Historian Bitcoin open source blockchain developer John Newbery recently launched Brink, an independent organization that is dedicated to funding the Bitcoin developer community, a key component behind the existence and functioning of the world's largest cryptocurrency for market capitalization.
Decentralize funding for Bitcoin and lead new contributors
On Tuesday, November 24, Newbery and fellow Bitcoin Optech associate Mike Schmidt introduced Brink, along with Bitcoin technical writer Dave Harding who joined the board as an independent director.
Brink will distribute grants to developers working on Bitcoin projects, as well as helping novice Bitcoin developers obtain scholarships and mentoring. Newbery said in an interview that he launched Brink to "further decentralize funding for Bitcoin development" and to integrate and lead new contributors, an argument "which has not been a priority for other funding organizations."
- Investors John Pfeffer and Wences Casares are providing "funding to the organization", while the non-profit foundation for human rights, Square Crypto and the cryptocurrency exchange Gemini are funding the first two fellows;
Bitcoin exchange Kraken, on the other hand, is financing the first concession. A huge reason bitcoin works as a global currency is that developers are constantly working behind the scenes to build and test the underlying infrastructure.
Up until now, based on the traditional system setup, these developers have done this work for passion, in their spare time and without a salary. But the situation is changing as more and more organizations are looking to pay Bitcoin developers. Last summer alone, at least half a dozen companies in space announced new grants for developers.
Promote the development of Bitcoin through donations
Brink's financing model can be defined as partially experimental. For the most part, Bitcoin organizations such as Chaincode and Square Crypto tend to distribute grants directly to developers from their centralized funding pools.
Brink's model is unique in that the funding comes from donations from multiple sources. There may be companies that want to support Bitcoin development but don't want to have to control the developers they fund.
These companies can now donate through Brink, who will supervise and train the developers. Fueling this path, Brink is applying to be the first Bitcoin organization to formally apply for the award of a charitable protocol in the United States that allows taxpayers to make tax-free donations to Brink-funded developers.
“We will be the only organization dedicated exclusively to Bitcoin development that receives direct donations from the public in this way,” explains a Brink press release.
