Supporting the open source community remains a priority for OKCoin. This has enabled us to foster the development of the same infrastructure that we rely on as a crypto exchange. Our commitment to Free and Open Source Software (FOSS) has resulted in our offering three additional grants so far in 2020. On August 6, the last grant was given to Marco Falke, Bitcoin Core supervisor and most active Bitcoin token contributor since 2017. It has already been announced. There are three: BTCPay, Amiti Uttarwar and Fabian Jahr.
Take care of the development of the cryptocurrency infrastructure
It’s been six months since we announced the first Bitcoin Core developer grant. During these months we have witnessed the impact of the global COVID-19 pandemic and the strange and varied effects it has had on societies and global markets. While the general public was pessimistic, struggling, and losing ground, stock markets rose and the Federal Reserve increased the money supply dramatically. These shortcomings in current economies have further cemented the importance of cryptocurrency and Bitcoin (BTC) as alternative and “healthy” currencies.
We were also inspired to enhance our role in helping open source cryptocurrency infrastructure development. Overall, OKCoin has now awarded grants of more than $ 500,000 to open source software developers. Now that these grants have been awarded, we are delighted that other organizations are also participating in sponsoring Bitcoin Core developers.
Sponsorship of free and open source software is increasing
We’re excited to see growing interest from a variety of organizations, each looking at coding from a different perspective. Choice and partnership are very important in maintaining the independence of the developer community. That’s why we partnered with BitMEX to recently give a grant to Amity Utarwar, who has made progress in her work on Bitcoin’s peer-to-peer layer. Uttarwar posts have improved Bitcoin Core and made the code base more secure for anyone sending transactions.
Stronger infrastructure for “healthy” money
Money is the foundation of our society, and OKCoin is committed to building cryptocurrencies over the long term. Because of this, we take it for granted that we should support developers who help make Bitcoin a stronger candidate for “healthy” money.
We have continued to focus on supporting Bitcoin Core with our latest sponsorship as we see large externalities with Bitcoin Core. Bitcoin development supports the entire industry in the form of training, verification and certification.
There may be a lot of different releases in the future where crypto has an impact, but one of the most exciting may have a distributed and untrustworthy cash system, such as Bitcoin, as its base layer. In addition to the new monetary system, a distributed, unreliable financial system and a distributed and unreliable society can emerge. To do this, Bitcoin must be scaled. Fabian Jahr, the first OKCoin grantee, has accelerated remote calls to action at UTXO Group – this is just one example of the direct impact developers had on building Bitcoin’s core infrastructure.
Bitcoin’s success is our success, so we don’t see any developers making a commitment or donation. We see these scholarships as an investment in our future. Free and open source software benefits everyone, and its support is especially important when it comes to encryption.
An open knowledge network
Connecting and supporting the Bitcoin developers was a collaborative effort with a lot of knowledge shared between the sponsors. Chaincode and Square Crypto supported our efforts at OKCoin. To advance this initiative, we are happy to share with Kraken and others what we have learned through this process.
While not all grants are partnered, sponsoring open source development is ultimately a joint initiative. We were open to what we learned because we think it would be a good idea to create a community sponsorship matrix for FOSS development.
Motivate open source software developers
Today’s financing model for open source businesses is based on corporate grants and financial support.