Jack Dorsey, co-founder of Twitter and head of funds firm Block, is reaffirming his dedication to Bitcoin. The billionaire’s charity Begin Small is giving $21 million to OpenSats, a tech nonprofit centered on open-source tasks associated to the cryptocurrency.
Dorsey lately has more and more lauded open-source protocols, which purpose to fight centralized energy and censorship. Since stepping down from Twitter in 2021 earlier than its $44 billion sale to Elon Musk, who has since renamed the social media platform X, he has supported decentralized open-source social networks like Bluesky and Nostr—the latter of which is particularly standard within the Bitcoin neighborhood.
Round $5 million of Dorsey’s donation will go towards OpenSat’s Nostr Fund, which helps the event of the social community and associated software program. Dorsey beforehand donated 14 Bitcoin, then valued at round 1 / 4 of one million {dollars}, to Nostr in 2022. The tech entrepreneur reiterated his assist for Nostr earlier this month in an interview with venture capitalist Mike Solana, explaining that he lately stepped down from Bluesky’s board as a result of not like Nostr, it wasn’t “a protocol that’s really decentralized.”
One other $15 million of Dorsey’s present will profit Bitcoin-related tasks supported by OpenSat’s Common Fund, whereas the remaining $1 million will go towards the nonprofit’s working funds. Dorsey has lengthy been a fan of OpenSat, giving it $10 million final 12 months and telling Forbes he hoped the donation would assist OpenSat flip Bitcoin into “the native forex of the web.”
What’s OpenSat?
Along with funding new Bitcoin-related software program and enhancing present open-source tasks, the nonprofit helps rising Bitcoin analysis and schooling initiatives. Ongoing tasks supported by OpenSat embody the Bitcoin Design Group’s makes an attempt to make crypto extra accessible and BTCPay Server, a self-hosted open-source crypto fee processor. OpenSats has additionally beforehand acquired monetary contributions from the Reynolds Basis, a nonprofit created by Jane Road Capital co-founder Tim Reynolds.
An avid crypto fanatic, Dorsey has beforehand acknowledged that “Bitcoin changes absolutely everything,” including that “I don’t assume there’s something extra vital in my lifetime to work on.” Dorsey, who has an estimated net worth of $4.5 billion, final 12 months gave $5 million to Brink, a Bitcoin improvement nonprofit, and donated $1 million in 2021 to crypto assume tank Coin Heart.
He’s additionally used non-fungible tokens (NFTs) in his philanthropy, having bought an NFT of his first-ever tweet in 2021 for $2.9 million and donating the proceeds to the nonprofit GiveDirectly. Dorsey’s largest philanthropic endeavor up to now, nevertheless, occurred in 2020 when he pledged $1 billion to Covid-19 aid applications within the type of shares of his firm Sq., now known as Block. The dedication, which noticed multi-million-dollar items funneled towards contact tracing and Covid-19 testing initiatives like Important Methods and CORE, moreover focuses on organizations working towards common primary revenue and supporting ladies’ well being and schooling.
Jack Dorsey Donates $21M Towards Bitcoin and Open-Source Development observer.com 2024-05-14 18:44:39
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