Billionaires Team Up to Fund Bitcoin-based Project

By November 17, 2014Bitcoin Entertainment
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Billionaires Team Up to Fund Bitcoin-based Project – Celebrity-entrepreneurs from giant organizations like Sun Microsystems Inc., LinkedIn Corp, Yahoo, and Google Inc. recently collaborated to raise a whopping $21 million for a random Bitcoin company, Blockstream.

According to the available reports, Blockstream is a Bitcoin-centered company launched with an aim to bring revolutionary changes to the digital currency’s blockchain technology, slanged as Bitcoin 2.0 in the cryptocurrency sector. Likewise the ongoing Bitcoin 2.0 projects, the project initiated by Blockstream reportedly is about creating incorruptible and decentralized applications on the blockchain technology; thus allowing people to conduct “trustless transactions” without the need of any kind of middlemen of thirst parties.

LinkedIn co-founder and one of the early investors of Blockstream, Reid Hoffman said: “The blockchain technology is difficult to corrupt and is an efficient platform for trading pretty much anything of value. Blockstream is developing the Bitcoin ecosystem just for the same.” Hoffman’s conviction is shared equally with the other collaborators of this project, including Sun Microsystems founder Vinod Khosla, Canadian firm Real Ventures, Tally Capital partner Matthew Roszak, Google Chairman Eric Schmidt and Yahoo Founder Jerry Yang.

Though there have been no roadmap published from the Blockstream’s end that justify how the funds are going to be spent on creating sidechains. But indeed, the newly formed organization is full with experienced names, one including cryptographer Adam Black, the developer of “hashcash” and “proof-of-work. This certainly explains why a multitude of billionaire entrepreneurs wished to fund a new project like Blockstream.

To contact the reporter of the story: Yashu Gola at

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