No one could have predicted the spectacular growth of the bitcoin network over the last 2 years and Jon Matonis was a big part in making that happen. It was a pleasure to work with Jon at the Bitcoin Foundation and I know he will continue to be a passionate and vocal advocate for the bitcoin community. I know that we all wish him the best and look forward to seeing his many contributions to bitcoin going forward.

Moving ahead, my first priority is to cut out distractions and focus the Bitcoin Foundation on the areas where we can add the most value for the bitcoin community. That means a Bitcoin Foundation that is laser-focused on standardization through the bitcoin core reference implementation and actively supporting the people building the critical infrastructure that powers bitcoin.

To succeed in that mission the Foundation has to act with urgency on two fronts:

First, we need to repair our relationship with the bitcoin community. To do that effectively we may have to take some risks around communications and transparency to show that we can be honestly engaged with the community. That means we may not always say exactly the right thing and we might not always be on message, but we will be authentic in how we interact with the community in the future and I hope that you all get to know the people who work hard to make the Foundation go. It also means we may have to take unpopular or controversial positions on certain issues, but that when we do we will do it in a way such that the community know the reasons for our actions.

Secondly, the Foundation needs to establish a business model that supports our mission and aligns our success with the value we are adding to the community. We cannot simply rely on bitcoin price appreciation from our early donations and membership dues. The Foundation is a non-profit business whose mission is to support the development of the bitcoin project. The key word there is business and we will run the Foundation like a business. And, as we succeed in our business we will generate more funding to support the community that powers bitcoin.

You might wonder what that means for the Bitcoin Foundation’s law and policy initiatives. The Foundation will continue to be one of the voices in that ongoing dialog, in so far as it supports our mission, including defending the community’s right to open innovation and participation in the future of digital finance. I’m excited to work with and support new policy-focused groups that have emerged in Washington, D.C. The point of blazing a trail is to convince others to follow you. When they do, that is the true validation of your efforts.

At the end of the day, bitcoin’s success will be determined by the software enabling it and the quality of the community that supports it. Open protocols generally win out in the marketplace when they can muster a billion IQ points to the project. You can see that happening now as the financial system moves to a new and exciting digital economy. No single company can recruit and employ as many IQ points to work on a centralized and proprietary system than we can bring together to work on our open and participatory system.

Serving in a leadership role at the Bitcoin Foundation is a privilege and a challenge and there will assuredly be hard times to go with the good times. But it is my hope and the focus of my work to ensure that the Foundation fulfills its mission and plays its part in building the future.

I will post more details on the Foundation’s new direction here and I’m looking forward to engaging with the bitcoin community (the lovers, the haters and everyone in between) in a Reddit AMA next Wednesday, November 5th.