Jack Dorsey, the co-founder of Twitter, expresses his belief in Bitcoin by donating $10 million to OpenSats, which will be used to make Bitcoin the prime currency of the internet.
Key Highlights
- Jack Dorsey, the co-founder of Twitter, donated $10 million to OpenSats for the development of open-source projects that focus on technological advancements like Bitcoin.
- Decentralized social media platform Nostr plans on including entities like @Fiatjaf (initial developers), NVK, and Gigi.
- OpenSats has kept Bitcoin development in focus, as they donated earlier to the Bitcoin Policy Institute in the US.
- All of the amounts are promised for the development process, as OpenSats plans on keeping no profit.
- Nostr is aiming to make social media platforms free of any rights violations; all users are promised equal freedom.
- Bitcoin payment is a core focus in the building of Nostr, and Jack Dorsey coined himself a “Bitcoin maximalist” in 2019.
OpenSats remains Pass-through in Efforts
100% of the donation amount will be used by OpenSats for promoting the mission of Nostr, without any cuts. The decentralized social media platform Nostr received half ($5 million) to grow further and compete with Twitter.
It was discovered that Nostr was close to development when Jack decided to leave Twitter in May 2022.
An anonymous user or group named @Fiatjaf received 14 bitcoins (BTC), which were then valued at $200,000. The pseudo-user is believed to be the initial developer of Nostr, which currently has over 500,000 active users.
Read the entire thread on OpenSats’ funding of $10 million.
In a past incident, OpenSats funded the Bitcoin Policy Institute, which established itself as the hub of Bitcoin supporters. They have received several donations before, which funded the growth of the largest coin on the cryptocurrency exchange.
Dorsey has a Strong Belief in the Future of Bitcoin
Bitcoin is a prime focus in the building of the decentralized social media platform Nostr. The platform has over 16 million users and has Bitcoin integrated as a payment method. It also allows users to shift their profiles across various social media platforms.
Currently, the development of Nostr is under an organization called Bluesky. It is believed that Jack Dorsey is attempting to compete with his former company, Twitter, and Nostr will play a big role in it.
Dorsey shares his belief on Twitter using Morse code and a depiction: “Bitcoin becomes the native currency of the internet and becomes a native protocol.”
This donation is expected to be a huge step for Bitcoin and other open-source projects that are responsible for the growth of the cryptocurrency market. Other tech giants involved in the cryptocurrency industry consider this a positive move.
Jack Dorsey has always been outspoken about his belief in Bitcoin and crypto tokens itself. In 2008, an MIT magazine, TR35, announced Jack among the top 35 investors in the world and even named him “Bitcoin Maximalist” in 2019.
Gradually, his interest in Nostr is not surprising, and the organization announced including @Fiatjaf and NVK in their development. They will be joining a senior committee and helping with projects that need special attention.
The future of Nostr is yet unsure, but another user named ‘Gigi’ joined forces with Nostr in the belief of making “free software” for a “free and prosperous society”.
Their belief says that software like social media should not violate the rights and freedom of its users; it might lead to “digital totalitarianism”.
Jack Dorsey met Nostr users at a Costa Rican event alongside Alex McShane at the end of March 2023.
