Bitcoin Core announces their Sponsorship Program to bring advancements to Bitcoin

By Daniel Zo Bitcoin, Core

During the last couple of months numerous bitcoin funding/sponsorship programs have sprouted up, thus encouraging initiative in the digital currency market. According to recent reports, yet another sponsorship programme was announced. This one aims to encourage users to come up with innovation ideas, while also contributing to the bitcoin code. What makes it special is the fact that this programme is run directly by Bitcoin Core.

Based on this, the programme will provide funding for independent development and research carried out for Bitcoin Core. To better put things into perspective, Bitcoin Core has went ahead and suggested a couple of projects that require funding, these being: infrastructure; designers for videos, infographics, diagrams; generic program management; internships for new developers who can help out with code, testing and reviews; full time developers; communication, marketing and public relations; but also documentation and research.

There are also a couple of technical projects that Bitcoin Core is willing to provide funding from. These include an improvement of block relay; flexicap blocksize; encrypted transactions; lighting network integration; relay network maintenance and V2; networking code overhaul; fraud proofs; payment protocol; security audits; transaction fee estimation; blockchain sharding; formal verification; validation cost metrics and more.

While many of the projects that have been mentioned so far may seem technical, Bitcoin Core and its afferent sponsors are willing to provide both monetary help, but also human resources needed to lead to the completion of the projects.

After the programme was announced, members of the community asked themselves why such a programme is actually needed. Well, Bitcoin is mostly based on contributions made by independent developers, without which, the Bitcoin ecosystem wouldn’t have been able to grow. Based on this, to provide a further advancement of the technology, incentives need to be sent out, as this will surely get more developers interested in the world of digital finance.

Regardless of what developers decide to contribute, decentralization will be kept in mind at all times. This is why all individual projects will be monitored by a project manager, who in return, will bear all the responsibility in case anything goes wrong. To help sponsor the programme, Bitcoin Core also encourages larger donators to chip in what they are able to. However, it is important to keep in mind the fact that currently, the Bitcoin Core Sponsorship Programme, is only meant for industry participants, who are willing to donate a larger amount, or to put in serious work into the project.

Based on everything that has been outlined so far, what do you personally think about the Bitcoin Core Sponsorship Programme? Let us know your thoughts in the comment section below.