Jack Dorsey Donates $10 Million For Bitcoin: A Bold Move for the Future of the Internet

Jack Dorsey Donates $10 Million For Bitcoin: A Bold Move for the Future of the Internet

  • Twitter co-founder Jack Dorsey has demonstrated his commitment to Bitcoin and the future of social networks by donating $10 million to the non-profit organization OpenSats, with a significant portion earmarked for the development of the Nostr social protocol.
  • Nostr, a social protocol created by pseudonymous developer @Fiatjaf, has experienced rapid growth, attracting 16 million users, including 500,000 daily users, by enabling seamless Bitcoin payment integration into various software applications.
  • OpenSats, a non-profit based in Raleigh, North Carolina, focuses on supporting free and open-source projects, especially those related to Bitcoin, and emphasizes the importance of free software and open protocols in preventing digital totalitarianism. The organization’s mission is to sustain a thriving ecosystem of funding for contributors and projects within this domain.

Oct.5:Twitter co-founder Jack Dorsey is making a strong statement about his commitment to Bitcoin and the future of social networks. He has generously donated $10 million to the non-profit organization OpenSats, which has pledged to utilize 100% of the funds for its mission without taking any portion for administrative costs.

Dorsey made this significant contribution, with $5 million allocated to support the development of a social protocol called Nostr, through an announcement on Nostr itself earlier today. Nostr, created by the pseudonymous @Fiatjaf, has experienced rapid growth, attracting 16 million users, including 500,000 daily users, thanks to its innovative integration of Bitcoin payments into various software applications.

Before leaving Twitter in May 2022, Dorsey had invested $13 million in a similar open-source social protocol aimed at allowing users to migrate their profiles across competing platforms. This initiative is currently under development by a team called Bluesky. By providing this latest financial boost to @FiatJaf’s project, Dorsey aims to maintain a level playing field and demonstrate his impartiality in his mission to compete with Twitter.

While OpenSats did not respond to Forbes’ inquiries, Dorsey conveyed his vision for the donation in Morse code on Nostr. He hopes that Bitcoin will become the native currency of the internet and that the internet will adopt a native protocol for social media. Whether he intends to write off the donation remains uncertain.

OpenSats, based in Raleigh, North Carolina, achieved its 501(c)(3) non-profit status in 2021, according to data from the non-profit tracking site Charity Navigator. Detailed information about the organization’s financials, such as the proportion of donations dedicated to its core mission versus operational expenses, is limited, as OpenSats filed simplified paperwork required for organizations with less than $200,000 in annual revenue.

As part of Dorsey’s donation, OpenSats announced that @Fiatjaf and another Nostr user known as NVK will participate in a committee to assess various projects. NVK, along with a user identified as Gigi, will join the board. OpenSats emphasizes the importance of free software and open protocols, stating that they are essential for a free and prosperous society and help prevent digital totalitarianism.

OpenSats‘ mission is to support and sustain a thriving ecosystem of funding for free and open-source projects and contributors, with a particular focus on Bitcoin-related projects and initiatives that enhance the Bitcoin ecosystem. The organization extends its support not only to software developers but also to designers, reviewers, researchers, educators, and others who contribute to these open-source tools.

OpenSats has previously provided funding to 21 teams, including the Bitcoin Policy Institute, which recently hosted an exclusive event in Washington with participants from Capitol Hill. Other beneficiaries include BTCPay Server, a user-hosted payment processor, and the Tor Project, known for developing the Tor browser used by both governments and individuals seeking anonymity. The funds also cover operational expenses and a legal defense fund to assist open-source developers facing legal challenges, although it’s unclear if this fund aligns with Dorsey’s pledge to aid bitcoin developers facing legal disputes.

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