Victor Ugochukwu · Dec 14, 2020 . 5min read
Paradigm to fuel Bitcoin Core Development
A cryptocurrency investment firm is 'giving back to the community' by supporting an Australian developer's work on Bitcoin Core.
By Shilika · Jul 14, 2020 . 5min read
California-based crypto investment firm, Paradigm has announced that it will fund Bitcoin Core development. Matt Huang, the co-founder of Paradigm, announced that his firm will support the work of Australian developer Anthony Towns. The latter has been working on Bitcoin Core since 2017. He was a part of the Schnoor and Taproot upgrades.
In his announcement, Huang stated that Bitcoin has a market capitalization in excess of $150 billion. A small group of developers maintain the software that facilitates this market. He compared this to companies like Google and Boeing who invest millions of dollars in research and development.
According to Huang, this is his firm’s way of giving back to the community. It is also reflective of their view that Bitcoin is the most important cryptocurrency.
The development journey
It is usual for individual developers to get funding from organisations to work on the software. In previous instances, however, the funding has tended to come from exchanges like BitMEX or development companies like Blockstream. Paradigm is a crypto focused investment firm that incubates early stage ideation process of businesses to maturity.
Bitcoin Core is open-source software. Satoshi Nakamoto, the founder of Bitcoin was the initial publisher. The software essentially acts as a transaction verification engine which connects to the larger Bitcoin network. It includes a cryptocurrency wallet which is used to transfer Bitcoin. However, it can not be bought or sold through this.
Many developers over the years have constantly worked on upgrading the software. They have done so in order to add new features and to improve the functionality. Since it is open-source, anyone can work on it. As a result, the onus is on the stakeholders to make improvements.
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