Bitcoin Unlimited receives $500,000 in donations, plans to become a non-profit organization, and focuses on on-chain expansion

Bitcoin Unlimited recently announced that it had received 50万美元in donations, which it will use to completely change its organizational form and register as a non-profit organization.

Registered Nonprofit & Development Plan

Bitcoin Unlimited announced the news in a post. The community also reached a consensus on the issue of block expansion during this period. The post reads:

Exciting times are ahead for Bitcoin Unlimited.

It is said that the donation came from "on-chain expansion community representatives" and the donors hoped that Unlimited could reform its organizational structure and development plans. The post also mentioned:

Donors and we agree on the same attitude towards Bitcoin: as an international P2P currency, its cost should be affordable to everyone, and in order to promote its application, Bitcoin should be a scalable currency.

The first step is to change its legal status: in order to legalize its status and handle its future public relations, Unlimited will register as an official non-profit organization in the United States in order to receive more donations in the future.

However, no information about the formal investment relationship or the insider transactions involved in this financial support has been made public.

Once Unlimited’s legal status changes, there will inevitably be a demand for talent. Developers who support on-chain expansion, whether full-time or part-time, will be considered by Unlimited.

The post also mentioned that Xthin (extremely thin blocks) and Xpedited (fast block relay) are just consensus released to deal with emergencies, and these are just the beginning.

We will use multi-faceted reforms to achieve the development of Bitcoin.

Does Bitcoin Unlimited Qualify?

The post also announced an upcoming non-profit scaling conference for “developers, users, and bitcoin businesses.”

Most Bitcoin community members seem to support block size increase. The latest "big players" vote shows that the community does not seem to be opposed to unlimited block capacity.

One of the opinions in the vote was "I think unlimited block capacity is good for Bitcoin because in the long run, unlimited block capacity can reduce transaction fees and increase mining profits." This opinion received a high support rate of 92%.

Regardless, the risk of openness and internal struggles within the Bitcoin community still exists. The recent closed-door meeting between miners and Core developers is a perfect example of the lack of openness within the community. Neither Unlimited nor Classic members were invited, and even the media was unaware of it.