Jack Dorsey Pledges $5 Million Towards Growth, Development of Bitcoin Ecosystem: Details

Bitcoin is a promising “truly censorship resistant” technology, Dorsey had said in a recent tweet earlier this week.

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 20 June 2023 15:13 IST

Jack Dorsey Pledges $5 Million Towards Growth, Development of Bitcoin Ecosystem: Details

Photo Credit: Reuters

In 2021, Dorsey initiated a trust-fund to propagate Bitcoin development in India and South Africa

Highlights

Jack Dorsey is a blockchain enthusiast
He has been donating to the Bitcoin ecosystem for a while now
Bitcoin blockchain is not controlled by a founder or one foundation

A lot was said about the Bitcoin ecosystem being left behind in the game when the Etheruem blockchain transitioned into an eco-friendly proof-of-stake (PoS) mining model last year. While Bitcoin has managed to maintain its hegemony in the crypto kingdom, the Bitcoin blockchain ecosystem still has a margin to compete with the likes of other popular blockchains like Ethereum, Solana, and Polygon. Former Twitter CEO Jack Dorsey has decided to pledge $5 million (roughly Rs. 41 crore) to support the development of the overall Bitcoin ecosystem.

Dorsey's grant-making organisation called Start Small will be wiring yearly amount of $1 million (roughly Rs. 8 crore) to Brink, a Bitcoin-focussed non-profit organisation over the period of five years, a report by CryptoPotato said.

Bitcoin is a promising “truly censorship resistant” technology, Dorsey had said in a recent tweet earlier this week.

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Bitcoin and nostr are the only two truly censorship resistant technologies at scale. https://t.co/0O1oihSRaz
— jack (@jack) June 16, 2023

Bitcoin, unlike many other blockchains, is not headed by one founder, foundation, or organisation with a financial stake. Charity and donations directed towards Bitcoin developers help them maintain and advance its codebase.

The Bitcoin blockchain is public. Despite the anonymity of the users, all transactions on the network are accessible to the public, making it difficult to hack or cheat the system.

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Decentralised in nature, the Bitcoin network is distributed and has thousands of nodes all over the world that keep track of all transactions being initiated on the system. This reportedly ensures that in case something goes wrong on one server, there are others to pick up the slack. Hacking into any one server is pointless.

Previously also, Dorsey has donated funds to grow the Bitcoin ecosystem.

In 2021, Dorsey along with singer, rapper Jay-Z initiated a trust fund to propagate Bitcoin development in India and South Africa. The trust fund was worth BTC 500 or $13 million (roughly Rs. 110 crore).

In fact, last year, the former Twitter chief also launched a fund to help BTC developers deal with lawsuits.

Brink, meanwhile, was founded in 2020 with generous financial support from John Pfeffer and Wences Casares

“Brink exists to strengthen the Bitcoin protocol and network through fundamental research and development, and to support the Bitcoin developer community through funding, education, and mentoring,” the official website of Brink says about itself.

Funded 100 percent by donations and BTC enthusiasts, Brink aims to support and mentor new contributors to open-source Bitcoin development through its fellowship program.

As of now, Bitcoin developers have not said if they are looking to transition Bitcoin's Proof-of-Work mining model into a more energy efficient PoS mode.

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Further reading: Cryptocurrency, Bitcoin, Jack Dorsey, Blockchain

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More