Software to store Bitcoin grew 500% so far in 2022

How to configure Metamask for Binance, Avalanche, Polygon and other blockchains

The Bitcoin Knots software, a Bitcoin client that also works as a wallet to store BTC, went from 37 users in early January to 208 today. This implies a growth of 562% in just three months.

A Bitcoin client or implementation is a type of software that allows the device that works as a node (be it a computer or other type of specialized hardware) to communicate with the rest of the nodes that are part of the network.

The boom in the use of the Bitcoin Knots client began in January of this year, a few weeks after the release of its most recent update.

Advertising

Software to store Bitcoin grew 500% so far in 2022

Version 22.0 includes enhancements to support the use of I2P, also known as the Invisible Internet Project, by its English name. In a few words, it is an anonymous network of computers distributed worldwide that are responsible for encrypting the traffic of its users in order to make it difficult to track them.

graph shows the increase in the use of the bitcoin knots client, surpassing the use of bitcoin core
Here you can see the spike in usage of the client developed by Bitcoin Knots in the last three months, beating Bitcore software for the first time. Source: Coin Dance.

The user interface (GUI) has one of the most striking improvements, which is the possibility of signing transactions with external wallets such as cold wallets. It should be noted that this is an experimental quality feature, according to what the repository explains in GitHub of Bitcoin Knots.

CriptoNoticias wanted to contact Jeremy Rubin, developer in charge of Bitcoin Knots, to talk about the increase in users of his client and the possible updates that come in the future. However, there was no response from him until the time of publication of this article.

See also  Bitcoin difficulty rises after 3 falls and marks the reactivation of mining

Advertising

Software to store Bitcoin grew 500% so far in 2022

Bitcoin Core is still in the lead and by far

Despite the dramatic increase in the number of users of the Bitcoin Knots client in recent months, the Bitcoin Core implementation remains the most widely used implementation of the original cryptocurrency on the network.

Software to store Bitcoin grew 500% so far in 2022
Bitcoin Core has more than 15,300 nodes using its client, against 207 for Bitcoin Knots. Source: Coin Dance.

The 15,360 nodes that use the Bitcoin Core client they represent 98.17% of all network nodes globally. According to the website of Luke Dashjr, the number of Bitcoin Core nodes is much higher (more than 51,000). However, the percentage of participation does not change much, 98.87%. Interestingly, Bitcoin Knots is a fork of the Bitcoin Core client.

A fork in the context of this technology implies that a new project uses the same code base of another to replicate it and make modifications that can be as light or drastic as its developers wish. Forks are common in open source projects. This means that the client developed by Rubin is based on the same parameters as that of Bitcoin Core, with the slight variations that Bitcoin Knots may present.

What advantages does managing a Bitcoin node give me in 2022?

Managing a Bitcoin node is an activity that, unlike mining or trading, does not receive any kind of dividends. There are no commissions or any type of remuneration for becoming responsible for a node of the most important cryptocurrency in the ecosystem.

So why would anyone invest time and money in such work? There are 3 common reasons: for functionality, for security and for ethics.

Operating a Bitcoin node has certain benefits for those who transact on the network or mine on it. On the miner’s side, the advantage is that there is less delay in the transactions that the mining teams process, especially if they are mining solo. The same goes for those who regularly send Bitcoin transactions.

On the other hand, the fact that a user’s wallet is directly connected to their own node and not to that of a third party favors the confirmation process of the transactions they carry out.

Some Bitcoin node managers do so because, despite not receiving a material incentive, they are rewarded for supporting the libertarian ideals of Bitcoin and the security of this network. A system that allows people to be their own bank and have access to all their money at any time.

Leave a Comment

Your email address will not be published.