Bitcoin infrastructure giant will support the GreenAddresse team in improving privacy and security functions and making the wallet fully compatible with Blockstream's sidechain technology.

GreenAddress' founder and former CEO Nahum Lawrence, who became the senior architect Blockstream, announced that he is very satisfied with the acquisition.

“Blockstream is not just going to need some node service that provides some functionality, but it's also going to need an interface, a wallet. It will provide an integrated solution for Blockstream customers.”

According to him, GreenAddress already supports the principal functions of Blockstream sidechain, something other wallets seem to lack. It is expected that the two technologies combined will increase the wallet users' capabilities. GreenAddress also works to develop an open source wallet library, which will be available for multiple platforms and programming languages.

Sidechains are attached to a public ledger and allow operations with bitcoins and other assets between many blockchains at once. The sidechain technology enables bitcoins and other ledger assets to be transferred between multiple blockchains, which is very beneficial from the point of view of capitalisation. To develop it, Blockstream attracted $76 mln in two investment rounds.

In October 2015, the company launched its own sidechain Liquid, which extends blockchain functionality and allows users rapid transfer and settlement in a separate high-volume and low-fee secure cryptographic system.

GreenAddress, founded in 2014, was one of the pioneers to adopt innovations such as hierarchical deterministic purses that generate new addresses for each incoming transaction and secures it with the multisignature function.

Ludmila Brus