BitMEX grants Bitcoin developer $40,000 working on scalability

BitMEX said it has awarded Calvin Kim, a Bitcoin developer working on Utreexo a hash-based accumulator, which allows unspent outputs to be compressed into a smaller size

By · Aug 25, 2020 . 5min read

BitMEX developer grant

100x, BitMEX’s parent company just announced a grant to Bitcoin developer working on scalability. The developer, according to the post, received $40,000 in grants to further his research. This is to possibly to come up with a solution that helps Bitcoin network scale.

Announcing in a blog post, BitMEX, one of the oldest and industry’s leading derivatives trading platform, said it had awarded Calvin Kim, a Bitcoin developer working on Utreexo.

Utreexo is a hash-based accumulator, which allows compressing of unspent outputs into a smaller size without giving away security. Unspent transaction output – UTXO, are spendable Bitcoin or balance available for spending in a user’s wallet.

Hence, every node in the Bitcoin network must maintain a record of current UTXO balance to validate newer transactions. So with Utreexo, it’s now effortless for any bitcoin holder to provide proof that the funds exist. Anyone can then provide details when spending the coins rather than nodes having to do so. When the burden is on the Bitcoin network nodes, this may clog their memory with the full UTXO set.

BitMEX grant to Bitcoin developer sums up this year’s 100x grants.

The recent BitMEX’s grant to Bitcoin developer represents part of a more massive US$615,000 of 100x Bitcoin developer grant commitments. 100x announced it earlier this year to help bitcoin ecosystem. It also shared that the grant will continue next year as this year concludes.

Tadge Dryja from MIT DCI, also believed to be the inventor of Utreexo said this:

It’s great that 100x is not only funding Bitcoin research and development, but also providing support for newcomers to the Bitcoin open source ecosystem. We at the DCI are looking forward to working with Calvin on improving Bitcoin’s scalability & security, and making Bitcoin the best digital currency we can

Earlier in June, BitMEX awarded a grant to another Bitcoin core developer, but this time it was $100,000.

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