Bitcoin Association Releases LiteClient Toolbox

Wednesday, 04/05/2022 | 17:27 GMT by Felipe Erazo
  • In this version, the primary goal is to introduce LiteClient to the Bitcoin SV ecosystem.
  • LiteClient Toolbox (LCT) consists of modular components for the BSV blockchain.
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Bitcoin Association announced on Wednesday that it had released the MVP phase of the LiteClient Toolbox, which allows users to interact with the Bitcoin SV (BSV) blockchain. According to the press release, as described in the original Bitcoin white paper, the toolkit was developed by the Bitcoin SV Infrastructure Team and consisted of several elements that deliver the Simplified Payment Verification (SPV) model.

By using the LiteClient Toolbox, users do not have to download all transactions on the BSV network if they are only interested in receiving or sending transactions. Full nodes need only keep and maintain a copy of the longest chain of block headers and follow existing communication protocols to validate transactions against a Merkle proof.

LiteClient MVP Version's Targets

"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 addresses the fragility and lack of interoperability with the current infrastructure. If things are built and used properly as designed, then there is no risk of things breaking as adoption and data volume on the Bitcoin SV network continues to grow indefinitely,” Jad Wahab, Bitcoin Association’s Director of Engineering, commented.

The association pointed out that this MVP version of LiteClient is intended to inform the Bitcoin SV ecosystem about LiteClient's capabilities, and how they can be applied to various applications. “The adoption of these tools will greatly improve interoperability between services running on Bitcoin SV, creating use cases such as easy, scalable tokens that work with any wallet, payment channels and multi-party payments,” it noted.

Bitcoin Association announced on Wednesday that it had released the MVP phase of the LiteClient Toolbox, which allows users to interact with the Bitcoin SV (BSV) blockchain. According to the press release, as described in the original Bitcoin white paper, the toolkit was developed by the Bitcoin SV Infrastructure Team and consisted of several elements that deliver the Simplified Payment Verification (SPV) model.

By using the LiteClient Toolbox, users do not have to download all transactions on the BSV network if they are only interested in receiving or sending transactions. Full nodes need only keep and maintain a copy of the longest chain of block headers and follow existing communication protocols to validate transactions against a Merkle proof.

LiteClient MVP Version's Targets

"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 addresses the fragility and lack of interoperability with the current infrastructure. If things are built and used properly as designed, then there is no risk of things breaking as adoption and data volume on the Bitcoin SV network continues to grow indefinitely,” Jad Wahab, Bitcoin Association’s Director of Engineering, commented.

The association pointed out that this MVP version of LiteClient is intended to inform the Bitcoin SV ecosystem about LiteClient's capabilities, and how they can be applied to various applications. “The adoption of these tools will greatly improve interoperability between services running on Bitcoin SV, creating use cases such as easy, scalable tokens that work with any wallet, payment channels and multi-party payments,” it noted.

About the Author: Felipe Erazo
Felipe Erazo
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About the Author: Felipe Erazo
Felipe earned a degree in journalism at the University of Chile with the highest honour in the overall ranking, and he also holds a Bachelor of Arts in Social Communication. In addition, he has been working as a freelance writer and Forex/crypto analyst, with experience gained from several forex broker firms and crypto-related media outlets around the world. He has been involved in the world of online forex trading since 2010 and in the crypto sphere since 2015.
  • 1036 Articles
  • 42 Followers

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