CoinGeek, in cooperation with nChain, announced a contest to add token capabilities to Bitcoin Cash with a prize of 5 million pound.
We received a copy of a 45 pages long document stating the functional and legal requirements for the contest.
Not only, but primarily due to the following highlighted passages, we decided not to participate:
The control over a solution is essentially given to nChain. Developers and participants are restricted in their ability to make public statements about the solution or the related license agreements.
In our opinion, this is especially troublesome after nChain’s Chief Scientist repeatably tried to avert public criticism.
Our mission and commitment
During the last five years, we managed to make the Omni Layer protocol the most used meta-protocol on top of Bitcoin, both in daily as well as total transaction volume, allowing anyone to create their own digital tokens or assets in a verifiable manner.
It’s our mission to provide an efficient and open protocol as well as a rock solid implementation, usable by cryptocurrency exchanges, service providers, and as next step, by an even larger number of end users.
We are committed to all Omni users and we won’t lock in the protocol to a specific blockchain or sell out our users and integrators.
We believe free innovation and an open collaboration will advance the cryptocurrency industry as a whole.
