- A new Bitcoin Foundation to be Launched by Bitcoin entrepreneurs Alena Vranova and Giacomo Zucco
- Vranova feels the Bitcoin is the most marketable of the cryptocurrencies
- The previous Bitcoin foundation stalled after multiple scandals
A lot of effort has been put to ensure the progress and increased acceptability of cryptocurrencies and it now seems that a foundation is being set up to further that same cause.
Recently, Bitcoin entrepreneurs Alena Vranova and Giacomo Zucco announced that they will be backing a new foundation created to help the progression of cryptocurrency.
The two names behind the project are hardly new to the crypto world. Vranova was one of the earliest adopters of bitcoin and also backed various bitcoin projects such as Slush Pool, Satoshi Labs, and Trezor Harware Wallets. Zucco, on the other hand, is a cryptocurrency adoption consultant and has been one of the biggest voices supporting the adoption of cryptocurrency.
This announcement was made on the second day of the Baltic Honey Badger Bitcoin Conference in Latvia.
“The positive thing about Bitcoin as a decentralized ecosystem is that it’s really resilient…It actually doesn’t need any CEO…any doesn’t need any central organization to work,” said Vranova in the lead up to the announcement.
Pushing the Cause
There are hundreds of cryptocurrencies in existence around the world but Vranova feels that Bitcoin is the one that needs the most attention and is the one that can be most easily sold to be the public.
For starters, Bitcoin had an explosion in value in the early 2010s and made many of its early investors into millionaires overnight. For most of the general public, this was their first exposure to cryptocurrencies and served as a major catalyst for the progress cryptocurrencies have made over the last few years.
“There is a lot of hype around technology, and I think Bitcoin deserves much more attention, much more communication, much more joint effort,” says Vranova.
This is not the first foundation that was made to push Bitcoin. However, the previous one, the Bitcoin Foundation, founded in 2012 was marked with several problems that stalled its progress.
One of the first was when Mark Karpeles, the CEO of the early Bitcoin exchange Mt. Gox was forced to leave the foundation when he lost 750,00 consumer bitcoins.
The Foundation Vice-Chairman Charlie Shrem was later arrested for Cryptocurrency fraud and then its Chief Scientist Gavin Andresen claimed that an Australian businessman was the founder of Bitcoin, a fact that was quickly refuted.
The worst scandal, however, was when Brock Pierce, a former child actor accused of sexually abusing children was added to the board, leading to several others resigning in protest.