddress Lawrence Nahum, who is now a senior architect at the Blockstream states in an interview that the main mission is to shape the wallet into something which should be portable for the sidechains. The sidechains is a technology, which is used to enable a new set of the interoperable blockchains, that can give benefits to the bitcoin blockchain.

Compatibility of the Sidechains

The two companies are planning to merge their technologies. According to Nahum, the sidechains alpha functionality of the Blockstream is already supported by the GreenAddress, which will not be appeared to the publicly supported by the other wallets. The main plan is to further integrate both.

By supporting the elements of the Sidechain, major way for the wallet is to integrate the technology. The  developers to blend and match the features, which are allowed by the open-source tool. The current in-progress of the sidechains consists of the first commercial sidechain and the alpha testnet.

Future plans

The team continues to work with other security and privacy features, looking into the future that consists of smart contract upgrades and updates to the core bitcoin code such as checksequenceverify and checklocktimeverify.

According to Nahum, the trustless transactions are offered by the bitcoin whereas these features are more trustless transactions. Plus, the team is also working on a multi-platform wallet library, which will be available across the programming languages and platforms. He further states that the new ownership will work well for the development of the wallet.

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