Developers of major cryptocurrencies spend a lot of time and effort improving the code and adding new features to it. Although many people contribute to the operation of the system on a voluntary basis, there are always those willing to provide stable funding for this project.
Recently, one Reddit user, in order to ensure the stability of the Bitcoin Cash development process, sponsored the developers with more than $2,000. To say the least, this fact is very different from how Bitcoin Core works.
In the bitcoin world there is a team of Bitcoin Core developers. While many people contribute code to this project for free, there are a few full-time coders. These are the people who spend most of their time writing code and improving the infrastructure of this cryptocurrency. They must get paid for their work one way or another. However, there have always been some negative associations regarding the funding of Bitcoin Core developers in recent years.
Most cryptocurrency enthusiasts will remember that Blockstream's involvement has always been somewhat problematic. Many people believe that this company pays developers to shape Bitcoin in their own way, regardless of the opinions of the rest of the crypto community. Although these claims have never been proven, they have become the source of quite often heated debate.
Funding developers without ulterior motives is much more difficult than people think. After all, there is no sustainable income in the world of cryptocurrency development unless a serious investor steps in to keep things afloat.
However, there have been some attempts to make changes to the existing order of things. In the case of Monero, the community self-funds most development proposals rather than seeking external funding. This approach seems to work quite effectively, although it would be almost impossible to use something similar with Bitcoin.
In the case of Bitcoin Cash, it seems that some members of the community also want to share their income with the development team. One Reddit user transferred more than $2,000 to developers through the popular Tippr bot. This suggests that people have long been willing to help finance the development of a cryptocurrency in which they firmly believe. While this is the exception rather than the rule, it is important to draw attention to such donations.
How this money will be used is still unknown.. This is a fundamentally valuable contribution to the future of Bitcoin Cash, although this amount is of course not enough to fund even one developer for a full month. What is more important is the fact of the donation as a precedent.
It is always interesting to see how the development of various cryptocurrencies is financed. Obviously, when it comes to full-time in-house developers, it costs significantly more.
But relying solely on community donations is not the most effective approach for such a large number of currencies. Although such a community decision would make more people more loyal to their favorite cryptocurrencies.
It will be interesting to see how this aspect of the functioning of cryptocurrencies will develop in the future.
According to https://themerkle.com
You May Also Like
Reddit co-founder remains positive despite Bitcoin volatility
Reddit co-founder Alexis Ohanian said in an interview with Yahoo Finance that Bitcoin is poised for success. Ohanian firmly believes that the instability of fiat currencies in countries experiencing financial crises opens up new opportunities for cryptocurrencies such as Dash and Bitcoin.
Bitcoin will take $10,000 and then head straight to $20,000
Billionaire investor Mike Novogratz spoke about the soaring price of Bitcoin, institutional investors and the inevitability of the cryptocurrency revolution during a keynote speech at Blockchain Week Korea and in a subsequent interview with TheStreet.
