Peter Todd, an early bitcoin developer, has been given a “no-strings-attached grant” by Chaincode Labs according to a statement. Todd said:
“Chaincode Labs has given my consulting company a 100% no-strings-attached grant, which I’ll be using to fund my crypto work.
As the grant has absolutely no conditions on it I can still accept new consulting work, but I’ll be even more selective about what I accept.
My goals: OpenTimestamps, Proofmarshal, peer-review/critique, and outreach/education.
For what its worth, I’m sole owner of that consulting company.”
He did not publicly reveal what amount he was given seemingly for free and with no condition attached whatever. We asked him to provide the sum, but have received no response at the time of publishing.
Chaincode Labs is a relatively new start-up by two co-founders of Hudson River Trading, an automated trading company.
Alex Morcos and Suhas Daftuar, the two co-founders of Chaincode Labs, both appear to be very vocal supporters of the roadmap laid out by Gregory Maxwell, Blockstream’s CTO.
Earlier this year Chaincode Labs further hired a Blockstream “co-founder,” Matt Corallo, who remains very vocal in the blocksize debate.
Chaincode Labs describes itself as contributing “to open source projects in the field as well as perform original research and build implementations of new systems and ideas.” They further say:
“Chaincode’s investments in supporting Bitcoin and the ideas behind digital currency will initially focus on supporting open-source software but will also include developing commercial applications.”
It’s not clear what commercial applications they are developing, with the considerable similarities between Blockstream and Chaincode Labs somewhat noteworthy.
They both hire Bitcoin Core developers, both supporting limited on-chain capacity for bitcoin and both appear to have plans to develop commercial applications.
Plans which neither has publicly revealed, as far as we are aware, with both companies lacking any noteworthy product at this stage.