Author: Eric, Foresight News
Original Title: 41 People, $8.4 Million, Supporting Bitcoin's Trillion-Dollar Empire
How many developers does a company with a $2 trillion market cap need? What are the development costs?
According to public data, among U.S.-listed companies currently valued at over $2 trillion, the number of technical or development personnel ranges from a few thousand to tens of thousands, with annual salary expenditures reaching hundreds of millions or even billions of dollars.
For Bitcoin, which once reached a market cap of $2.5 trillion and still maintains a market cap of nearly $1.75 trillion, these two numbers are 41 and $8.4 million. Yes, the absolute "big brother" of the cryptocurrency space has a core development organization of only 41 people, supported by annual donations of a few million dollars and salaries paid by a handful of companies.
1A1z, through dozens of hours of interviews and research, has made public a report on the mysterious team behind Bitcoin, Bitcoin Core, and its funders. This report, released in October last year, although slightly outdated, shows the full picture of Bitcoin's development team and donors in 2023 and 2024. Changes in Bitcoin's developer system occur on a yearly basis, and even today, it remains almost identical to the time of the report's investigation.
The purpose of this report is to remind participants, while the world is focused on Bitcoin's price, that Bitcoin is still "fragile" in some ways, and as possibly the only truly decentralized project, you and I can actually contribute to it. Special thanks to X user Aaron Zhang for his interpretation of the report and the updated 2025 information.
The World's Most Efficient Distributed Team
The first chart in the report shows the difference between Bitcoin and tech companies with similar market caps:
In 2023, Meta had at least 20,000 developers, with a market cap of about $1.5 trillion, while Bitcoin, with a market cap of $1.2 trillion, had only 41 people. These 41 developers contribute code to Bitcoin Core, the so-called Bitcoin core developers. Among these 41 core developers, there are 5 special maintainers who are currently the only people in the world with the authority to merge improvement proposals from core developers into Bitcoin Core.
It is worth noting that only 13 people have held this identity in the past 10 years, and we will talk about the stories of these 13 people later.
If you think Bitcoin and listed companies are not comparable, the report also uses Web3 projects for comparison. Taking Polkadot as an example, in 2023, Polkadot spent $70 million on core developers, but its market cap was only 1.2% of Bitcoin's. In 2024, Polkadot's spending on activities similar to Bitcoin development reached $16.8 million. Meanwhile, Ethereum spent about $32.3 million on core developers in 2023 and $50 million in 2024.
Certainly, more than these 41 people contribute to Bitcoin's code. The number given in the report only covers those who directly contribute code to Bitcoin Core; test engineers, researchers, etc., are not included, and protocols like Lightning Network and Nostr are also not included. Even the libsecp256k1 library, which is closely related to Bitcoin Core, is not counted.
The numerical "contrast" does reflect Bitcoin's strong "antifragility." Bitcoin lacks the foundation organization standard in other projects, resulting in a lack of resource allocation and fundraising capabilities like other projects. However, the author believes that this is precisely why Bitcoin does not rely on a single entity for decision-making, and there is no abuse of funds; every penny is spent wisely: "Bitcoin's resolute resistance to any form of centralization or single point of failure is its uniqueness and the only way we believe Bitcoin can succeed."
The author once asked an investment institution a question in an early interview: Web3 projects' decentralized DAOs are so inefficient, and it is often difficult to reach agreement on simple matters. What is the value of their existence? The other party replied that inefficiency is one of the ways this system operates. It is impossible to be efficient for something to gain broad consensus, and this seemingly brainless and inefficient "democracy" is precisely its value.
By now, you might think the report itself is like a "hymn" to Bitcoin. Perhaps these data reflect some of Bitcoin's resilience, but this resilience is, to some extent, a无可奈何的选择 under an extremely high degree of decentralization. In other words, what the author wants to express, as mentioned at the beginning, is that Bitcoin Core is fragile, and our attention and investment in the protocol level of this trillion-dollar empire, which has allowed many people to cross classes overnight, are still insufficient.
Who is Funding Bitcoin Core Developers?
The author of the report makes a strict distinction between sponsors and donors. The difference between the two, the author believes, is that sponsors may be more偏向于执行, such as ensuring that funds are allocated to designated developers, while donors play the role of "funders."
Before深入了解 these organizations that selflessly contribute to Bitcoin's development, to prevent you from getting dazzled, let me first show you a picture.
The report lists 13 major sponsoring organizations. The listed organizations must either directly employ Bitcoin core developers or have ongoing direct funding programs for core developers. "One-time" funding or funding programs without continuity are not included.
