Jack Dorsey Pledges $21 Million for Bitcoin Development
Twitter co-founder Jack Dorsey showed tremendous support for the future of Bitcoin and decentralized social media by donating $21 million to OpenSats, a non-profit organization. This action underscores his view that Bitcoin is the native currency of the internet.
Donation by OpenSats Dorsey’s The #startsmall initiative will benefit all operational and development fronts. Of the total 21 million dollars, 15 million dollars were allocated to the General Fund, 5 million dollars to the Nostr Fund, and 1 million dollars to operational budgets.
This financial assistance is designed to support ongoing and new initiatives important to the Bitcoin ecosystem and the inclusive freedom-enabling technology movement. After integration Bitcoin Thanks to payments to software developers, Nostr has gained significant traction recently, reaching 16 million users with 500,000 daily active users.
Strategic Initiatives and Collaborations
Concurrent with the donation, OpenSats appointed new members to its committee and board of directors. @Fiatjaf, along with another Nostr user named NVK, will be part of a committee evaluating future projects. Additionally, NVK was elected to the organization’s board of directors, along with a user named Gigi.
Such strategic initiatives aim to create a healthy and enabling platform for free and open source software that facilitates the rights and freedoms of users. OpenSats’ statement underlined the importance of this type of infrastructure to prevent the emergence of what it called “digital totalitarianism”.
Past Contributions and Expectations
OpenSats It has a history of supporting a variety of offerings in line with its core mission of growing the Bitcoin ecosystem and other open source projects. In the past, the organization has sponsored 21 teams, including the Bitcoin Policy Institute and BTCPay Server (a self-hosted payment processor).
Such initiatives reflect OpenSats’ overall goal of helping not only software developers, but also designers, reviewers, researchers, and educators participating in open source projects. Additionally, the organization has already distributed nearly $10 million in grants and benefited from more than 100 donors.
Dorsey’s donation also includes a portion aimed at helping fund legal defense funds for Bitcoin developers who may face legal challenges for their work. Although the details have not been fully disclosed, this is in line with Dorsey’s continued support of the Bitcoin community and developers.
Implications for the Bitcoin Community
Such a big donation Jack Dorsey It is expected to make a huge impact on the development of Bitcoin as a currency and a technological standard for the internet. Funds are transferred to Nostr and other related projects.
In the process, Dorsey is an active participant in what he perceives as a fundamental shift in the internet and financial technologies. Focusing on creating a decentralized protocol for social media also suggests a future in which users will have more control over their digital interactions.
Also read: bitfinex Suffers from Data Breach, tether CEO Says “It Looks Fake”
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Kelvin is a distinguished author specializing in crypto and finance, with a bachelor’s degree in Actuarial Science. Known for her sharp analysis and insightful content, she is fluent in English and specializes in comprehensive research and on-time delivery.
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