Parity Technologies Introduces New Bitcoin Software Written in Rust

On April 27, the startup Parity Technologies announced the launch of a new protocol stack using a new implementation of the Bitcoin software. The ‘Parity Bitcoin’ client is written in Rust adding one more alternative implementation to the Bitcoin ecosystem.

The start-up Parity Technologies is a Blockchain-based company headed by the former Ethereum CTO and co-founder Gavin Wood. The company’s first product was the popular ‘Parity Ethereum,’ an ETH client that integrates into a browser. The team behind the new bitcoin client says the software was built from the ground up, with great attention to detail.

The Parity Bitcoin client (Pbtc) is a complete bitcoin node as the existing software nowadays, the only difference being that the protocol is written in a different programming language. The Pbtc protocol stack can act as a wallet, verifying node, and also import Bitcoind among its many features using the command line. The computer hosting the Parity client also needs to install the Rustc 1.16.0 and Cargo software in order to use the new protocol with the Rust codebase.

In addition, the Parity Bitcoin software is open source licensed under the GNU GPL and will allow other fork projects or build upon it further. The Rust codebase is also used widely among developers, being known for its ease of use and reliability. Zooko Wilcox-O’Hearn, the founder of Zcash, believes the Rust version of the Bitcoin software is great for decentralization.

“Zcash is based on Bitcoin, and we’ve started using Rust, so we’re delighted to see a full Bitcoin implementation in Rust from a good team,” Wilcox-O’Hearn explained. “This kind of innovation helps move the whole ecosystem forward.”

The project was initially funded by mining groups Bitmain, Bixin and F2Pool. The three companies said during the announcement that a Rust version of Bitcoin is an excellent addition to the growing number of Bitcoin implementations.

Parity Technologies is also developing its Polkadot software that aims to increase interoperability among multiple block strings like Bitcoin and Ethereum. Gavin Wood is delighted to introduce Bitcoin’s new implementation and is excited to see that it fosters development. In addition, Wood detailed that he would love to see more collaboration between the developer community of Bitcoin and alternative block programmers.

“We’re glad to hand this to the Bitcoin developer community and hope the fresh start can form a springboard for innovation. We’d love to work with other Bitcoin protocol folk to get key improvements like Schnorr signature schemes widely adopted”

Bitcoin’s new software comes at a time when alternative implementations are facing scrutiny over the scale debate.


Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and/or services. This press release is for informational purposes only. Information does not constitute an investment advice or an offer to invest.

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