BitMEX announces two new grants for Bitcoin developers

The Bitcoin exchange will support the work of Rene Pickhardt and Chris Coverdale for the next eight months with $ 33,333 each.

Bitcoin trading platform BitMEX announced two new open source Bitcoin developer grants to Rene Pickhardt and Chris Coverdale, marking the end of the company’s 2021 grant program. Rene and Chris each received an eight-month scholarship of $ 33,333 through May 2022, which would equal $ 50,000 per year. According to the announcement, this bridging loan is intended to help aspiring developers get into full-time Bitcoin development.

“With the inclusion of Rene Pickhardt and Chris Coverdale in the open source Bitcoin developer support program, there are a total of six open source developers,” said BitMEX CEO Alex Höptner in the announcement. “We pride ourselves on our long-term commitment to Bitcoin and open source technology. We look forward to welcoming Rene and Chris to the program and will continue to support the Bitcoin development in the years to come. “

Rene will work to improve the reliability of the Lightning Network payment process. In March, he published a paper on probabilistic pathfinding, which formed the basis of his follow-up work, submitted in July, on the most reliable and inexpensive payment flows possible. Rene intends to implement his new path finding algorithm called “Pickhardt Payments” as a library that can be used by nodes, wallets and service providers in the Lightning Network. BitMEX’s grant will allow Rene to refine its optimal payment flow algorithm and work on the several follow-up questions outlined in its paper.

Chris, on the other hand, will focus on Bitcoin mining. The developer will be working on building an implementation of the Stratum V2 Bitcoin mining pool protocol, which he has been working on since February. The protocol allows end-miners to choose transactions and contract blocks themselves instead of delegating these decisions to the mining pool operator, thereby improving bitcoin’s data transfer efficiency and censorship resistance. Slush Pool / Brains are also working on an implementation of this protocol. Nevertheless, the BitMEX grant is intended to support Chris in his independent implementation and improve the chances of success of Stratum V2.

In addition to Rene and Chris, BitMEX also supports the Bitcoin Core supervisor Michael Ford, Gleb Naumenko, the Utreexo developer Calvin Kim and the Bitcoin Core developer Sjors Provoost. BitMEX announced that all six fellows have secured funding through May 2022, when the company will evaluate the renewals.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.

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