CoinGeek to Invest $300K in Electron Cash Projects

CoinGeek.com has announced funding of up to $300,000 per year for Bitcoin Cash open source projects to be developed by the Electron Cash team
31 January 2018   1090

CoinGeek, a cryptocurrency news site with a focus on the new Bitcoin Cash technology, has announced funding of up to USD $300,000 per year for Bitcoin Cash open source projects. The projects will be developed by the team of Electron Cash, which is an electronic wallet tailored for the BCH chain, and supported by nChain, the blockchain research & development specialist.

This new Electron Cash initiative comes hot on the heels of CoinGeek.com’s funding of another open source project, Terab. CoinGeek.com announced on Monday that it is funding of up to 3.6 million Euro to support Terab, an open source initiative that will solve a key technical issue to enable the Bitcoin Cash chain to massively scale to terabyte size blocks and 7 million transactions per second.

As it is reported on the CoinGeek website, the Electron Cash team and nChain will mutually agree on what software projects will be done under this initiative, including the development of:

  • Blinded threshold signatures in the Electron Cash wallet
  • A new ‘native’ version of the Electron Cash Android wallet
  • An iOS version of the Electron Cash wallet

This three-party initiative with Electron Cash, CoinGeek.com and nChain exemplifies the teamwork that is needed, with groups around the world, for Bitcoin Cash to succeed. We’re especially excited to work with the Electron Cash team to help realize implementations of some of our patent-pending inventions – such as blinded threshold signatures.
 

Jimmy Nguyen

nChain Group, CEO

At the moment of press, these are main market parameters of Bitcoin Cash:

Average price: $1 478,92
Marketcap: $25 055 529 883
24h volume: $852 233 000

Two Mining Pools to Gain 50% of the BCH Hashrate

Media reports that Coingeek and BMG Pool are affilated with odious Australian entrepreneur Craig Wright
18 September 2018   501

The centralization of Bitcoin Cash mining has reached a new level after only two pools - Coingeek and BMG Pool - have established control over more than 50% of the total network hash. This is reported by Trustnodes.

Bitcoin Cash Mining Pools
Bitcoin Cash Mining Pools

Earlier today, there were also reports that at some points the aggregate capacity of both pools reached 58%.

While BMG Pool directly belongs to the odious Australian entrepreneur Craig Wright, the no less scandalous Calvin Ayre, who maintains close ties with Wright, is considered the nominal owner of Coingeek.

The current situation, the media believes, does not exclude the possibility of collusion of the 51% attack on the network. In particular, in this case there is a probability of double spend of coins, which, accordingly, will force the exchange to increase the number of required transaction confirmations.

At the same time, the current situation is likely to be a demonstration of power by Craig Wright on the eve of the November upgrade of the network. As a result of disagreements between different groups of developers, it is still possible that Bitcoin Cash, which at one time split from bitcoin, will itself be split into two separate chains.

Note that the Bitcoin Cash hashrate on the whole continues to remain at a fairly low level, accounting for less than 8% of the bitcoin.