Blockstream
Blockstream was founded by early Bitcoin core developers and has contributed a large amount of code to Bitcoin Core and libsecp256k1. However, it has also been questioned for potentially influencing Bitcoin due to its corporate identity. Currently, Blockstream only employs one core developer. Blockstream has disclosed at least 6 rounds of funding totaling at least $510 million since 2014, giving it a feel of "ConsenSys in the Bitcoin ecosystem."
Blockstream's co-founder and CEO, Adam Back, is known as one of the "people closest to Satoshi Nakamoto." The Hashcash proof-of-work system he proposed in 1997 to combat spam became the prototype for Bitcoin's PoW consensus mechanism. Satoshi Nakamoto cited Adam Back's work in the Bitcoin whitepaper and also communicated with him via email about technical details. After founding Blockstream, Adam Back led the development of Bitcoin sidechain Liquid and scaling and privacy components like the Lightning Network.
Chaincode Labs
Chaincode Labs was founded in 2014 in Manhattan, New York, by Alex Morcos and Suhas Daftuar. Alex Morcos initially focused on automated trading and quantitative trading, became a Bitcoin core developer in 2012, and remains an active contributor to the Bitcoin Core development community. Suhas Daftuar also worked in trading before entering the Web3 industry, having founded Hudson River Trading LLC (HRT). Both are pioneers in Wall Street algorithmic trading.
Chaincode Labs uses self-raised funds to promote the development of the Bitcoin ecosystem, including improving the reliability and scalability of the Bitcoin protocol; training Bitcoin developers through tutorials and funding programs; and conducting cutting-edge research, such as the potential threat of quantum computing to Bitcoin. Chaincode Labs released the "Bitcoin Post-Quantum" report this year, proposing a migration path based on NIST's post-quantum encryption standards, including introducing new signature schemes (like Dilithium or Falcon) through a soft fork,预计在 2026–2028 年分阶段实施.
Chaincode Labs was also a key driver behind important Bitcoin network upgrades like Taproot and SegWit, and was one of the funders of the first independent third-party audit of Bitcoin Core.
It is worth mentioning that Aaron Zhang, mentioned earlier, announced on X on the 3rd of this month (https://x.com/zzmjxy/status/1996092229962916119) that he has become the Chinese partner of Chaincode Labs' BOSS (Bitcoin Open Source Software) Challenge. The BOSS Challenge is a free 30-day code challenge combined with a 2-month实践期, helping developers enter open-source projects. It has already helped dozens of developers start from scratch and become full-time open-source engineers.
Digital Currency Initiative
The Digital Currency Initiative (DCI) is not strictly an organization; it is an academic载体 launched by the Massachusetts Institute of Technology (MIT) in 2015 to neutrally host core developers after the dissolution of the Bitcoin Foundation. MIT DCI accepts donations to long-term employ Bitcoin developers, providing stable salaries and a research environment, allowing them to focus on protocol security, performance, and consensus improvements, producing academic papers, open-source code, and public reports. It also participates in central bank digital currency (CBDC) research, collaborating with the Federal Reserve Bank of Boston on Project Hamilton.
DCI emphasizes open-source, self-custody, and privacy protection principles, aiming to demonstrate the value of decentralized technology to policymakers while maintaining independent contributions to the Bitcoin Core codebase.
Spiral
Spiral is an independent Bitcoin development entity under Block (formerly Square), established in 2019 (initially named Square Crypto) and officially renamed Spiral in January 2022. As of December 2025, Spiral has funded over 100 open-source projects, with a cumulative investment of hundreds of millions of dollars, promoting Bitcoin's privacy, security, scalability, and user experience (UX) improvements. Spiral emphasizes independence, not being directly controlled by Block or its founder Jack Dorsey, but driven by the Bitcoin developer community.
Spiral's current head is former Google engineer Steve Lee. The team includes former Bitcoin Core maintainers and Lightning Labs engineers. According to public information, although Spiral's funding scope is broad, its core revolves around the Lightning Network, hoping to improve Bitcoin's payment efficiency through it, which is also a坚持 of Satoshi Nakamoto's original intention.
OKX
This naturally needs no introduction. What is worth introducing is that OKX's funding program began in 2019 with OKCoin, was later taken over by OKX, and has persisted至今. It is now primarily promoted by executives Lennix Lai and Hong Fang. OKX currently supports key developers, such as Amiti Uttarwar and Marco Falke, as well as other organizations funding Bitcoin Core, such as Brink, Vinteum, and 2140, which we will discuss shortly.
