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Top Exchange to Pledge 1,000 BTC for Development of Bitcoin and Forks

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September 4, 2019 | 

456 Views | 

Darryn Pollock | 

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Because Bitcoin is an open source decentralized project, its advancement and movement forward depend entirely on the community which chooses to support it. There are no CEO’s, no salaries, no offices or headquarters, it is a group effort. 

However, there are a lot of developers and people who put time and effort into the growth and advancement of Bitcoin, and these people need money to justify their time.

It is because of this need for money, as well as the want for Bitcoin to keep advancing, that San Francisco-based, fiat-focused crypto exchange, OKCoin, recently announced the launch of a voting-driven initiative to donate up to 1,000 BTC to developers of not only Bitcoin (BTC), but also its more popular and bigger forks - Bitcoin Cash (BCH), and Bitcoin Satoshi’s Vision (BSV).

A new initiative

The news was released to Cointelegraph via a press release that noted OKCoin, which is one of the top exchanges by adjusted volume, would be dedicating the sum of 1,000 BTC - around 1 million dollars - to these developers.

The initiative, called ‘Let’s Build Bitcoin Together,’ asks crypto enthusiasts to go to the OKCoin platform and cast their vote for the project they would like to receive a donation. OKCoin will reportedly send 0.02 BTC (or the BCH or BSV equivalent) on the voter’s behalf to the selected project.

Thus, this initiative is community focused and allows for the supporters of the different Bitcoin forks, which are quite tribalistic, to decide where the allocation of money goes by casting their vote and letting the exchange turn that vote into a sum of money - around $200 per vote. 

What is the reasoning?

It makes sense for a business that is in the cryptocurrency space as much as OKCoin to be supporting the advancement of the major cryptocurrency blockchain, Bitcoin, and even some of the more popular forks which represent coins in the top 20.

The CEO of OKCoin, Tim Byun, stated that as one of the first exchanges, OKCoin is especially invested in the development of the ecosystem, and therefore decided to step up and give back to the developers who keep moving the community forward. He continued by saying:

“The ‘Let’s Build Bitcoin Together!’ initiative, which we believe is the first exchange-led community investment of this scale, is our way of showing our commitment and dedication to the Bitcoin community. Developers are, and will continue to be, key to improving the accessibility of digital assets, which is the heart of the OKCoin mission. That being said, we hope to give the full 1,000 BTC away, but we need people to get out there and vote!”

Of course, it is also beneficial for the exchange, which will be able to attract supporters of the different cryptocurrencies to their site to vote, and perhaps even convert a few people to use their service over other rivals that offer cryptocurrency services.
 

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