Establishing a new $200 million fund, Roger Ver hopes to push Bitcoin Cash into the forefront of smart contract development sidestepping Bitcoin and Ethereum in the process.
Within the cryptocurrency industry, there are a number of prominent tokens which dominate the industry and get the most attention, and just like any other market, there is a constant struggle for dominance between various firms. Some of the most popular in this regard are Bitcoin and Ethereum. Within Bitcoin, there are certain offshoots that sprung up as a result of hard forks such as Bitcoin Cash and Bitcoin SV, which is backed by controversial figure Craig Wright and while many of the dominant tokens have been in their position for a significant amount of time, the market continues to evolve.
One of the latest twists is the announcement of a $200 million fund by Roger Ver who is the proponent of Bitcoin Cash and these funds will be used for investing in businesses that intend to build on top of Bitcoin Cash.
Fresh Injection of Funds
This announcement was made during a blockchain meet up in London and the business model being pushed by Ver and bitcoin.com is investing in Bitcoin Cash in order to help it compete with Ethereum and other smart contract platforms.
— Nic Cary (@niccary) November 19, 2019
According to the official release from bitcoin.com, there is an array of possibilities for development across both Bitcoin and Bitcoin Cash, many of which have not yet been fully explored. The press release also stated that there is an intention to improve on the ease of development across Bitcoin Cash and that the tokens would be issued using an SLP.
“The two Bitcoins – Core and Cash – have a number of advantages for projects seeking to build upon them, over and above security,” the press release says.
In the past, developer teams, as well as Bitcoin supporters such as Tone Vays and Jimmy Song, have spoken about the possibilities of creating smart contracts on Bitcoin itself. The smart contract development sector is currently dominated by platforms such as EOS, and NEO and Ethereum. However, it has been stated that there is a great possibility in developing smart contracts across Bitcoin, especially due to its security and while Bitcoin is most famous as a cryptocurrency, there is potential for smart contract development.
It should be noted that Bitcoin Cash was created via a controversial split in the original Bitcoin protocol and Ver has continued to support the hard fork.
“I used to be promoting BTC, today I am promoting Bitcoin [BCH] Cash. And tomorrow if something even better than Bitcoin Cash [BCH] comes along to bring more economic freedom to the world, I’ll be right up here promoting that,” he said during the meetup.