Human Rights Foundation
The Human Rights Foundation (HRF) was established in the United States in 2005 to promote and protect human rights in closed societies worldwide, focusing on combating dictatorships, authoritarian governments, and tyranny. HRF has long supported Sakharov Prize and Havel Prize winners, as well as well-known dissidents like Liu Xiaobo, Alexei Navalny, and Kim Jong-nam. It has funded thousands of grassroots human rights projects in over 70 countries.
Since 2019, HRF has begun to regard Bitcoin as one of the most important "human rights technologies" of the 21st century, believing it to be a powerful tool against financial surveillance, financial oppression, and monetary tyranny. In May 2019, HRF established the HRF Bitcoin Development Fund to fund open-source development of Bitcoin and the Lightning Network, having donated over 120 bitcoins to date.
Brink
Brink is a non-profit organization co-founded in 2020 by Mike Schmidt and former Chaincode Labs developer John Newbery. It aims to cultivate and support the next generation of Bitcoin protocol developers through full-time salary funding, mentorship, and community building, addressing the "succession crisis" in Bitcoin core development.
Brink selects 4 to 6 promising engineers annually, providing 1 to 2 years of full-time salary (approximately $120,000–$180,000/year) to allow them to专职 contribute to Bitcoin Core and related protocols. To date, it has funded over 20 developers, including notable figures like Gloria Zhao (now a Bitcoin Core maintainer), Greg Sanders, and Josie Baker. Brink is currently the most recognized "Bitcoin Core Developer Incubator" by the community. Almost all new members加入 Bitcoin Core's maintenance team since 2022 have received funding or training from Brink.
Brink's operating funds are 100% from donations. Donors include Twitter co-founder Jack Dorsey, the aforementioned Chaincode Labs, HRF, Spiral, as well as exchanges like Gemini, Bitfinex, Kraken, and hundreds of individual donors.
Btrust
Btrust was established in 2021 with 500 bitcoins jointly funded by Jack Dorsey and Jay-Z. Headquartered in Lagos, Nigeria, it focuses on promoting the participation of African and Indian developers in Bitcoin and Lightning Network open-source development through education and funding. As of December 2025, Btrust has trained hundreds of African developers and funded over 50 open-source projects. Btrust acquired the African Bitcoin developer training program Qala in its early stages and integrated it into the Btrust Builders Fellowship.
Btrust acts like Bitcoin's "African Operations Center." In addition to funding development and providing training, it also hosts BitDev events in major African cities and maintains a weekly updated Bitcoin ecosystem newsletter for the African community.
In September 2024, Nigerian Bitcoin core developer Abubakar Nur Khalil became the interim CEO of the organization. Khalil is the co-founder of Qala, which was acquired by Btrust. Beyond this role, Abubakar Nur Khalil has been a Bitcoin core developer since 2020, also providing information on African Bitcoin ecosystem development for Forbes and writing investment insights focused on macro trends. Additionally, he is a founding partner of Recursive Capital.
OpenSats
OpenSats was established in 2020 by the Bitcoin open-source community. Key promoters include Lightning Labs co-founder Elizabeth Stark, among others. The establishment of OpenSats was largely driven by community concerns in 2020 about the stagnation of Bitcoin protocol development and maintenance due to a shortage of developer funds. Since its inception, OpenSats' funding focus has extended beyond Bitcoin core developers to cover a wide range of open-source projects围绕 Bitcoin, including Nostr, lightweight full nodes, etc. Over the past 5 years, OpenSats has provided approximately $30 million in funding to over 330 contributors.
Vinteum
Vinteum was established in August 2022 by Bitcoin core contributor Lucas Ferreira and former Brink developer Bruno Ely Garcia. It aims to support builders in the Bitcoin ecosystem in Brazil and Latin America.
Vinteum can be seen as a product of the 2022 wave of "developer diversification" in Bitcoin. To date, it has funded over 20 developers to become full-time open-source project developers and has contributed to the review, testing, and improvement of the Taproot upgrade. The 2025 report shows that its projects account for over 15% of Bitcoin contributions in Latin America. Additionally, Vinteum is committed to promoting Bitcoin adoption in the context of Brazil's high inflation macro-environment.
Maelstrom
Maelstrom is a Bitcoin-specific venture capital led by the family office of BitMEX co-founder Arthur Hayes. Maelstrom focuses primarily on investments but has also set up a "Bitcoin Grant Program." According to its website, the fund currently provides grants to four full-time developers. Besides Bitcoin core developers, the projects involved include Bitcoin privacy tools like Payjoin, Silent Payments, and development related to peer-to-peer network privacy.
