The Bitcoin Association has released the MVP phase of the LiteClient Toolbox, a modular component to simplify interactions with the Bitcoin BSV blockchain.
Continuing to grow in scale, the Bitcoin Associations’ BSV blockchain was designed to withstand global demands whilst delivering high data output. The LiteClient Toolbox helps alleviate this high volume as users are able to easily interact with the blockchain without running full nodes.
The toolkit provides several elements which enable Simplified Payment Verification (SPV). The improved functionality of the toolkit allows crypto traders and receivers to send payments directly to one another.
“We are pleased to announce the launch of the LiteClient Toolbox, which delivers the efficient model of SPV described in Section 8 of the Bitcoin White Paper,” stated Patrick Prinz, Bitcoin Association Managing Director.
“The BSV blockchain continues to scale far beyond the capabilities of other protocols and traditional digital payment networks. We encourage wallet services, exchanges and other application operators on the BSV network to become familiar with LiteClient toolbox.”
The MVP phase of the toolkit has been described by the Bitcoin Association as a “long-overdue first step to moving Bitcoin infrastructure in the right direction”.
Bitcoin SV’s ecosystem, a primary component of the BSV blockchain, will benefit from the MVP phase as it seeks to enable its functionality across various applications. This in turn will help tokens spread across various wallets, multi-party payment methods and state channels.
Businesses who already engage with the Bitcoin BSV blockchain will be able to leverage one or more components of the LiteClient Toolbox. Firms such as wallet providers, exchanges with payment capabilities, companies, SMEs and individuals who contact the BSV blockchain all have the opportunity to adopt the toolbox’s usage.
Bitcoin Association Director of Engineering, Jad Wahab, commented: “Bitcoin was designed from the start in a maximally scalable way. You do not need to run a fully indexing node just to send and receive Bitcoin payments or interact with the blockchain.
“You just need to store and update the chain of block headers as well as direct communications between the parties. The initial phase of the LiteClient programme helps enable direct payments and communications and address the fragility and lack of interoperability with the current infrastructure.”