Open Source Payment Software for Bitcoin

Executive Brief

With its highly innovative machine-payable web concept, cryptocurrency startup 21 Inc has delivered some genuinely interesting ideas for the future application of Bitcoin. Until now the software behind their 21 network and 21 Marketplace was a closed system, but they just announced a move to open source, offering the ability to experiment and innovate the concept through the now freely available software. The interesting thing about this idea is that it is only possible through digital currency, a unique application that could go a long way to validate the cryptocurrency industry itself as well as build trust with digital currencies.

Read the full story below. 

One of the big successes of the startup revolution in the digital currency industry, 21 Inc has developed several ideas and projects including its own 21 Inc computers. Recently it also announced a software based payment system for Bitcoin, and just announced the move to open source that software, something it proposed it would do a few weeks ago at the Consensus Event in May.

As noted previously, 21 Inc are focusing on producing an API structure that allows micropayments for developers in real time transactions all driven by blockchain in real time. That machine payable wen structure can only become possible through wide spread adoption, and here is where the new changes begin to make sense. The software systems that drive these micropayments becoming open source enables a faster development and wider opportunity for new ideas and innovation.

Once installed the new software connects to the 21 Network and marketplace, systems that previously required the use of bespoke 21 Inc computers to access previously, and allows users to begin exploring the potential of the system and the micropayment structure it proposes. Along with the software download, 21 Inc have put together a basic guide to give users a foundation in the possibilities of the software itself.

The idea of a machine-payable structure is itself incredibly innovative, and now with the software open source, the concept is open to a much larger audience, which should lead to much more interest. Digital currencies still need that killer application that it would be impossible to achieve with other payment systems and currencies, and these kinds of automated micropayment networks could be that application. With the internet of things growing in popularity, this concept is positioned perfectly to take advantage of that technology. With wider adoption through a system like this, cryptocurrencies can then move into the broader market with a much enlarged user base.

The views expressed by the authors on this site do not necessarily represent the views of DCEBrief or the management team.

Author: Thomas Moore

Thomas Moore is a writer and researcher with a love for the eclectic, family and the world we inhabit. He spends his spare time photographing the varied wildlife that surrounds us daily and contemplating why Firefly never made it past season one.

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