The launch of Bitcoin Cash has been a mixed bag for the overall cryptocurrency community. It is clear that Bitcoin Cash will remain an altcoin with the Bitcoin name attached for quite some time to come. However, the launch of the Bitcoin Cash Fund may shake things up quite a bit. It is an interesting venture, to say the least.
The Bitcoin Cash Fund is Intriguing
In the world of cryptocurrency, community members and investors often look to developers to sort out everything related to a specific currency. Whether it is coding, marketing, developing new tools, raising awareness, or even speaking at conferences, developers are expected to do everything these days. That is not a sustainable vision for the future, as developers should be allowed to focus on the coding aspect of their jobs first and foremost. This is why the Bitcoin Cash community is working on a venture known as the Bitcoin Cash Fund.
This idea started out as a venture to “crowdfund” US$200 worth of BCH to produce a short animation video about BCH and publish pamphlets to raise additional awareness. So far, the Bitcoin Cash Fund has received over US$17,000 from various sources. This means a lot of money has been raised to market this altcoin. With a few dedicated volunteers on board as well, things are looking bright for this initiative.
It is good to see the Bitcoin Cash community come together at such an important time in the history of this cryptocurrency. Right now, most people focus on the speculative side of BCH, but it is obvious there is a lot more to this currency than most people give it credit for. Pushing for increased adoption will not be easy, even though things have steadily progressed in that department. This will be the main focus of the Bitcoin Cash Fund moving forward, as the community-driven effort seeks to push BCH adoption to new heights.
One of the key areas to address immediately is ensuring the Bitcoin Cash Fund remains efficient and effective. With nearly 100 volunteers already dedicating their time and effort, things are off to a good start. However, there is still no framework to process donations to the Bitcoin Cash Fund and then to the community in exchange for their involvement. Considering the need to be as decentralized and transparent as possible, a proper approach will need to be found.
The current plan of action doesn’t revolve around the Bitcoin Cash Fund handing projects down for community members to work on. Instead, it will work the other way around. Community members will be the driving force behind new projects, which means they are free to come up with crazy ideas as they see fit. It’s a solid approach, assuming there will be enough proposals to ensure adoption can be achieved. Moreover, project leaders can put in proposals for funding, which will then be filled by the Bitcoin Cash fund.
It is certainly true there are still a lot of details yet to be worked out. Governance of the Bitcoin Cash fund, for example, will be a critical area to tackle. A two-of-three multisignature wallet address will be created to set things up initially. As this project scales, other solutions may need to be considered, though. Three board members will be running the show for the time being, but this is also subject to change as time progresses.