OpenNode, a cryptocurrency company focusing on the Lightning Network, rejected a massive offer. Roger Ver offered $1.25 million to this company to start building on top of the Bitcoin Cash (BCH) network. However, the company explained that their vision is a better financial system that can only be achieved with Bitcoin.
LN Company Rejects Millionaire Offer
OpenNode seems to be doing a good job if Roger Ver offered $1.25 million for it to start working on top of Bitcoin Cash. The Lightning Network is a scaling solution that was proposed for Bitcoin. Developers are currently working on this off-chain enhancement that would allow Bitcoin to scale and reach millions of transactions per second.
Roger Ver is a popular Bitcoin Cash supporter and early Bitcoin promoter. Back in August 2017, he supported a chain split between Bitcoin and Bitcoin Cash. Compared to the Lightning Network, Bitcoin Cash aims at solving scaling issues using on-chain solutions such as increasing block size. This would allow blocks to include more transactions.
OpenNode is a company that develops a payment stack for businesses. At the moment, they are working in a specific software that makes it easy for the Lightning Network to be deployed. The intention is to make it easier for merchants and retailers to open new channels in the network. Using the Lightning Network it is possible to make fast transactions and almost free. They might take some satoshis to be processed. In this way, Bitcoin’s main network is not congested and can be used to process larger transactions.
Timothy Draper has given the company $1.25 million as a seed investment. Tim Draper is also a respected figure in the cryptocurrency market.
Roger Ver commented on this issue:
“I don’t want to be the opposite side of an 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.”
According to Roger Ver, the Lightning Network would take several years to be deployed. He compared the Lightning Network with Bitcoin Cash explaining that BCH would expand faster than the LN.
After all these explanations, Ver offered OpenNode to start working on top of Bitcoin Cash if it wants to receive $1.25 million. Ver decided to match Tim Draper’s investment in the company.
As mentioned before, the company rejected the offered on Twitter explaining that an open financial system is only possible with Bitcoin.
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://t.co/4tbavwnXXb
— OpenNode ⚡️ (@OpenNode) December 30, 2018
Bitcoin Cash has recently experienced a new hard fork. Roger Ver and Jihan Wu, Bitmain’s founder backed the proposal made by Bitcoin ABC, while nChain’s Craig Wright and CoinGeek’s Calvin Ayre supported Bitcoin Satoshi Vision’s (BSV) proposal. Now, these are two separate networks.
Learn More About Bitcoin Cash
To learn more about Bitcoin Cash, start with this brief history of the differences between Bitcoin Cash (BCH) and Bitcoin.
You can read more recent history in articles about the Bitcoin Cash Hash War (of late 2018) or Gemini’s approval to list BCH on its exchange.
If you’re looking to purchase BCH, we recommend using Binance.
