• Jack Dorsey, CEO of Block, has pledged a $10 million donation to the Open Sats non-profit organization.
• The money will fund the development of a bitcoin-focused social media network.
• Open Sats’ mission is to support and maintain a sustainable ecosystem for free and open-source projects, especially those related to bitcoin.
Jack Dorsey Pledges $10 Million Donation
Jack Dorsey, current chief executive of Block and former Twitter head, has announced his pledge of a $10 million donation to Open Sats, a non-profit focused on bitcoin. The money is intended to fuel the development of a bitcoin-focused social media network.
Dorsey’s History with Bitcoin & Crypto
Dorsey has long been an advocate for both bitcoin and cryptocurrency in general. Five years ago he expressed his belief that fiat currencies such as the euro, yen, and U.S dollar would be wiped out in favor of one global currency – bitcoin. He also planned on traveling to Africa prior to the COVID pandemic in order to encourage its adoption of blockchain technology so they could benefit economically and otherwise.
Open Sats‘ Mission
Open Sats is based in Raleigh, North Carolina and received non-profit status back 2021 according Charity Navigator records which show that it started with less than $200K in funds available prior to this generous donation from Dorsey. Their mission is stated on their website as follows: „We believe that free software and open protocols are necessary for a free and prosperous society.“ Furthermore they aim specifically support both contributors developing free or open source tools related directly or indirectly with Bitcoin by providing funding for software developers but also designers, reviewers, researchers educators etc..
Defense Fund For Developers
In addition Jack Dorsey recently created a defense fund after Australian computer scientist Craig Wright filed lawsuits against several developers who were formerly employed by him . This further highlights his commitment not only towards Bitcoin but also towards protecting those invested in its success .
Conclusion
The generous donation from Jack Dorsey will have immense positive implications for Open Sat’s mission which aims at supporting the development of digital infrastructure , protect individual user rights , freedom but overall contribute towards making modern society more prosperous .