Coinpunk Receives Yet Another Fund from Bitcoin Foundation

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Coinpunk Receives Yet Another Fund from Bitcoin Foundation
Coinpunk Receives Yet Another Fund from Bitcoin Foundation

Coinpunk Receives Yet Another Fund from Bitcoin Foundation

To improve users’ experiences, Bitcoin Foundation is allocating yet another fund to Coinpunk, which will be the second such funding this year for the project. Coinpunk is an ambitious project which is being carried out by Kyle Drake. It will enable users to install it on their web server and use it as their DIY Bitcoin wallet.

Earlier, during the Bitcoin 2013 Conference, it was rolled out for the first time; however, it needed a lot of funds for further development. The announcement was made that Coinpunk, a web application, will allow users to run their own self-hosted Bitcoin wallet service using their browser. Currently, online Bitcoin wallet services are being hosted by third parties, which may or may not be reliable.

For instance, if such a third party is hacked or faces some technical problem, the Bitcoin user is in real difficulty. To rule out any such issues, Bitcoin Foundation is trying hard to offer Coinpunk which will help users install the application in their mobile devices and be self-dependent unlike now wherein they may lose their Bitcoin if something goes wrong with the hosting third party.

Yet another Fund for Coinpunk

Now that Bitcoin Foundation has awarded its second 2013 grant so that work on Coinpunk continues, Bitcoin users may hope that they will be able to get Bitcoin wallet real soon.

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Reportedly, the project is being rushed as the requirement is being felt a lot by the users. It will have features for individual users, developers, hardware wallet manufacturers and large organizations as well.

Bitcoin Foundation believes that the new project is going to help them provide better user-experience for customers as with it, they would no more rely on the third parties. It will also bring reliability and stability, which are required a lot for Bitcoin’s own interest. The foundation also realizes that Coinpunk will serve as a base for a wide range of innovations in keeping with open source ideals.

Apart from Coinpunk, some other projects that have got funds from Bitcoin Foundation are TestNet Faucet and DNS Seed for TestNet. However, Coinpunk project has caught pace, believes Kyle Drake as he admits that he is very happy that the Bitcoin Foundation has allowed him to continue work on the Coinpunk project.
Kyle Drake is also hoping that the project will help to improve the Bitcoin ecosystem and more people will be able to access it.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com