'Bitcoin Unlimited' Reveals $500k Donation, Formal US Registration

Bitcoin Unlimited has announced major changes to its status including formal registration as a non-profit following a $500,000 donation.

Also read: Bitcoin ‘Whales’ Vote in Favor of Larger Tx Blocks

Non-profit Registration & Development Drive Ahead

The news was released to members via a post today, and comes as the community at large appears to be shifting to a larger blocksize consensus.

“Exciting times are ahead for this organization,” the post reads.

The half-million-dollar donation came from “donors who represent the on-chain scaling community,” and allows Bitcoin Unlimited to transform its structure and future plans.

“Our donors share our belief about what Bitcoin is and should remain: a global peer-to-peer currency, with affordable fees, scalable and available for universal usage,” the post continues.

The shake-up will first take the form of a legislative move: Bitcoin Unlimited will register as an official non-profit organization in the US to “formalize its presence and assist with future public relations initiatives” and foster the prospect of further donations.

No talk is being made about incorporating formal investment ties or bartering power for financial support.

Running in tandem with the status formalization will be a significant recruitment drive. Developers, both full and part-time, who support on-chain scaling will be drafted in to facilitate Bitcoin Unlimited’s technical aims.

Announced so far are Emergent consensus, Xthin and Xpedited, with the post describing these implementations as “just the start.”

“We have many areas to advance Bitcoin development,” it adds.

Bitcoin Unlimited: Enough to Matter?

Also unveiled was the second of the soon-to-be non-profit’s scaling conferences, the first of which was an online-only event but which will now take a physical form.

The second event “will draw together developers, users and Bitcoin businesses.”

The mood in the Bitcoin community at large appears to be shifting to welcoming the idea of larger block sizes universally. A recent poll by major bagholders suggested a lack of criticism of the idea of unlimited size (within the realms of physical possibility).

Responding to the statement “I doubt that Unlimited blocksize is bad for Bitcoin because it diminishes incentive to pay fees and in the long term it makes mining unprofitable” for example, 92% of answers agreed.

Nonetheless, openness from technical circles and the potential for infighting remain a risk. A recent closed-door meeting of miners and core developers was notable for its lack of publicity and limited guestlist – no one from either Bitcoin Unlimited or Bitcoin Classic received an invite, while journalists were also kept in the dark about the nature of the discussions.

What do you think about the donation and the current blocksize climate? Let us know in the comments section below!

Images courtesy of bitcoinunlimited.net