Business 1 year ago

Admin

Bitcoin Cash community members open fund for projects and initiatives

The BCH community is moving past all the political futility and on to what really matters.

It looks like Bitcoin Cash is starting to move forward as a community of its own, separate from the politically broken legacy chain it rebelled against.

Forking away from the legacy chain in August to escape what they see as a selloff of the Bitcoin protocol to financial institutions, BCH promised to preserve the core values of Bitcoin in terms of speed and cost. And as multiple independent teams are hard at work to ensure they live up to that promise, so is the community backing the project.

Last week, Bitcoin Cash supporter Paul Wasensteiner announced that he has partnered up with ViaBTC CEO and founder Haipo Yang to set up a crowdfund that would be distributed to project proposals that have a viable potential. The project initially targeted to raise a fund of just $200 to produce a short animation video explainer for Bitcoin Cash. They ended up gathering over $10,000 within 24 hours, and ultimately collecting over $17,000 in support.

Through the fund, the community will be able to get involved firsthand by submitting project proposals, which will then be vetted. Chosen proposals will be granted funding and the project proponents then proceed to working on the project.

Bitcoin Cash community members open fund for projects and initiatives

In a post on Yours, Wasensteiner—who goes by the user name Singularity, outlined the governance model for the venture, named Bitcoin Cash Fund. He mentions an issue which urged him to gather more members to help spearhead the effort.

“When the fund expanded to over $10,000 in the first 24 hours, it became clear that we would need to think much more carefully about the project. With the funds growing rapidly, I feel the need to be more cautious and prudent with spending, not less. There is also the issue of security. Being the only holder of the private key of a publicly known and growing fund puts both a legal and criminal target on my back that only increases as the fund increases.”

To solve the issue, initially, three “board members” will be in charge of the multi-signature wallet where the funds are stored. Yang, Wasensteiner, and mining operator Fitz Michael will be holding these positions, which will be up for vote after a one-year term.

Wasensteiner is optimistic about the venture, comparing the excitement to that of Bitcoin’s early days.

“I’d like to say a big thank you to the Bitcoin Cash community! It really feels like the early days of Bitcoin again when everyone was positive and working towards the future. It is going to take time to grow this initiative, so I ask that you give us time to build things out.”

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

COMMENT

nChain releases critical evaluation of CTOR | Bitcoin price media

[…] better because we think it’s better.” To help try and show the Bitcoin BCH community where CTOR is lacking, nChain has developed an in-depth evaluation, which provides some interesting […]

Your comment is awaiting moderation.

Netcoins launches support for Bitcoin BCH – CRYPTOTIMES.MOBI

[…] basis gaining substantial ground in the digital currency realm. This is due to the success of the coin’s supporters, who are remaining true to the original vision offered by Satoshi Nakamoto when he first conceived […]

Your comment is awaiting moderation.

Netcoins launches support for Bitcoin BCH | Bitcoin price media

[…] basis gaining substantial ground in the digital currency realm. This is due to the success of the coin’s supporters, who are remaining true to the original vision offered by Satoshi Nakamoto when he first conceived […]

Your comment is awaiting moderation.

Opera planning a crypto wallet for its desktop browser - EyeonOs

[…] the company has called “strong interest” and an “overwhelmingly positive response from the crypto community,” it decided to develop a desktop version of its browser that includes the wallet. It can link […]

Your comment is awaiting moderation.

Opera planning a crypto wallet for its desktop browser | Bitcoin price media

[…] has called “strong interest” and an “overwhelmingly positive response from the crypto community,” it decided to develop a desktop version of its browser that includes the wallet. It can […]

Your comment is awaiting moderation.

Add a Comment

lastest news

Blockchain startup raises $24M for digital rights management

Business 11 hours ago

Blockchain startup raises $24M for digital rights management

Bluecoat, a blockchain company specializing in digital rights and royalties distribution, has already raised $24.25 million in funding, with notable personalities in the music industry assisting with the funding. In its press release, the company ...

Read More
Bitmain shuts down Israel office, leaving all 23 employees jobless

Business 12 hours ago

Bitmain shuts down Israel office, leaving all 23 employees jobless

After nearly three years of activity, Chinese crypto mining giant Bitmain is reportedly ceasing its Israeli operations this week. Citing sources familiar with the matter, Israeli news outlet Globes reported on Monday that Bitmain’s development ...

Read More
Warning: Scam site mimicking SVPool.com

Business 16 hours ago

Warning: Scam site mimicking SVPool.com

We're sending a warning to people in and out of the crypto industry. There is a website trying to cheat unsuspecting users looking to visit SVPool.com.  The individual or group is utilizing a common tactic ...

Read More