Bitcoin Unlimited, a peer-to-peer electronic cash system, has announced that it is making a new research funding available for projects that advance bitcoin as a global peer-to-peer electronic cash system.

According to a blog post by Peter R. Rizun, chief scientist at Bitcoin Unlimited, the team is making ‘several hundred thousand dollars’ for research and making ‘Satoshi’s vision’ into reality.

There is a limited amount of funding for applied research projects that has long-term scaling initiatives. Funding is also available for development efforts that are aimed making incremental progress on bitcoin and for empirical studies that seek to identify and quantify bottlenecks to scaling. Other areas of interest include proposals that are focused on the development of documentation and professionalization of Bitcoin Unlimited website, automate regression testing for its releases among others.

“The length of proposals should be commensurate with the amount of funding sought. For example, a 2 to 3 page proposal might be suitable for a project requesting $3000, whereas 10 or more pages might be needed for a project requesting $100,000,” the blog stated.

The format of project proposals must provide a descriptive title, a bitcoin address that will be used to receive payments, concise project summary of not more than 150 words, clear objectives of the project, the project duration and the list of members involves in the project team, the budget of the project,  among others.

Project proposals can be submitted as a ‘new thread’ on the Bitcoin Forum. Proposals are accepted on an ongoing basis for at least one year or until the available funds are exhausted.