An investment offer of around $1.5 million made by Roger Ver to OpenNode, was rejected by the Bitcoin startup OpenNode.
As per the current operations of the company, it confirmed the rejection stating that the company’s ultimate objective of having a better and an open financial system cannot be achieved by Bitcoin Cash alone and hence it has taken the stand to spend the entire available resources on Bitcoin along with second-layer payment solutions.
OpenNode in a tweet rejecting the offer said that “Thanks for the $1.25MM offer @rogerkver, but we’re going to have to turn it down. Our vision of a better, more open financial system is only possible with Bitcoin.”
The major focus of OpenNode currently is with respect to processing Bitcoin transactions in real-time to enhance the digital currency’s adoption in the different sectors which consists of enterprises and businesses. It provides a hand to hand support for Lightning Network which is based on a second-layer payment protocol that has been introduced to validate Bitcoin transactions away from the major chain. Such efforts had helped OpenNode to raise $1.5 million via seed funding process from investor Tim Draper.
As per Ver’s opinion, Lightning Network is just an inferior solution to resolve Bitcoin scalability issues. He also attempted to match Draper’s bid. He mentioned that he would match the Bid amount of $1.5 million, on a condition, if OpenNode accepts Bitcoin Cash in place of Bitcoin as their only payment processing protocol. He quoted that “I don’t need one share whatsoever [for my investment]. All I require is [OpenNode] to work on payment processing of Bitcoin Cash, the version of Bitcoin that can actually scale to become the money for the world.”
As per Ver’s prediction, which was based on the Moore Law-enabled algorithm, it shall take almost two centuries for the world to adopt the Lightning Network solution. However, this time duration in the case of Bitcoin Cash will cut down to a mere 50 years. He further added that “Bitcoin cannot become the money for the world in a reasonable amount of time with its block size limited to 1 megabyte to 4 megabytes. Even with Schnorr’s signature, you are still looking at far more time for BTC to be ready for the world than you are with Bitcoin Cash, thanks to Moore’s Laws.”