Valyrian Tech Presents The Bitcoin Spellbook Project

By May 5, 2016Bitcoin Business
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Valyrian Tech

Valyrian Tech, a Bitcoin venture, announced the beta release of “The Bitcoin Spellbook” an open source set of tools designed to interact with Bitcoin’s Blockchain. Wouter Glorieux a 33-year-old programmer and creator of the Valyrian Tech project stated that his main goal is to create software that lets any group of individuals to form a decentralized company, where profits are shared fairly based on each one’s contribution.

Wouter Glorieux is a 33-year-old programmer, with a bachelor’s degree in applied informatics, 8 years of experience as a System’s Administrador, and development experience of Enterprise Resource Planning systems. Glorieux has been obsessed with Bitcoin since 2011, he is one of the members of the Ghent Bitcoin City Project, where he has been doing work as a Bitcoin evangelist, convincing merchants to accept Bitcoin as a payment option.

Glorieux main goal is to figure out new and unexpected ways to use Bitcoin’s technology, The Bitcoin Spellbook is a set of tools that uses Bitcoin’s blockchain as it is, using standard features that increase the library’s compatibility (covering most wallet solutions). The Bitcoin Spellbook (codename Project Meraxes) is a collection of Bitcoin APIs and webservices, they are the core tools that Glorieux will use to allow his future projects to talk with Bitcoin’s Blockchain.

The Spellbook is a collection of 5 spells (APIs)and 3 enchantments (webservices) that use the Bitcoin Blockchainalong with some code relating to BIB44 Wallets. Some of the tools included are a data retriever which fetches data from multiple block-explorers, a tool that sorts the received transactions of a Bitcoin address into a list of address-value pairs, a voting mechanism, a service that automatically reveals a link, text or send email when an address received a certain amount of Bitcoins and more.

More details of the project will follow over the coming weeks, Glorieux has been financing this project on his own, however, he started a crowdfunding campaign on Indiegogo to fund the development of the project. The milestone is set at 10,000 EUR over the coming month, Glorieux also has a Bitcoin donation address, which can be found at the bottom of the blog post.

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Over the past few months, there has been a fair amount of discussion as to whether or not Bitcoin and Ethereum are direct competitors. While people were still trying to figure out which side of the fence they were on, several developers have created BTC Relay, which bridges the gap between the Bitcoin blockchain and Ethereum smart contracts.

BTC Relay Brings Bitcoin To The Ethereum Blockchain

Several people are probably wondering what good it will do to bridge the gap between Bitcoin and Ethereum, but there seems to be a clear use-case for this concept. BTC Relay has been launched on the mainnet, which now lets Ethereum smart contracts verify Bitcoin transactions without intermediary involvement.

The BTC Relay, which is developed by the Ethereum team and Consensys, wants to bring Bitcoin transactions to the Ethereum blockchain. Until sophisticated smart contracts can be duly executed on the Bitcoin blockchain, this solution may go a long way in creating agreements between Bitcoin users without requiring intermediaries to oversee the transactions.

But there is more to this decentralized approach, as BTC Relay can easily be integrated into Ethereum applications or smart contracts. This opens up exciting opportunities, as app developers can attract a bigger audience, regardless of which of the two cryptocurrencies they prefer to use.

There is still the question as to who would use this service specifically, as it may not make sense for everyone in the world just yet. BTC Relay is designed primarily for developers who want to verify Bitcoin transactions in a trustless manner, or those who seek interoperability between Bitcoin and Ethereum.

In fact, anyone in the world can be an integral part of BTC Relay, regardless of whether they are a developer. Those users who become a relayer for this service can earn small amounts of fees every time. The only prerequisite is running an Ethereum client, unlocking an account with some ETH, and setting up RPC connectivity.

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

Wouter Glorieux is a 33-year-old programmer, with a bachelor’s degree in applied informatics, 8 years of experience as a System’s Administrador, and development experience of Enterprise Resource Planning systems. Glorieux has been obsessed with Bitcoin since 2011, he is one of the members of the Ghent Bitcoin City Project , where he has been doing work as a Bitcoin evangelist, convincing merchants to accept Bitcoin as a payment option.

Glorieux main goal is to figure out new and unexpected ways to use Bitcoin’s technology, The Bitcoin Spellbook is a set of tools that uses Bitcoin’s blockchain as it is, using standard features that increase the library’s compatibility (covering most wallet solutions). The Bitcoin Spellbook (codename Project Meraxes) is a collection of Bitcoin APIs and webservices, they are the core tools that Glorieux will use to allow his future projects to talk with Bitcoin’s Blockchain.

The Spellbook is a collection of 5 spells (APIs)and 3 enchantments (webservices) that use the Bitcoin Blockchainalong with some code relating to BIB44 Wallets. Some of the tools included are a data retriever which fetches data from multiple block-explorers, a tool that sorts the received transactions of a Bitcoin address into a list of address-value pairs, a voting mechanism, a service that automatically reveals a link, text or send email when an address received a certain amount of Bitcoins and more.

More details of the project will follow over the coming […]

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