Prior to this, Maelstrom funded the Nostr protocol and client ecosystem, the Fedimint ecosystem, and sponsored Chaincode's BOSS Challenge this year. Additionally, in the third quarter of this year, Maelstrom launched the Bitcoin Moonshot Grants program, designed for "ideas that sound crazy but could be game-changers"—high-risk, high-potential Bitcoin projects emphasizing radical innovation. As of December 2025, the program has funded 5 to 10 early-stage projects, with a cumulative investment of approximately $20 to $30 million.
B4OS (Bitcoin For Open Source)
B4OS was launched in April 2024 by the Spanish-language Bitcoin learning community Librería de Satoshi. It is a free advanced Bitcoin open-source training course for experienced developers in Latin America, the Caribbean, and Spain. B4OS offers training courses on Bitcoin fundamentals, Lightning Network development, and FOSS tools (like Rust/Python). B4OS's funding scale is relatively small, with grants per developer ranging from $1,000 to $5,000.
2140
2140 was announced at the Bitcoin Amsterdam Conference in 2024 by two Bitcoin developers, Josie Baker and Ruben Somsen. OKX is the main funder of this initiative. The name 2140 comes from the year Bitcoin is expected to be fully mined. The organization's purpose is to promote the development of related protocols to prepare Bitcoin for the scenario of no block rewards before 2140 arrives.
2140 is currently the only such organization registered in Europe. It will hire full-time developers at its Amsterdam headquarters and also provide one-year grants for newcomers.
Besides the above organizations, according to BitMEX research, throughout Bitcoin's nearly 17-year history, institutions that have funded Bitcoin and Lightning Network development also include Bitmain, Bitfinex, etc. Exchanges like Coinbase, Kraken, and Gemini have also provided grants to varying degrees, but most lack continuity.
These funders have different funding methods. Some openly accept donations and then provide them to developers, while others use company profits for direct support. Some organizations directly hire developers as full-time employees and provide job security, while others only provide grants, as shown in the image at the beginning of this section.
The report author found through interviews that, as a group, developers also need to make a living, pay mortgages, and optimize their resumes, so they often prefer the employment model. Some developers describe the grant model as "having to reapply for your job every year or two." The author states that although funding provided through the grant model has increased significantly in recent years, more employment-based funding is actually needed to retain talent. The author also suggests that the current funding structure still needs to find a balance between non-profit organizations and companies to prevent risks associated with the departure of无偿 donors and market downturns.
Between the lines, we can sense a微妙平衡 between the current developer ecosystem and the organizations providing funding. Developers are not all people who work for Bitcoin "for the love of it," and the imbalance between employment and pure funding creates insecurity among developers. More evidence of this can be seen in the following introduction.
Regarding the amounts, the author states that some figures are estimates based on public information and are not entirely accurate. The report states that the total expenditure of organizations that openly accept donations (61.5%) is almost twice that of companies (38.5%), and grants (60.8%) exceed salaries (39.2%). The main difference is that the total amount of grants from donation-based organizations (70%) is much higher than that from corporate entities (30%), while the total salary expenditure is similar between the two.
The mismatch between donor support and the resources of developers with specific goals, coupled with insufficient support from for-profit companies, is a major issue highlighted in the report. The talent drain in Ethereum is a warning for Bitcoin. We still need more companies to step up and take responsibility for maintaining the anchor of cryptocurrency value. The author believes that high-profit companies in the industry, such as stablecoin issuers and exchanges, should be required to provide long-term, employment-based support for Bitcoin developers and not "reap the benefits without doing the work."
Where are the Funding Organizations Located?
Among the 13 organizations, 7 are located in North America, with 6 having their legal headquarters in the United States. Although Blockstream is registered in Canada, it also has an operational center in the US. It can be said that the US covers more than half of the funding organizations and is home to the 7 "oldest" ones.
Outside North America, except for 2140, which was established last year in Amsterdam, Netherlands, other organizations are registered in tax havens. The author lists the distribution of registration locations considering that differences in regulatory attitudes may affect organizational diversity, especially concerns about the US crackdown on the cryptocurrency industry. However, with Trump elected as the new US President, this problem is solved. But the author's concern that funding privacy technology development could bring legal risks to donors and developers is indeed a consideration.
