Bitcoin Foundation awards Q2 grant to Coinpunk

SEATTLE - Aug. 2, 2013 - PRLog -- The Bitcoin Foundation is awarding a grant to Coinpunk developer Kyle Drake for the development of an open source bitcoin wallet service.  The project was one of 25 grant proposals submitted during the Foundation’s Q2 2013 grant proposal round, and was chosen for its broad applications in the Bitcoin ecosystem.

Coinpunk is an open source, do-it-yourself Bitcoin wallet that users can host on their own servers.  The project has customizable features that make it useful for individual users, developers, hardware wallet manufacturers, and large organizations. While the project is under development the project’s website,coinpunk.org, provides examples of what the wallet looks like and how it functions.

“I think that it is important to Bitcoin's success that there is a robust infrastructure for working with Bitcoin in a decentralized manner. I am not opposed to commercial hosted wallet services by any means... But I also think that it is important that we provide a meaningful alternative for parties that wish to run their own [wallet],” Kyle Drake stated in his proposal to the Bitcoin Foundation.  “In order for the Bitcoin system to remain healthy and work as intended, we must provide decentralized alternatives. The code to provide this solution is missing from the current Bitcoin ecosystem, and Coinpunk intends to fill that gap.

The Bitcoin Foundation awards grants on a quarterly basis and largely focuses on projects that wouldn't otherwise be funded in the open market.  This is the third round of grants; the Bitcoin Foundation has awarded three development-focused grants over the previous two quarters. The next deadline for Q3 2013 grant proposals is Friday, September 20, 2013.  Interested applicants can find details on the grant proposal submission process by visiting the Bitcoin Foundation’s blog at www.bitcoinfoundation.org/blog.

The Bitcoin Foundation is a nonprofit organization founded with the mission to standardize, protect and promote Bitcoin cryptographic money for the benefit of users worldwide.

Contact:

Lindsay Holland, Assistant Director

lindsay@bitcoinfoundation.org

206-486-4488