Good Money Bank to Raise $30M

Funds were raised during series A financing round with help of Galaxy Capital; project has interesting concept
11 December 2018   549

Los Angeles-based cryptocurrency startup Good Money announced the closure of a round of funding for Series A, in which it raised $ 30 million.

The round led Mike Novogratz' cryptobank Galaxy Digital through his Galaxy EOS VC Fund.

Other investors in the project were venture capital funds Breyer Capital, Blocktower Capital, Boost VC, Blockchange Ventures, Cross Culture Capital, as well as a number of individual investors.

Good Money calls itself the world's first digital banking platform owned by its customers and aims to democratize the banking industry, using the profits to change the world for the better.

In particular, the startup plans to act as a bank, each client of which owns a certain number of securities. Good Money plans to deploy a network of commission-free ATMs throughout the United States, as well as offering zero overdraft fees and deposits insured by the Federal Deposit Insurance Corporation (FDIC) at 2% per annum.

Fully functioning application, through which the platform will operate, the company plans to release in 2019. The application will support a mobile cryptocurrency wallet, offering additional incentives for attracting friends and direct deposits.

In addition, representatives of a startup say, 50% of all profits will be directed to projects aimed at eliminating social and economic inequalities, protecting the environment, renewable energy sources and philanthropy.

Bitcoin SV Blockchain to Undergo Reorganization

This happened due to the fact that some blocks were rejected by Bitcoin SV blockchain
19 April 2019   104

Several blocks were rejected by the Bitcoin SV network after the addition, which caused the re-organization in the blockchain's history.

Almost each time someone is trying to produce a very large block on the BSV chain, there’s a reorg. Just an hour ago our Blockchair engine has witnessed a 3-block reorg (I think that's a record)! Blocks #578640–578642 got orphaned by a longer chain because they were too big

Nikita Zhavoronkov

Lead developer, Blockchair

The large blocks, about which Zhavoronkov writes, are no longer displayed by the blockchain browser, since they are not part of the main chain in which they were located until a certain moment, until they were replaced by another chain, which eventually became dominant.

This is basically exactly the problem the BU gigabock testnet identified. At sizes > 100mb the mempools were so out of sync that blocks were basically transmitted as full blocks.

BSV had ONE 128mb block and it caused a six block reorg. On the BU testnet sustained 128mb blocks caused a total breakdown of the chain where there were so many reorgs that every node had a different view of the state of the blockchain.

Chris Pacia

Developer, Bitcoin

Thus, Chris assumes that the problem is caused not by the malicious actions of the network members, but by its functional bug. 

This update is noticeable in the background of recent Bitcoin SV delisting campaign, which was started by the number of big exchanges as a reply to lawsuit by Craig Wright, BSV supporter, against anonymous critic.