Pineapple Fund Writes Farewell Post, Reports That All Funds Have Been Donated
Pineapple Fund, a bitcoin-only , has reportedly accomplished its ultimate mission and donated 5104 (BTC) or $55 mln to various nonprofit organizations, the fund’s creator wrote in a on Reddit May 10.
In December, when the BTC price approached its , an anonymous donor who goes by the nickname Pine to give away 5057 bitcoins worth around $86 mln at the time. The amount turned out to be worth $31 mln less than they due to the dramatic of the crypto market in early 2018. The donor later described the market downturn in terms of a “”.
“Timed with the 2017 crypto bubble, 5104 BTC was turned into $55 million for charities. I'm happy and proud of the impact that will come, mostly thanks to the amazing charities and the dedicated people behind them.”
As the donor reported on Pineapple Fund’s , the fund donated $55,750,000 to 60 charities around the world, supporting a variety of projects from clean water supply in sub-Saharan to digital rights protection.
In January, Pineapple Fund the donation of $4 mln to the non-profit organization Multidisciplinary Association for Psychedelic Studies (MAPS) to apply MDMA as a psychotherapy treatment for PTSD patients. In April, MAPS director Brad Burge the drug was showing “promising results for treating PTSD, claiming that the new treatment “involves only 3 administrations of a drug that’s been around for over 100 years."
In February, a charity drive that asked PC gamers to mine Ethereum () with the unused capacity of their high level graphics cards. Gamers could turn on the UNICEF ETH mining program when they were away from their computers, and the mined proceeds would go to support humanitarian aid for Syrian children.
Bitmain Releases Equihash Miner 3x More Powerful Than Its Predecessor Bitmain, the Beijing-headquartered cryptocurrency mining giant, has officially released the Antminer Z11 machine on Tuesday March 19. The new device is designed to mine coins […]
While () activation is looking by the hour, is getting ready to deploy a version of the Lightning network with or without the protocol upgrade.
The blockchain technology company, perhaps best known for its bitcoin mining pool of the same name, successfully sent real bitcoins over a test version of the Lightning Network this week. Interestingly, Bitfury’s implementation of the technology is compatible with the current bitcoin protocol and is therefore functional even without SegWit.
“This is a major accomplishment by our technical team and an important step forward for the Lightning Network and the growth of bitcoin,” Valery Vavilov, CEO of The Bitfury Group, said in a statement.
Lightning Network
is a highly anticipated second-layer scaling solution that allows for cheap and instant (micro)payments. Cleverly leveraging bitcoin’s basic scripting capabilities, Lightning users should be able to make a virtually unlimited number of transactions, where only a minimal proportion of them are recorded on bitcoin’s blockchain, thereby boosting bitcoin’s scalability. Meanwhile, all users remain in control of their own bitcoins at all times, maintaining the trustless properties of bitcoin itself.
“The Lightning Network has the potential to solve bitcoin’s scalability issue and provide instant payment functionality. By demonstrating that the Lightning Network can function now, Bitfury has cleared the way to increased transaction processing and further adoption of bitcoin,” Vavilov said.
Bitfury’s Lightning is based on, which is being developed by.
For its demo, the Bitfury software team created two Lightning transactions. One of these is a straight transaction from one Lightning node to the next, effectively simulating a payment channel between two users. Since it was only a test, Bitfury only made one transaction — but it could have made thousands back and forth at no extra cost.
The other test was a single-hop transaction, which better simulates the main purpose of the Lightning Network. Users pay each other through a mutual third party, without requiring any trust in this third party. While the Bitfury software team only made one transaction on this channel as well, it could, once again, have made thousands back and forth between all three parties, at no extra cost.
Since Bitfury’s test took place on the main net, and are recorded on bitcoin’s blockchain and can be seen by any typical block explorer.
Tests and SegWit
Bitfury’s is not the first successful test of the Lightning Network. Several companies, including Lightning Labs, Blockstream, ACINQ as well as Bitfury itself have experimented with their implementations of the technology. But since most of these companies are working on versions of Lightning that rely on Segregated Witness, these tests were limited to bitcoin’s testnet and Litecoin. Likewise, major wallet service Blockchain has sent “” transactions over bitcoin’s main net. But while Thunder resembles the Lightning protocol, it isn’t quite as trustless or decentralized.
As such, Bitfury is the first company to get a version of the Lightning Network up and running on the current bitcoin protocol.
“We released this first experimental version of the Lightning Network for bitcoin because we think the Lightning Network is an essential technology for bitcoin and would love to see it made available as soon as possible,” Vavilov said. “We are proud that our developers found a way to adopt the Lightning Network for bitcoin without SegWit. It’s a huge step forward for bitcoin scalability.”
Regardless, the CEO noted that he is hopeful that SegWit will activate on the bitcoin network. With currently getting close to its activation threshold, it seems increasingly likely that SegWit could be live within a month. This would allow for a version of the Lightning Network that offers an improved user experience.
Vavilov:
“The Lightning Network will be the most effective when used with SegWit, which is why we are fully committed to SegWit’s implementation, and we will continue working on a version of the Lightning Network that is compatible with SegWit.”
Bitfury, which started out as a bitcoin miner, has grown to become one of the largest private infrastructure providers in the Blockchain ecosystem. Part of this effort, the company has been supporting the development and implementation of the Lightning Network for well over a year. Bitfury previously also co-designed and successfully, a payment-routing solution for the Lightning Network.
The Ultimate Guide To Cannabis Tokens Disclaimer: The author does not provide investment advice. This article has been prepared for informational purposes only, and is not intended to provide, and should not be relied on […]
