BitMEX and HRF Allocate $ 150K for Bitcoin Scaling Research

The popular cryptocurrency derivatives exchange BitMEX has partnered with the non-profit Human Rights Foundation or HRF to provide a $ 150,000 grant for the Korean Bitcoin scaling researcher Calvin Kim.

This is the second time BitMEX has funded Kim’s research. In August 2020, the exchange donated $ 30,000 to Kim.

In a new study, Kim plans to incorporate Utreexo into Bitcoin deployments using the Go and Rust programming languages, respectively. Simultaneously, Kim will be working on “improving the initial block load time in bitcoin”.

Kim has been working on Utreexo since mid-2019. This hash drive will be the BTC scaling solution. Notably, the protocol design was first proposed by Thaddeus Draya, a researcher at the MIT Digital Currency Initiative and co-author of the Lightning Network whitepaper.

“This year, with the financial support of BitMEX and the Human Rights Foundation, I intend to continue what I was doing last year and continue moving the Utreexo project to something a user can download and use,” Kim said.

BitMEX gave Kim $ 100,000 in an annual grant, and HRF added another $ 50,000 on top of that.

On May 31, in an announcement by the BitMEX research arm, HRF representatives noted that the organization has long been “working to advance human rights on the Korean Peninsula through technology.”

“It is very exciting for HRF to be able to support Calvin’s efforts. We hope his work can inspire others in the region to get involved in Bitcoin so that they can contribute to his mission to bring free and open source money to the world,” HRF said.

The HRF website states that the organization supports Bitcoin. The reason is that this cryptocurrency, according to the organization, “can be a tool of freedom for human rights defenders faced with hyperinflation or financial supervision.” 

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