Press Releases 31 January 2018

Press Releases

CoinGeek.com funds Electron Cash team to develop Bitcoin Cash open source projects with nChain

CoinGeek.com announces funding of up to USD $300,000 per year for Bitcoin Cash (BCH) open source projects to be developed by the Electron Cash team. Electron Cash is an electronic wallet tailored for the BCH chain. nChain, the blockchain research & development specialist, will support the new Electron Cash development projects with technical expertise and intellectual property licenses. This new Electron Cash initiative comes hot on the heels of CoinGeek.com’s funding of another open source project, Terab, which aims to facilitate terabyte size blocks* on the BCH blockchain.

Led by Jonald Fyookball, the Electron Cash team believes that Bitcoin Cash is the true Bitcoin, and fulfils the Satoshi Nakamoto white paper’s vision for a peer-to-peer electronic cash system. The Electron Cash team will use CoinGeek.com’s funding to professionalize its development groups, so they can devote more time to creating software projects for the Bitcoin Cash ecosystem. All software created in this initiative will be made available to the public for usage under an open source license, but only for usage on the BCH chain.

CoinGeek.com, the Electron Cash team and nChain will mutually agree on what software projects will be done under this initiative. Initial projects are expected to include development of:

  1. Development of a new ‘native’ Android Electron Cash wallet
  2. Development of an iOS version of the Electron Cash wallet
  3. Development of a feature phone (Nokia) version of the Electron Cash wallet

The Electron Cash team will manage all development. Enhancing CoinGeek.com’s financial investment, nChain will provide technical advice, support from its research and development team members, and intellectual property licenses when relevant for selected projects. nChain’s Chief Scientist Craig Wright will work with the Electron Cash team to advise on projects.

CoinGeek.com owner, Calvin Ayre, is hoping his investment can support powerful new applications for the BCH chain. Ayre comments: “Anybody with a knowledge of BCH understands that it is the all-in-one cryptocurrency for the future. But BCH is in its early stages, and needs more technical advancements to make it easily used in daily life – especially at the enterprise level. That’s why we support open source projects that make sure the best ideas in cryptocurrency are built into the BCH ecosystem.”

Jonald Fyookball, from the Electron Cash team, remarks: “To have this level of financial muscle from CoinGeek.com and technical expertise from nChain means we have the resources to develop numerous software projects that will help the BCH community. We are excited to contribute our part to help achieve the original Satoshi Nakamoto white paper’s vision that got us all so excited in the first place.”

nChain Group CEO, Jimmy Nguyen, added: “This three-party initiative with Electron Cash, CoinGeek.com and nChain exemplifies the teamwork that is needed, with groups around the world, for Bitcoin Cash to succeed.  We’re especially excited to work with the Electron Cash team to help realize implementations of some of our patent-pending inventions – such as blinded threshold signatures.”

Open source initiatives are only part of CoinGeek.com’s efforts to support Bitcoin Cash growth.  Ayre adds:  “Creating better BCH applications is important but just the beginning.  We are also launching campaigns to educate merchants about the benefits of adopting Bitcoin Cash as a lower fee, fast payment system.  These educational efforts will really hit a peak at our CoinGeek Conference in Hong Kong this May.”

In addition to this partnership with Electron Cash, CoinGeek.com intends to support more initiatives that will enable global growth and adoption of Bitcoin Cash. If you are a developer or technology venture that needs funding to develop projects or applications for the Bitcoin Cash chain, send your pitch via https://coingeek.com/contact.

*A single terabyte block (added every 10 minutes) can contain about 4 billion Bitcoin transactions, and provide capacity of 7 million transactions per second.

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.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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