Blockstream: A Versatile Player in the Bitcoin Industry

In August 2021, Bitcoin and blockchain infrastructure company Blockstream completed a $210 million Series B funding round and acquired the Israeli ASIC chip design team Spondoolies. This financing and acquisition marked Blockstream's gradual expansion from its originally software-centric business to the upstream areas of the Bitcoin industry chain.

Blockstream initially focused on the Bitcoin sidechain "Liquid" ecosystem and Bitcoin mining-related services, as well as some data-related businesses. The company is dedicated to providing scaling and enhancement services for the Bitcoin ecosystem. As the business has developed, Blockstream has gradually formed a product matrix covering multiple dimensions such as Bitcoin development, institutional services, and mining.

In terms of product lines, Blockstream offers not only the Liquid sidechain solution for institutions but also ventures into consumer-grade products through the acquisition of the Bitcoin wallet Green Wallet. At the same time, the company continues to maintain and iterate several free products in the Bitcoin ecosystem, such as the Bitcoin full node satellite network Blockstream Satellite, the multi-signature wallet Blockstream Green, and the Lightning Network client c-lightning.

In early 2020, Blockstream announced the launch of Bitcoin mining services, collaborating with multiple companies to develop related businesses. The company also introduced the "Blockstream Energy" service, aimed at helping energy producers sell excess electricity to miners, improve generation efficiency, and enhance the economics of renewable energy projects globally, especially in remote areas.

The core of Blockstream's product matrix is the Bitcoin sidechain "Liquid". As a second-layer network for Bitcoin, Liquid allows for the issuance of security tokens and other digital assets, aiming to provide financial products and services through the Bitcoin network, and is used for the settlement of financial assets.

Blockstream was founded in 2014, and the company boasts an impressive lineup, with founders including former HashCash developer Adam Back and early e-cash developer Hammie Hill. The company also has an all-star development team that includes several Bitcoin core developers.

In the Bitcoin scaling debate, Blockstream represents the opposing stance. They believe that in the long term, congestion issues should be addressed through layer two networks rather than simply increasing the block size. This position has sparked intense debate within the community.

Blockstream's financing and business development revolve around Bitcoin products such as layer two networks, which has raised concerns among some community members about the independence of Bitcoin core developers. Some worry that Blockstream may influence the development direction of Bitcoin.

As one of the most influential organizations in the Bitcoin community, Blockstream often has disputes with the Ethereum community. Company executives have repeatedly stated that a truly decentralized financial system can only be built through Bitcoin, the Lightning Network, and Liquid.

Overall, Blockstream plays a versatile role in the Bitcoin ecosystem, from core development to commercial applications, involving multiple aspects of the Bitcoin industry chain. Despite some controversies, its contributions and influence on the Bitcoin ecosystem cannot be ignored.