Since there are no supporters of miners or software developers working behind the blockchain network of bitcoin, it becomes complex for them to continue on the same path without motivation. There are millions of bitcoin lovers, but no one cares about the backend developers who work on the different projects to make it more usable and improve the user experience. Moreover, no government and other financial institutions will support the bitcoin developers because they do not like the decentralized system since there is no control or management. Check out a detailed guide on setting up a cryptocurrency wallet if you’re interested in bitcoin trading.
About the Jack Dorsey
Jack Dorsey is a famous digital businessman who is the co-founder of Twitter and the block payment system. There is news about support for bitcoin developers; Dorsey left Twitter and lowered his position so he could focus more on bitcoin developers to help them with every problem. Since he is the CEO of Block Payment company, he knows very well about the software and developers, especially decentralized developers.
Dorsey’s announcement for the bitcoin developers
Since he knows the pain point of the open-source bitcoin developers, he launched a non-profit organization to help these bitcoin software engineers. The non-profit organizations will help the developers who face the issue of changing the government policies about the cryptocurrency and hacking or bitcoin threats because of all the losses suffered by the bitcoin developers. Some bitcoin coders left the project in between because they could not bear the loss again and again. As a result, continuing further in significant and complex projects that prevent the bitcoin network development becomes complicated.
Problems for the bitcoin developers
Many bitcoin developers face many problems that discourage them from working further on big projects like the bitcoin lightning network, bitcoin’s security protocol, etc. So if the bitcoin coders will leave, who will continue or improve the bitcoin network or blockchain network. There are some issues that bitcoin coders face given below:-
- Bitcoin threats: The thread is the first and most common issue for bitcoin developers. In the internet era, threats are increasing on the internet, and sometimes it becomes very complex to find and recover the loss. So there are no supporters for these coders who lost their bitcoin, but the non-profit organization will fund them to encourage continued and consistent work.
- Change in legal Policies:- Since there is no evidence of the bitcoin future, the governments of different countries are changing the rules after some research and understanding of the behavior of these crypto users. In some countries, bitcoin is becoming legal because people are more likely to use it, such as in El Salvador. But in some countries, the government is restricting and banning bitcoin up to a certain level, so the users will use it limit. Like in India, the government regulates high tax rules so that every bitcoin user will be discouraged from trading or investing in crypto coins. However, it will affect the bitcoin users even more than the software developers since the bitcoin coders use their resources like computational power, electricity, hardware machines for mining, extra equipment for cooling the system, space for the setup, etc. If the government bans bitcoin in particular countries or policies are very strict regarding development, then it will be difficult for them to survive.
Vital to encourage the developers
If there is no open-source software developer of the bitcoin crypto, then bitcoin cryptocurrency will not survive in the future and will stop after a certain period. So the primary focus should be on the backend developers who use their resources, time, and effort to facilitate the bitcoin users and, if they get lost, how they can facilitate others. So it is vital to encourage them, and that is why Dorsey wants to launch a funding system for these developers; when the developers get any issues, they will get funded with the right amount for the continued work.
Conclusion
As you read, the leading role played by open source backend bitcoin developers who work on the new project is by investing their time, efforts, and resources. Unfortunately, many developers get disappointed when they face loss or many issues in the project regarding funds. So the Block payment system CEO launched a funding system by sending them mail that will encourage them to continue work with consistency without thinking about the loss or threats.