Jack Dorsey, the co-founder of Twitter, has shown tremendous support for the future of Bitcoin and decentralized social media by donating $21 million to OpenSats, a non-profit organization. This action accentuates his view that Bitcoin is the internet’s native currency. 

According to OpenSats, the donation from Dorsey’s #startsmall initiative will benefit all operational and development fronts. Out of the total $21 million, $15 million is allocated to the General Fund, $5 million is put aside for The Nostr Fund, and $1 million is set aside for operational budgets.

This financial assistance is designed to support ongoing and new initiatives that are important for the Bitcoin ecosystem and the overarching freedom-enabling technology movement. Following the integration of Bitcoin payments for software developers, Nostr has recently gained considerable traction, reaching 16 million users with 500,000 daily active users.

Strategic Initiatives and Collaborations

Concurrent with the donation, OpenSats has appointed new members of its committee and board. Along with another Nostr user named NVK, @Fiatjaf will be part of a committee assessing future projects. In addition, NVK, along with a user named Gigi, has been voted into the organization’s board.

Such strategic initiatives aim to create a healthy and enabling platform for free and open-source software that facilitates users’ rights and freedoms. OpenSats’ statement underlined the importance of such infrastructure to avoid the emergence of what it called “digital totalitarianism.” 

Past Contributions and Prospects

OpenSats has a history of backing various proposals in line with its core mission to grow a 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’ general aim to assist not only software developers but also designers, reviewers, researchers, and educators who participate in open-source projects. Moreover, the organization has already distributed close to $10 million in grants, benefiting over 100 grantees

Dorsey’s donation also includes a part aimed at helping to fund legal defense funds for Bitcoin developers who may face legal challenges because of their work. Although specifics are not totally revealed, this is in line with Dorsey’s continuous backing of the Bitcoin community and its developers.

Implications for the Bitcoin Community

Such a big donation by Jack Dorsey is expected to have a great impact on the development of Bitcoin as a currency and as a technological standard for the internet. Funds are channeled to Nostr and other related projects.

In this process, Dorsey is an active participant in what he perceives as a foundational change in the internet and financial technologies. The focus on creating a decentralized protocol for social media also suggests a future where users have more control over their digital interactions.

Read Also: Bitfinex Suffers Data Breach, Tether CEO Says “Seems Fake” 

The post Jack Dorsey Pledges $21 Million for Bitcoin Development appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am