As for the coverage scope of these organizations' funding, it has been more or less involved in the previous introductions. Brink, OpenSats, Maelstrom, Spiral, and OKX's funding is not fixed to a specific region. Blockstream, MIT DCI, and Chaincode mainly target the US and primarily use employment. Others mainly target Europe, Africa, and Latin America, and mostly use the grant model.
Where are the Developers?
The report shows that as of 2024, among the 41 active core developers who have had at least 5 commits merged into Bitcoin Core, 33 have publicly disclosed their location.
The statistical chart shows that the US and Europe alone have 26 developers, Latin America has 3, located in Argentina, Brazil, and El Salvador respectively. The remaining four are distributed in Africa, Asia (India), Australia, and Canada.
Developers from different regions also show significant differences in code contribution. Among the 41 active core developers in the year leading up to October 2024, the top 15 developers accounted for 71% of all contributions, the top 5 accounted for 41%, and the most active single developer alone contributed 11%. Although the US has the most core developers, it ranks second in the number of commits (25%), not only behind Europe (56%) but also behind the UK alone, which accounts for 30% of commits. Furthermore, Sweden's "one-man army" contributed half as much as all US developers combined.
Regarding the distribution of funding organizations and developers, both the report author and Aaron Zhang raised an issue: Asia, which has 78% of the world's population, has no core developers except for one in India. In response to this situation, the report author used the euphemism "huge growth potential," while Aaron Zhang bluntly stated that the contribution of Asian developers to Bitcoin Core is almost zero, "meaning that the core development circle of a system serving global users is almost completely isolated from Asia."
The author believes this is largely due to cultural differences. The open-source culture originating from Europe and America is not highly accepted in Asia, and the Asian region does not seem to have a strong "sense of freedom." Although Asia is not inferior to European and American countries in terms of talent strength and density, due to cultural incompatibility, it is difficult to effectively self-organize in such a decentralized community. But the author also believes that once such organizations can develop, Asia will also have a say in Bitcoin's development path in the future.
The Mysterious "Maintainers"
The report reveals the Bitcoin Core maintainers, the people with the authority to merge code into Bitcoin Core, of whom there have been only 13 in the past 10 years.
There are currently 5 maintainers. At the time of the report's writing, three belonged to Brink, and the other two were from Chaincode and Blockstream, respectively. Two years later, although the personnel haven't changed, Ava Chow has moved from Blockstream to Localhost, and Gloria Zhao has moved from Brink to Chaincode.
Russ Yanofsky, funded by Chaincode, is one of the most active and respected long-term contributors, known for his extreme rigor, focus on code quality, and long-term maintainability. Russ Yanofsky's most famous contribution is arguably assumeUTXO, which allows nodes to "assume" that the historical UTXO set provided officially is correct during synchronization, only needing to verify recent blocks, thus greatly shortening the initial synchronization time for new nodes (from days to hours).
However, the idea was actually proposed by James O’Beirne, but Russ Yanofsky spent nearly 5 years refining it and finally merging it into Bitcoin Core 27.0. Currently, Russ Yanofsky is leading the effort to change Bitcoin Core from a single-process to a multi-process architecture (enable-multi-process), significantly improving future security and scalability. This is an extremely complex and highly controversial refactoring project that has been underway for several years.
Ava Chow, who moved from Blockstream to Localhost, is a transgender female developer focused on the practicality and security of the Bitcoin ecosystem, known for her work in wallet functionality and hardware integration. Ava Chow is the main developer of the Hardware Wallet Interface (HWI) open-source library, supporting the integration of hardware wallets like Ledger and Trezor with Bitcoin Core.
In 2024, Ava, amidst controversy, closed Luke Dashjr's PR aimed at limiting Ordinals, citing "no consensus and creating noise." If you made money on ORDI, you might need to thank her.
As the only one of the 5 maintainers who is biologically female, and the first in Bitcoin's history, Gloria Zhao focuses on research in the mempool, transaction relay, and consensus policy areas. She is regarded as a leading figure among the younger generation of Bitcoin developers (around 26 years old).
Gloria Zhao led the "Cluster Mempool" project (PR #30611, etc.), introducing the concept of transaction clusters, rewriting mempool logic, and improving the efficiency and fairness of RBF (Replace-By-Fee) and package relay. This functionality has been partially activated in Bitcoin Core v28.0, significantly improving the network's resistance to pinning attacks.
