Cryptocurrency

Developer will receive us $ 150,000 to dedicate to Bitcoin Core for over 12 months

OKCoin and HDR Global Trading Limited, which belongs to the firm BitMEX, has been awarded a grant of USD 150,000 to the developer of Bitcoin Core, Amiti Uttarwar. With this funding, these organizations expect to support that Uttarwar devote full time to their contributions with the code of Bitcoin.

Each of the two organizations will provide us $ 75,000 to fund Uttarwarexposes BitMEX in a press release published this Thursday, the 18th of June. The same text points out that OKCoin and BitMEX have identified the contribution of the developer as “essential for the advancement of the network Bitcoin”.

In this regard, the CEO of OKCoin, Hong Fang, highlighted the work of Uttarwar to reinforce “critical components of Bitcoin Core”. In his opinion, the work of the developer helps to make the code base more secure for all of you who sent”transaction.

On the other hand, the statement ensures that the developer has improved the trust model of Bitcoin “by identifying how the nodes revealed confidential information.” Through the enhancement request #18038, the developer succeeded in reducing “the frequency with which a wallet tries to relay transactions.”

For that reason, it “drastically reduces the frequency with which a node of wallet reveals this information,” according to the text of BitMEX. Both the security, as privacy in the network Bitcoin, are benefited by this solution.

Uttarwar was a developer in Coinbase, and at the time you receive this grant of OKCoin and BitMEX was part of the template of the company Xapo, which was acquired by the own Coinbase in 2019, as outlined Breaking News.

The developer told in February of this year to be incorporated into the development of code in Bitcoin Core was not easy for her. However, shared her experience to demonstrate to other people interested in Bitcoin that it is also not something impossible. And now, you will receive a financing is equivalent to USD 12,500 per month to devote to make this work.

Amiti Uttarwar will receive $ 150,000 to dedicate to Bitcoin Core for the next 12 months. Source: BitMEX.

Several companies finance the development in Bitcoin

“Support the independent developers remains a priority for us as we seek to contribute to the success and long-term proliferation of the network Bitcoin,” added Fang on the grant.

Precisely, the of Uttarwar is the third financing to developers that gives HDR this year. In the month of march, the recipient was Michael Ford, a collaborator of Bitcoin since 2012, which was funded in 2019. As outlined Breaking News, the grant of Ford went from USD 60,000 to 100,000 with the update of this year.

At the beginning of June, was Gleb Naumenko the benefited. This developer is best known for his contribution to the protocol Erlay, which seeks to improve the connectivity between nodes and to reduce the bandwidth consumption in Bitcoin. The funding Naumenko is also for $ 100,000. At least among these three, the ex-developer of Coinbase is the best-funded.

These are not the only organizations in providing the resources for developers of Bitcoin. In April of this same year, companies Cardcoin and Payvant announced their financial support of Hennadii Stepanov. It is unknown the amount of the economic incentive, but the companies claim that this would allow Stepanov to work full time on Bitcoin Core.

Already at the beginning of June, Square Crypto also gave $ 100,000 to a developer Spanish Lightning Network Sergi Delgado, reported Breaking News.

About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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