Bruce Fenton, the ED of Bitcoin Foundation Says Org Won’t Fund BTC Core Development

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Bruce Fenton, the ED of Bitcoin Foundation Says Org Won’t Support BTC Core Development
Bruce Fenton, the ED of Bitcoin Foundation Says Org Won’t Support BTC Core Development
Bruce Fenton, the ED of Bitcoin Foundation Says Org Won’t Fund BTC Core Development

After Gavin Andresen, Wladimir van der Laan and Cory Fields joined MIT Media Lab’s Digital Currency Initiative in a full-time capacity due in part to the financial issues facing the Bitcoin Foundation, this was the most awaited answer from the Bitcoin Foundation. Now, it has come to notice that the organization won’t support Bitcoin core development.

The information came from the newly appointed Bitcoin Foundation executive director Bruce Fenton. He indicates that the trade organization is unlikely to pursue proposed plans to support Bitcoin core development. There was definitely a lot of talk going on about the future of the core development at the Bitcoin Foundation after the trio left it just a couple of days ago.

According to various reports Fenton though was not part of discussions about the core developers joining MIT, he admitted that the Foundation would continue to be supportive of the developers. At the same time he distanced the organization from past reports that it was seeking to form a venture-funded entity as part of a plan to spin off its development efforts.

Nonetheless, Fenton is of the view that he does not see the Bitcoin Foundation working to directly fund core development or create a new organization to do so in the near future. According to him the Foundation aims to pursue areas where for-profit activities aren’t likely to compete with its efforts.

Adding further Fenton said that the MIT is moving towards a great project and it was a big step forward for it and the Bitcoin project. He concluded that MIT has a powerful brand and will instantly bring increased credibility and academic rigor to the Bitcoin core project. His reactions don’t sound negative towards MIT even when it has poached its talented member.

Core Development has been Important Part of the Bitcoin Foundation

Earlier, MIT took away the leading members of Bitcoin development team at the Bitcoin Foundation which according to many is a brilliant move. Though MIT is one of the premier technology schools in the world and its Lincoln Lab has over the years earned patents in a wide range of technological innovations, getting the persons like Gavin Andresen will help it.

However, a major drawback with MIT is that it also has a history of accepting government funds for projects, which could raise the concern that Bitcoin development will now have some governmental influence.

Clarification: Fenton has clarified the writer that the organization still supports the core development but not going to fund.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com