Hennadii Stepanov is a Ukrainian developer who worked at a university before becoming a full-time Bitcoin developer. He resigned to "all in Bitcoin" in 2020 after receiving funding from CardCoins and Payvant. Hennadii Stepanov focuses on GUI (Graphical User Interface),负责 Bitcoin Core GUI 子库, fixing various GUI crashes and cross-platform compatibility issues.
According to information found by the author, this guy seems to care a lot about "user experience" and is also an important promoter of Bitcoin going mainstream. His technical philosophy always starts from the "end-user" perspective, even testing on old laptops to simulate niche scenarios.
The last maintainer, and the one with the longest tenure (over 6 years), is Michael Ford. He started contributing code to Bitcoin in 2012 and was nominated as a maintainer at the CoreDev conference in 2019. Unlike the previous four, Michael Ford focuses on "making Bitcoin development" itself easier, promoting Bitcoin's transition from reliance on intensive tools to a modern, modular open-source project.
Michael Ford led the migration from old Autotools to modern CMake, improving cross-platform build efficiency (Windows, macOS, Linux), and reducing the number of dependency packages by 44%. Additionally, he promoted the移植 of security checks from old tools to LIEF (Library to Instrument Executable Formats) to prevent supply chain attacks. It can be said that Michael Ford is a "developer serving Bitcoin developers."
The "Dorsey Problem" in the Funding System
The report suggests that the current funding system has two hidden dangers, one of which is the "Dorsey Problem."
Although the current funding organizations appear fairly decentralized, in reality, 5 organizations receive funding, to varying degrees, from Jack Dorsey.
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90.5% of OpenSats' donations come from Jack;
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14.2% of Brink's donations come from Jack;
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Btrust's funds全部来自 Jack and Jay-Z;
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Jack has also donated to MIT DCI's Bitcoin program. The specific amount is undisclosed but is estimated to be relatively small;
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Spiral is also a project under Block, where Jack is co-founder and CEO.
The author learned through interviews that Jack Dorsey基本上不干预 the direction of donated funds; some aren't even his direct decisions. However, this reliance on a "top donor" still poses hidden risks. The author expresses the same view as the author: more "Jack-level" donors, especially private companies that have profited from Bitcoin, should take more responsibility in this regard. Fortunately, the most recently established organizations are unrelated to Jack, and the two new organizations the report author is aware of即将成立 are also unrelated.
The second hidden danger lies in the sustainability of donation funds. Although most interviewees believe that the funds currently available for grants are sufficient, whether this funding level can be maintained is actually questionable. During the 2022 bear market, MIT DCI's $8 million donation pledge from 2021 shrunk significantly, and donations to Brink also fell by 58% that year. Based on the assumption of cyclical cryptocurrency markets, many organizations also choose to be cautious with their spending during non-bear markets to prevent funds from drying up during bear markets.
Given that Web3 products and companies are still predominantly trading-oriented, the income of most companies will, for a considerable time in the future, fluctuate with the cycles of risk asset prices. The solution to this problem may require mentioning for the third time that companies with cross-cycle profitability (e.g., exchanges) should take responsibility for ensuring that donation funds maintain a certain level.
Asia Needs to Step Up
The report concludes by summarizing several major problems in the Bitcoin developer ecosystem: the small number of active developers, low funding amounts, concentration of funding organizations in specific jurisdictions, the空白 in Asia region, high concentration of maintainers (in 2024, three maintainers belonged to the same company, but this issue has improved), scarcity of employment opportunities (most funding is still in grant form), concentration of funding sources, and fragile sustainability.
Regarding the空白 of the Chinese Web3 community in Bitcoin development, the author analyzed the reasons in the article. In fact, there is no shortage of excellent developers in China, but empty slogans won't suffice. Individuals or organizations need to step up to truly solve this problem.
Perhaps many people are worried about regulatory issues, especially with the recent release of several documents strengthening regulation, which has caused anxiety. But the author wants to say that in the current complex international competition, especially the great power game, strengthening regulation of cryptocurrencies本质上又是启动了经典的 "防傻子机制" (anti-fool mechanism), i.e., preventing a large number of fraud cases and capital outflows during a period of slowing economic growth. However, this does not prevent民间组织 within the industry from striving for our voice in Bitcoin.
Reading the report from beginning to end, it is庆幸 that over the past dozen years, a large number of talented technical personnel have successively devoted themselves to the improvement and maintenance of Bitcoin, and there have been bosses constantly刷着火箭飞机 (donating heavily) to support these developers. This seemingly insufficient support has allowed Bitcoin to become a representative of new assets in less than 20 years, which can be called a "miracle."
And what is值得担心的 is precisely that "this is a miracle."
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