2024

Bitcoin

Foundation

<p><a href="https://www.cryptopolitan.com/block-creating-its-own-bitcoin-mining-system/" data-type="post" data-id="515948">Jack Dorsey</a>, the guy behind Twitter, just threw a massive $21 million towards OpenSats. This money is meant for pushing forward with open source and Bitcoin development. As we all know, Dorsey is big on Bitcoin, seeing it as a revolutionary financial instrument. I mean:</p> 
<figure class="wp-block-pullquote">
 <blockquote>
  <p><strong><em>“Bitcoin changes absolutely everything. I don’t think there is anything more important in my lifetime to work on.</em></strong>“</p><cite>Jack Dorsey</cite>
 </blockquote>
</figure> 
<p>OpenSats said they got this cash in May 2023. It’s part of Dorsey’s giving nature through his #startsmall thing, which had already put $10 million into their coffers for similar projects, including something called Nostr, which is all about decentralized social media.<a href="https://twitter.com/OpenSats" rel="nofollow noopener" target="_blank"> </a></p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">OpenSats has received an additional donation of $21M from <a href="https://twitter.com/hashtag/startsmall?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#startsmall</a> – <a href="https://twitter.com/jack?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@jack</a>'s philanthropic initiative. <br><br>$15,000,000 going to our General Fund.<br>$5,000,000 to our Nostr Fund.<br>$1M to our operations budget.<br><br>Let us proceed together apace.<br><br>Onward.<a href="https://t.co/RuXwF3kFpd" rel="nofollow" target="_blank">https://t.co/RuXwF3kFpd</a></p>— OpenSats (@OpenSats) <a href="https://twitter.com/OpenSats/status/1786715702235164824?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">May 4, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h2 class="wp-block-heading" id="money-where-it-matters">Money Where It Matters</h2> 
<p>The breakdown of this $21 million Dorsey donation is pretty strategic: $15 million is going straight into the General Fund, another $5 million is earmarked for The Nostr Fund, and a cool $1 million is for operational costs. This isn’t just throwing money around; it’s about fuelling ongoing and new stuff that makes a difference in the Bitcoin space and the broader arena of tech that lets people do what they want without interference.</p> 
<p>Recently, Nostr got a huge boost. We’re talking about integrating Bitcoin payments for developers, which has sparked a user surge to 16 million, with 500,000 folks logging in daily. That’s not small potatoes.</p> 
<p>With all this cash flooding in, OpenSats didn’t just sit on it. They’ve brought in new brains and brawn to their committee and board. Now, there’s a user named @Fiatjaf and another, NVK, who are eyeing future projects. NVK, along with Gigi, is also stepping up on the board. This squad is about creating a space where open-source software can thrive, keeping digital big brother at bay, as OpenSats put it—they’re fighting “digital totalitarianism.”</p> 
<h2 class="wp-block-heading" id="a-look-at-past-efforts">A Look at Past Efforts</h2> 
<p>OpenSats isn’t new to this game. They’ve been backing projects that sync with their mission to beef up the Bitcoin ecosystem and other open-source ventures. Before this latest cash infusion, they had already supported 21 teams, like the Bitcoin Policy Institute and the BTCPay Server, which is a DIY payment processor. They’ve handed out nearly $10 million in grants to over 100 grantees.</p> 
<p>This time around, Dorsey’s money is also setting aside some for legal defense funds, helping Bitcoin developers who might get into legal scraps over their work. While they’re keeping the details under wraps, it’s clear that Dorsey’s backing isn’t about the money, but rather having the backs of those in the trenches of Bitcoin development.</p> 
<h2 class="wp-block-heading" id="community-connection">Community Connection</h2> 
<p>It’s not just Dorsey who’s into OpenSats. The group has been pulling in donations from the public and other philanthropic bodies. The Reynolds Foundation also kicked in $1 million last month. OpenSats is all about getting more folks to chip in, helping push high-impact projects across the tech world.</p> 
<p>So here’s the deal. Last year, Dorsey already handed over $10 million to OpenSats, and now, with another $21 million, he’s keeping his position as a major player in the movement towards more open, free tech infrastructure.</p> 
<p>OpenSats has a lot on its plate, but with financial injections like these and a clear focus on impactful projects, they’re set to keep the momentum going. Remember, this is about shaping a future where technology enhances freedom rather than restricts it. Dorsey and OpenSats are on a mission to make sure that future comes to pass, with Bitcoin right in the middle of it.</p>

Jack Dorsey makes $21m commitment to Bitcoin and open source

Table of Contents

Cryptopolitan_News

Other articles published on May 4, 2024

The Fusion of DeFi and Sports Betting

Shiba Inu (SHIB) Price Is Poised to Drop This Weekend

Inflows vs Outflows: Will Bitcoin ETFs Lose Momentum?

Crypto Attack Leads to $70 Million Loss

Crypto Platform Developers Vanish with Investors’ Funds: A New Case of Crypto Fraud

Ethereum (ETH) Price Back In The Game Cross $3K Level, $4K Next?

Join our free newsletter for daily crypto updates!