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Why Bitcoin ABC is Raising Funds Right Now

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1 month ago

Bitcoin ABC builds the most essential Bitcoin Cash infrastructure, our full node software which is used to produce almost every Bitcoin Cash block.

The Bitcoin ABC project also performs the essential tasks of maintaining this software, providing support for it, backporting Bitcoin Core code, defending the Bitcoin Cash network from attacks and more.

"Running in Place"

Currently, 90% of Bitcoin ABC developer time is absorbed with keeping Bitcoin Cash secure, running and updated. We must dedicate most of our minimal resources to “running in place” as we ensure the Bitcoin Cash network transcends scaling bottlenecks and remains up to date with the fast-moving Internet. 

Work on new features barely registers in the workload at this time.

But we are not content simply to preserve the status quo. Bitcoin ABC is building censorship-resistant P2P electronic cash for the masses - Bitcoin that scales.

Bitcoin ABC is assembling a team of world-class engineering professionals to achieve this mission.

Well-Positioned to Make Rapid Progress

The work Bitcoin ABC has completed so far — on backports, cleaning up technical debt, implementing automated testing infrastructure and more — has us well-positioned now to make rapid progress on new features and significant improvements to the Bitcoin Cash protocol.

Reality is constantly changing and we must change with it. Keeping up with the latest tools and technology requires funding. Advancing the Bitcoin Cash roadmap requires even more.

The alternative is only to fall behind other cryptocurrency projects, to only worsen community polarization, to render increased adoption a hazardous endeavor and to only increase the eventual cost of building censorship-resistant P2P electronic cash for the world, assuming we are still able to at some later date.

The Competition is not Waiting

We want Bitcoin Cash to out-compete other cryptocurrency projects that are investing heavily in infrastructure.

But other cryptocurrency projects are not waiting for Bitcoin Cash. If we don’t grow, the rest of the space will move ahead of us. Remedying this only becomes more expensive the longer we wait. Bitcoin ABC is the only Bitcoin Cash protocol development team proven ready and capable of assuming this challenge.

Bitcoin ABC has a strong funding plan that offers Bitcoin Cash miners, exchanges, other businesses, projects, holders and users the opportunity to sponsor Bitcoin ABC infrastructure development and get concrete benefits in return.

We seek your feedback and participation in our sponsorship plan. We stand ready to hear your needs and see how Bitcoin ABC can help you achieve your goals.

The goal of Bitcoin ABC is to build the software infrastructure needed for Bitcoin Cash to be successful. We are “building the roads” for Bitcoin Cash.  We are building the platform for potentially tens of thousands of new Bitcoin Cash businesses as we scale Bitcoin Cash to billions of daily users.

P2P Electronic Cash for Billions of Daily Users

The Bitcoin ABC vision is censorship-resistant P2P electronic cash that has low fees, is instant, easy to use, fungible and scales to meet the daily payments demands of billions of daily users around the globe.

Bitcoin ABC envisions a world where billions of people use Bitcoin Cash to make daily payments of basic necessities, for investments and loans, for international trade, remittances and much more.

We believe this is a civilization-changing technology which will dramatically increase human freedom and prosperity.

In pursuit of that vision, Bitcoin ABC builds and maintains the most essential infrastructure for the Bitcoin Cash ecosystem in the form of our Bitcoin ABC full node Bitcoin Cash software. Our strategy is to build a professional and stable Bitcoin Cash full node client that permits the efficient mining of tens of thousands of transactions per second (TPS), as well as complementary high-capacity tools.

All of this so that Bitcoin Cash businesses can build their business models on a solid foundation, and be profitable themselves.

We aim to support the key features of digital cash, including the following:

  • massive on-chain scaling to more than 10,000 transactions per second (TPS)  that enables Bitcoin Cash to become a global currency;

  • a reliable payments experience that doesn't degrade as the network scales;

  • instant payments without requiring changes to the consensus rules (via, for example, Avalanche pre-consensus); and

  • fungibility (via, for example, Cash Shuffle and Cash Fusion).

The Bitcoin ABC vision is quite simply to continue innovating as we grow Bitcoin Cash’s leadership position as censorship-resistant P2P electronic cash for the mainstream, with low fees and instant payments.

This vision depends on our ability to deliver our roadmap, which requires funding.

Join us in building censorship-resistant P2P electronic cash for billions of daily users and realizing the vision that is Bitcoin Cash!

Visit fund.bitcoinabc.org to find our business plan, budget, delivery timeline, funding options and feedback mechanisms.

We can only do this together.

Who’s in?

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Comments

Nothing about the block reward consensus rule?

$ 0.00
1 month ago

Doesn't all of this apply to 6 months ago? 12 months ago?

Why is this article named "why Bitcoin ABC is raising funds right now"?

Don't get me wrong, I want funds raised and I want to see more progress. Standing in place is not an option. Maybe I'm just reading the title wrong, and the right now part is just a reminder that this is actually happening right now, and not something to wait for..

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1 month ago

Thanks for sharing your thoughts. Current Bitcoin ABC funding will be exhausted on 30 Jun 2020. And we are eager to stop treading water and start making rapid forward progress. We are paying a high opportunity cost every day that we can not start moving forward. -George

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