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Jack Dorsey pledges $10 million to advance Bitcoin as internet’s native currency

TL;DR

  • Jack Dorsey, Twitter co-founder, has donated $10 million to OpenSats, a non-profit organization committed to developing free and open-source projects focusing on Bitcoin and related technologies.
  • OpenSats will use the entire amount to build a sustainable ecosystem and consistently fund free and open-source projects.
  • The platform looks forward to collaborating with contributors, industry, and the broader free and open-source community in creating essential freedom tools.

Jack Dorsey, Twitter co-founder, has donated $10 million to OpenSats, a non-profit organization committed to developing free and open-source projects focusing on Bitcoin, Nostr, and related technologies. OpenSats will use the entire amount to build a sustainable ecosystem and consistently fund free and open-source projects.

OpenSats believes that free software and open protocols are crucial for maintaining freedom and prosperity in modern society. Also, the platform is concerned about the risks of digital totalitarianism if individual users’ rights and freedoms are not protected.

Nostr ecosystem development

Half of Dorsey’s donation will go towards advancing the Nostr ecosystem. OpenSats also plans to expand its efforts and improve its operations using the funds.

Before leaving Twitter in May 2022, Dorsey invested $13 million into a similar open-source social protocol, now being developed by Bluesky. He had also previously donated 14 bitcoin to Nostr creator FiatJaf. This latest donation aims to reduce any perception of favoritism in his mission to out-compete Twitter.

OpenSats will continue to function as a 100% pass-through operation, allocating all donated funds to projects approved by its board of directors.

The donation from #startsmall, Dorsey’s philanthropic initiative, covers OpenSats’ operational budget, ensuring the organization remains 100% pass-through.

Expanding efforts and collaboration

OpenSats has established a committee of Nostr developers and enthusiasts to evaluate projects and protocol contributions. Coinkite CEO NVK and Gigi, both joining the OpenSats board, will assist with organizational and funding decisions, with Gigi taking on a full-time role in operations and strategy, according to a statement released by the platform

OpenSats looks forward to collaborating with contributors, industry, and the broader free and open-source community in creating essential freedom tools.

“We are excited to work with contributors, industry, and the wider free and open-source community to help ship the freedom tools that are so desperately needed. We can’t wait to see what you will build.”

Opensats

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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