BitMEX And HRF Give $150K For A Bitcoin Scaling Research

BitMEX and HRF-Human Rights Foundation give $150,000 in grant for developer Calvin Kim to research a bitcoin scaling solution as we can see more in our latest Bitcoin news today.

Crypto exchange BitMEX renewed a grant for Calvin Kim, a developer that will research a bitcoin scaling solution and the Human Rights Foundation added another $50,000 to the donation, reaching a total of $150,000. The bitcoin researcher revealed even more funding to work on a project to scale BTC.

BitMEX and HRF- Human Rights Foundation granted Calvin Kim funds to work on a scaling solution for another year and Kim started working on the MIT Utreexo Project that aims to help BTC Scale for the next years to come. Bitcoin’s state size which is a database that details who owns what, increases in size over time and creates even more problems for the decentralized network of hard drives that host the network. Utreexo’s algorithm promised to reduce the BTC state size from a few gigabytes to less than a kilobyte.

Now, a year with extra funding for Kim, he can continue collaborating on the project since BitMEX started the funding last year:

“Being financially stable has allowed me to focus more attention to furthering research and development of the Utreexo Project.”

This is not the first time a crypto exchange issued a grant to develop the BTC blockchain and last December, Coinbase announced that the first set of BTC developer grants from the Crypto Community Fund will be handed out. The exchange awarded grants to BTC developers Joao Barbosa and oxB1oC. The latter is building and improving on existing open-source tools for BTC while Barbosa is trying to improve Bitcoin Core’s user interface on iOS and Android. OKEx provided grants in the past as well including BTC Core maintainer Marco Falke and the award was equivalent to the annual salary for a developer while Falke requested the exact figure should not be disclosed.

Speaking of Bitmex, we reported that The BitMEX Co-founder Arthur Hayes surrendered to the US authorities and now he is awaiting trial. Hayes was living in Singapore and flew to Hawaii to turn himself in before being released on a $10 million bail due to his deal with the US prosecutors. The former CEO will face trial in New York along with Benjamin Delo and Samuel Reed. The three were accused of violating the Bank Secrecy Act which requires institutions to take measures and prevent money laundering.

Source: https://www.dcforecasts.com/bitcoin-news/bitmex-and-hrf-give-150k-for-a-bitcoin-scaling-research/