Former Twitter CEO Jack Dorsey is helping launch a new fund to defend Bitcoin developers against future litigation.
Jack Dorsey's company, Block, announced the group's plans to develop "the next generation mining ASIC" and create a hardware wallet for the next 100 million Bitcoin users.
When Block was still Square, Dorsey tweeted that Square was considering building an open source Bitcoin mining system.
Former Twitter CEO Jack Dorsey is making noise in the Bitcoin (BTC) ecosystem. His company Block is expanding, demanding acceptance and economic empowerment while proposing a non-profit legal aid fund for Bitcoin developers and stirring up controversy with his anti-Web3 stance.
Since stepping down as CEO of Twitter, Dorsey has expressed his support for Bitcoin while openly opposing Web3, at times with mixed results. Dorsey tweeted that venture capitalists own Web3: Marc Andreessen, CEO of Andreessen Horowitz, summarily blocked it.
BeInCrypto takes a look at Dorsey's Bitcoin plans.
Dorsey Proposes Nonprofit Bitcoin Legal Defense Fund for Developers
Former Twitter CEO Jack Dorsey is helping launch a new fund to defend Bitcoin developers from potential litigation. The main objective of the fund will be to protect developers from lawsuits related to their activities in the Bitcoin ecosystem.
The goal is to help the community, which is facing "multi-front litigation" and "threats" that have forced some to "surrender" without legal support. The proposal was posted to the bitcoin-dev mailing list on Jan. 12 and was signed as the “Bitcoin Legal Defense Fund Board” by Dorsey, Martin White, and Chaincode-Labs co-founder Alez Morcos.
In this sense, the fund is designed to defend developers by providing and hiring defense attorneys. In addition, a strategy for legal disputes will be developed and the fund can be used to pay legal costs.
The proposed service will be free for developers of Bitcoin-based projects; Dorsey also mentioned the Lightning Network.
The email further states that the fund is free and can be used voluntarily by any Bitcoin developer. In order to provide legal advice, a team of lawyers is formed to serve the legal needs of their clients on a voluntary or part-time basis.
Ultimately, the fund's board of directors decides which lawsuits and defendants will be defended. At this time, Dorsey and his two co-founders are not seeking outside investors or capital, but this may change in the future.
A look at Dorsey's plans with Block
Jack Dorsey's company Block (formerly Square) recently announced on LinkedIn the group's plans to develop "the next generation mining ASIC" and create a hardware wallet for the next 100 million Bitcoin users.
For the “Custom Digital Design Lead” position, the candidate will assist in “ASIC Silicon Validation and Prototype”. An ASIC is a small machine that can be used for BTC mining and is considered the best option for Bitcoin network security. The job posting confirms that Block is aiming to develop dedicated ASICs for Bitcoin mining.
The second vacancy is Head of Global Execution and Logistics for the hardware wallet. The main mission of the position is to offer a reliable and easy to use wallet to a global audience. In principle, the Block company wants to sell its hardware wallets in more than 100 countries.
The news lines up with Dorsey's announcements for 2021. When Block was still Square, Dorsey tweeted that Square was considering building a custom silicon-based, open-source Bitcoin mining system for individuals and businesses around the world. It seems that the plans are now becoming more concrete.
What exactly is Block?
Block is the holding company name for Square, Cash App, Spiral, Tidal, and TBD54566975 and Jack Dorsey has been the CEO of Block since 2010. In addition to music streaming service Tidal, all subsidiaries are dedicated to promoting Bitcoin adoption.
Block is expanding: There are 650 vacancies in all subsidiaries operating under Block. At Block there are several current vacancies for management positions in various areas. Block also gains prominent attention from Krzpto. For example, NBA champions Andre Iguodala and Klay Thompson, who will receive a portion of their salaries in Bitcoin through Block's Cash App.
Dorsey and Web 3.0
Dorsey tweeted that it's not the users who own Web 3.0, it's the venture capitalists and their investors. This contrasts with the central idea of the defenders of Web 3.0. Rather, the consensus among them is that Web 3.0 platforms are better than their predecessors precisely because they could be owned by users.
But there are also voices that oppose Dorsey's way of thinking. Ethereum supporter and Twitter user Farokh.Eth responded in a widely shared tweet:
“Jack, I promise you that if you look outside your bubble of wealth, you will see how many developers there are in Web 3.0. There will be a revolution, a true digital renaissance. Come say hi or listen to our conversations, the NFT room is full of geniuses.”