OpenNode a multi-layered Bitcoin payment processor completed its first round of seed investment, as per the announcement made on December 18. The main contributor to the project is none other than a long-term crypto advocate and venture capitalist Tim Draper.
OpenNode was founded in April 2018 with a development team comprising of Lightning Network developers and Bitcoin Developers. The multi-layered payment processor is aimed at improving the use and transaction of Bitcoins. The project was created keeping merchants in mind who specifically deal in Bitcoin and other cryptos. The investment fund would be used for scaling productivity and building a strong network.
Tim Draper and His Vision for a Digital Governance
The main contributor in the seed-investment is Draper Associates, a firm run by crypto bull Tim Draper. The investment into the project shed some light on the importance of cryptocurrency and how optimistic and confident Mr. Draper is about the Digital gold aka Bitcoin.
In May this year, Tim Draper put forward his idea of a blockchain based digital government. He believes if we can combine blockchain and Artificial Intelligence backed by smart contracts, it would lead to simple digital governance which would evenly distribute the workload of bureaucracy This idea if implemented right, can change the role and responsibilities of States. He said,
“If we combine Bitcoin, blockchain with smart contracts and artificial intelligence, we could create the perfect bureaucracy”
Tim Draper has also questioned the current system of political backed Fiat currencies. He believes central bank governed currency does not make any sense, as banks can print the money whenever they want and for whatever reasons they want it. He emphasizes on the need of an apolitical currency system, where central authorities do not have control over people’s money.
Blockchain Investment at an All-Time-High
This year has seen a mammoth rise in traditional venture capital investment in the blockchain and crypto realm. According to a report published by Research firm Diar, the investments in blockchain and crypto has tripled in the first three quarters of 2018. These firms raised in access of $3.9 Billion in funds, a massive 280% jump from the last year.
Tim Draper during the WireSummit 2018, has made some interesting proposals on the implementation of Blockchain beyond cryptocurrencies. He is of the belief that Bitcoin and other cryptocurrencies are just a part of the technology, and people should look past the price volatility and trade market. You can read his views and more – Tim Draper Talks Bitcoin, Blockchain and Beyond
The flush of investments in blockchain domain over the last year is a positive sign for the community. The bulls are also taking the charge and market is slowly stabilizing. Blockchain as technology has matured and finally come out of the shadow of volatile crypto prices. People and firms have realized the true potential of blockchain as technology and hopefully, regulatory bodies and governments would come around soon.