Peter Todd Joins Viacoin Development Team as Chief Scientist

Bitcoin Core developer Peter Todd will focus on 'treechains', the Bitcoin 2.0 technology concept he invented.

AccessTimeIconJul 31, 2014 at 6:05 p.m. UTC
Updated Dec 12, 2022 at 1:43 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bitcoin Core developer and current Coinkite advisor Peter Todd has been hired by the Viacoin development team to work on a Bitcoin 2.0 technology concept.

Todd will serve as chief scientist and advisor on both the Viacoin core project and the decentralized smart contract platform ClearingHouse, which is being developed in tandem with Viacoin.

The primary focus of his work will be treechains, a concept created by Todd that allows for block chain scalability and side-chain coordination. Furthermore, treechains promote a greater degree of mining decentralization – a key issue facing the digital currency community today.

According to the official announcement, posted on the viacoin development bloghttp://blog.viacoin.org/2014/07/31/viacoin-hires-peter-todd.html, Todd’s work will allow for greater versatility and complexity of block-chain utilization – something that will enable the technology to be used on a larger scale in the broader economy. Tree Chains will ultimately be integrated into viacoin, serving as the basis of a broader build-out of its block chain and the protocols being developed for it.

Todd told CoinDesk:

"My goals with treechains are permissionless development, decentralizing mining, and making bitcoin scale. I want to allow anyone with a new idea for a decentralized consensus system the chance to compete on a level playing field; treechains is that playing field."

The growth of Bitcoin 2.0

As a developer, Todd is no stranger to either decentralized smart block-chain platforms or Bitcoin 2.0 projects. In addition to his work with Coinkite as chief naysayer and the Bitcoin Core project, Todd has been involved with the development of mastercoin, Counterparty and coloured coins. Notably, Todd resigned from the Mastercoin project following the announcement that he was working with the Viacoin team.

ClearingHouse, like Counterparty – a platform on which ClearingHouse is based – allows for the creation and deployment of a variety of smart contracts and actions. Todd’s treechains concept enables greater coordination and communication between block chains, a potential application that would make smart transactions simpler to conduct.

As such, the impact on digital currency development is significant. Viacoin told CoinDesk:

“Giving Peter the necessary resources to research and develop treechains will have a lasting impact on decentralised consensus-based systems. Mining centralization is an undisputed problem and if you extrapolate it to its logical conclusion, will spell the death of decentralised consensus.”

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.