Bitcoin Foundation Looks To Promote Awareness, Development and Disruption

The Bitcoin Foundation launched this week with the mission of normalizing bitcoin via promotion efforts. The nonprofit corporation is akin to other open source bodies such as the Linux Foundation or the Tor Project.  Heretofore, Bitcoin.org has functioned as a sort of headquarters for collaboration regarding open-source bitcoin development.

The Bitcoin Foundation shakes this up, as it works towards financially sponsoring the efforts of the core development team, funding core infrastructure like test networks and a DNS seed node, as well as the publication of a set of best practices for bitcoin integration, aiding new businesses and media get familiar with the technology. It will also organize a bitcoin conference to be held in Silicon Valley.

The Bitcoin Foundation is expected to be membership and community driven. Individual and industry members will assume voting rights consistent with Bitcoin Foundation Articles and Bylaws.  Annual individual membership in the Foundation is 2.5 BTC, with a 25.0 BTC lifetime option. Corporate membership is 500 BTC for silver tier; 2,500 BTC for gold tier; and 10,000 BTC for platinum tier.

“My hope is that the Bitcoin Foundation will be the organization that focuses and unlocks all of your energy and talents towards promoting Bitcoins, protecting them, and increasing their legitimacy through standardization. Bitcoins truly are the Internet’s currency in my opinion and its so exciting to be a part of this disruptive and engaging technology!” exclaimed executive director Vessemes.

The Foundation will held some of the shortfalls of utter decentralization that has faced the currency. Management of the Bitcoin client has been a volunteer effort heretofore, and nobody to field media inquiries or represent the Bitcoin community in the face of adversity, either with policymakers or with the media.

So far,  Bitcoin developer Gavin Andresen has “[maintained] the software and [managed] the core team without compensation – or day job – beyond the joy of Bitcoin programming.” The foundation will setout to pay Andresen a salary.

The Bitcoin board already sports members of the premiere Bitcoin exchange, Mt. Gox, as well as Jon Matonis of Forbes. Mt. Gox has pledged 10,000 BTC per year ($120,000). BitInstant and CoinLab have both pledged to become corporate members with board seats.

As for the Bitcoin network, it will still operate in an independent fashion, outside of any institution.  The Foundation, however, aims at quickening the network’s growth by supporting better software and media/public relations.

The Bitcoin Foundation launched this week with the mission of normalizing bitcoin via promotion efforts. The nonprofit corporation is akin to other open source bodies such as the Linux Foundation or the Tor Project.  Heretofore, Bitcoin.org has functioned as a sort of headquarters for collaboration regarding open-source bitcoin development.

The Bitcoin Foundation shakes this up, as it works towards financially sponsoring the efforts of the core development team, funding core infrastructure like test networks and a DNS seed node, as well as the publication of a set of best practices for bitcoin integration, aiding new businesses and media get familiar with the technology. It will also organize a bitcoin conference to be held in Silicon Valley.

The Bitcoin Foundation is expected to be membership and community driven. Individual and industry members will assume voting rights consistent with Bitcoin Foundation Articles and Bylaws.  Annual individual membership in the Foundation is 2.5 BTC, with a 25.0 BTC lifetime option. Corporate membership is 500 BTC for silver tier; 2,500 BTC for gold tier; and 10,000 BTC for platinum tier.

“My hope is that the Bitcoin Foundation will be the organization that focuses and unlocks all of your energy and talents towards promoting Bitcoins, protecting them, and increasing their legitimacy through standardization. Bitcoins truly are the Internet’s currency in my opinion and its so exciting to be a part of this disruptive and engaging technology!” exclaimed executive director Vessemes.

The Foundation will held some of the shortfalls of utter decentralization that has faced the currency. Management of the Bitcoin client has been a volunteer effort heretofore, and nobody to field media inquiries or represent the Bitcoin community in the face of adversity, either with policymakers or with the media.

So far,  Bitcoin developer Gavin Andresen has “[maintained] the software and [managed] the core team without compensation – or day job – beyond the joy of Bitcoin programming.” The foundation will setout to pay Andresen a salary.

The Bitcoin board already sports members of the premiere Bitcoin exchange, Mt. Gox, as well as Jon Matonis of Forbes. Mt. Gox has pledged 10,000 BTC per year ($120,000). BitInstant and CoinLab have both pledged to become corporate members with board seats.

As for the Bitcoin network, it will still operate in an independent fashion, outside of any institution.  The Foundation, however, aims at quickening the network’s growth by supporting better software and media/public relations.