Bitcoin Foundation seeks stable ground for virtual currency

Bitcoin Foundation seeks stable ground for virtual currency - Network World

A foundation has been established to create a more solid footing for Bitcoin, the virtual currency admired for its technical genius but dogged by doubts over its long-term viability. The Bitcoin Foundation plans over the next year to fund efforts to create a set of best practices for merchants accepting Bitcoins as well as conduct a payments-oriented conference in Silicon Valley early next year, wrote Peter Vessenes, who will be the foundation's chairman and executive director. Its other plans include creating a opt-in certification process for businesses accepting Bitcoins and funding a development team lead by Gavin Andresen, a foundation board member and lead developer for the overall Bitcoin project . Bitcoins are transferred using a peer-to-peer system that employs "miners" to cryptographically verify transactions to ensure people are not trying to double-spend their ...

Full article: http://www.networkworld.com/news/2012/100112-bitcoin-foun...