Roger Ver, a popular proponent of Bitcoin Cash [BCH] and the Chief Executive Officer [CEO] of Bitcoin.com, had offered $1.25 million to OpenNode, a lightning network software to build on top of BCH. However, this offer by Ver was declined by the company. According to Cryptoslate, the company stated that:
“Our vision of a better, more open financial system is only possible with Bitcoin.”
Ver in his video of Bitcoin.com stated the scaling limitations of Bitcoin and the Lightning network. He mentioned that off-chain scaling using the Lightning network for 10 billion people might take over 100 years for Bitcoin, however, the BCH proponent bragged about, on-chain scaling for BCH would take only 40 years.
OpenNode is developing software that will enable hassle-free deployment of Lightning Network channels for retailers and the public. Lightning Network is a series of smart contract that will allow people to buy or sell Bitcoin without cluttering the main Bitcoin Network, reported the publication. It also mentioned that these swift transactions are almost fee-less.
Timothy Draper, a well known American venture capitalist, offered the company seed money of $1.25 million as an investment, said Ver and other sources. In his video, Ver also mentioned of not wanting to be on the tail end of investment from Draper. Ver was quoted saying:
“I don’t want to be the opposite side of investment from Tim Draper. He’s one of the smartest and best investors in the entire world. But, I don’t think Tim has looked at the math on this. Is he willing to wait decades to onboard people? You’re making a mistake in doing that. Lightning Network would work far, far, far, far better on a system that doesn’t have a limit to the size of the blocks, like Bitcoin Cash than it will on BTC. [sic].”
In his video, Ver tried to explain the viewers about how long Lightning Networks would take it to scale the entire world and compared it to Bitcoin Cash. Ver used Moore’s laws and Nielsen’s laws to shape the comparison as they are the popularly accepted assertions that computing power doubles roughly every 18 months.
According to Ver’s analysis might stand true only if both Bitcoin and Bitcoin Cash remain stagnant without any upgrades for over 100 years, which is a far-fetched idea. He did not consider any changes and improvements to the Lightning Network which is seen attracting many.
Ver used his assumptions to make an offer to OpenNode to develop their technology on Bitcoin Cash. He said:
“I have an offer for the OpenNode team and Tim Draper. You [Draper] invested $1.25 million in OpenNode, a Bitcoin-only payments processing startup. Well Tim, I’m offering to match your $1.25 million investment in OpenNode, with no strings attached equity-wise. I don’t need one share [of equity] whatsoever. All I require is that OpenNode actually starts working on payment processing for Bitcoin Cash, the version of Bitcoin that has the most Bitcoin-ness about it.”
However, OpenNode declined Ver’s offer in a tweet and said:
“Thanks for the $1.25MM offer @rogerkver, but we’re going to have to turn it down. Our vision of a better, more open financial system is only possible with Bitcoin. #Bitcoin4everydayhttps://youtu.be/Xg_-dz5PqAY”.
The company’s decision could have been influenced by the recent Bitcoin cash fork along with other reasons. The company chose to service Bitcoin for the following reason reported by the publication :
“Bitcoin’s network is a decentralized cryptographic blockchain that has never been hacked or compromised since its inception. It is the most secure, liquid, and longest working blockchain. We are only providing businesses with the ability to accept Bitcoin because we want to protect our users as best we can by limiting their exposure to the broader token market.”
Bitcoin SV proponent, Calvin Ayre jumped in and pushed the idea for OpenNode to consider Bitcoin SV after declining Bitcoin Cash. Wright proposed to OpenNode saying:
“If you love Bitcoin you should be using Bitcoin SV as this is the only original Bitcoin still working and it scales today…no need to wait for lighting. Plus it has open source tokens and smart contracts available today also.”
OpenNode is with Bitcoin core on this and might not be seen working with either BCH or BSV. Despite Bitcoin’s reservations, the fans are sure that the protocol might scale and become popular worldwide for offering payment solutions.
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