Linked-In, Sun Microsystems Founders Lead Big Bet On Bitcoin Innovation

Blockstreams gets $21 Million of investments from those that made Google, Linkedin and Yahoo mainstream. Blockstreams is expected to unleash a new wave of Internet disruption that decentralizes the entire economy. Which economy is anyone’s guess for now.

Bitcoin

By MICHAEL J. CASEY

Billionaire entrepreneurs who helped lead LinkedIn Corp., Sun Microsystems Inc.,Google Inc. and Yahoo Inc. are among a group of investors who’ve contributed $21 million to an unorthodox bitcoin project that has no clear plan for turning a profit. Their bet: that the project’s A-list of cryptography experts and bitcoin coders will unleash a new wave of Internet disruption that decentralizes the entire economy.

Reuters

The company, known as Blockstream, aims to enhance bitcoin’s “blockchain” — the distributed, public ledger that is the defining technological feature — and turn it into a universal platform for multiple new applications that go far beyond the digital-currency payments for whichbitcoin is best known.  The co-founders hope to turbo-charge the development of so-called Bitcoin 2.0 applications, which will allow people to engage in “trustless” transactions without having to pay fees to middlemen such as trustees, registrars and escrow managers.

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