Business 20 November 2017Cecille de Jesus
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.
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 referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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