Značka: jack dorsey

Bitcoin hash rate jumps to ATH as Jack Dorsey confirms Block's mining system

Bitcoin (BTC) hash rate has returned to all-time highs despite losing a key hash rate contributor. Meanwhile, amid lackluster price action, Block CEO Jack Dorsey confirmed the creation of an open Bitcoin mining system.The BTC space continues to surprise and bewilder critics and fanatics alike. Kazakhstan, the network’s second most important BTC mining country, experienced an internet blackout last week due to civil unrest. However, the hash rate faltered no more than 13.4% before regathering to reach all-time highs.As shown in the below data from Glassnode, with the price checking into the $42,000 range yesterday, the mean hash rate hit 215 million terahash per second.Bitcoin miners continue to show resilience and as Fidelity Digital Assets observed, the network is even “more widely distributed around the world.” Cointelegraph previously reported that Block would develop open-source Bitcoin mining systems in 2022 due to job postings on Linkedin. Yesterday, Jack Dorsey confirmed the hunch, retweeting comments made by Thomas Templeton, a general manager at Block. In the Twitter thread, Templeton addressed issues relating to the availability, reliability, performance, and products pertaining to BTC mining. In sum, Block’s goals for BTC mining are the following: “We want to make mining more distributed and efficient in every way, from buying, to set up, to maintenance, to mining. We’re interested because mining goes far beyond creating new bitcoin. We see it as a long-term need for a future that is fully decentralized and permissionless.”Related: Jack Dorsey announces Bitcoin Legal Defense FundBuilding a BTC mining system “out in the open” and alongside the community is no mean feat. Econoalchemist, an established home BTC miner and BTC magazine contributor, tweeted that developing products in open source would “build trust where no reputation exists currently and also might shift consumer expectations in that direction.”Ultimately, Block’s mining solutions may pave the way for more DIY miners to enter the space. It seems the sky’s the limit for the hash rate. Well, at least until the next 2016 blocks when the network difficulty resets.

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Cash App integrates Bitcoin Lightning Network for faster BTC transfers

Popular mobile payment service Cash App has integrated the Bitcoin (BTC) Lightning Network as a part of an update, allowing faster and cheaper BTC transfers using the Layer 2 (L2) payment protocol. Cash App is developed and owned by Block (formerly Square), a fintech firm co-founded by former Twitter CEO Jack Dorsey. The announcement of the BTC L2 integration was shared as a notification on the official Cash App application, which made its way through to Crypto Twitter:The news are real! @CashApp added #Bitcoin Lightning ⚡️Network pic.twitter.com/zbbdqcx0dC— Yegor Petrov ⚡️ (@yeg0rpetrov) January 11, 2022The Bitcoin Lightning Network protocol addresses the noted limitations of the BTC blockchain to improve speeds while reducing the costs associated with transactions. Just last month, Dorsey featured in a video with Lightning Development Kit (LDK), a service developed by Spiral, a Square subsidiary focused on building for the Bitcoin ecosystem. LDK allows developers to integrate Lightning protocols into Bitcoin wallets and related services.Prior to leaving Twitter, Dorsey also openly voiced his interest in integrating L2 protocols for the newly launched tipping services on Twitter and BlueSky:Only a matter of time— jack⚡️ (@jack) June 11, 2021

The latest data from Business of Apps shows that Cash App catered to over 36 million users across the United States and the United Kingdom. Related: Block’s Cash App will allow users to gift BTC for the holidaysFavoring ongoing Bitcoin adoption, Cash App launched a service that allowed users to gift BTC and stocks over the holiday season. Cash App allowed users to send a minimum of $1 worth of BTC without needing to own the assets beforehand.

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Jack Dorsey announces Bitcoin Legal Defense Fund

Former Twitter CEO and founder Jack Dorsey has announced plans to create a “Bitcoin Legal Defense Fund” with Chaincode Labs co-founder Alex Morcos and Martin White, who appears to be an academic at the University of Sussex.The announcement was sent on a mailing list for Bitcoin developers, bitcoin-dev, at 00:13:45 UTC on Jan. 12 from an email address appearing to belong to Dorsey. Cointelegraph reached out to the board members to confirm the email’s legitimacy but did not immediately receive a response.The announcement stated the fund will help provide a legal defense for Bitcoin developers, who are “currently the subject of multi-front litigation.” an email to the bitcoin dev mailing list from @jack explaining the Bitcoin Legal Defense Fund pic.twitter.com/y1XY3XG0IR— Zack Voell (@zackvoell) January 12, 2022“Litigation and continued threats are having their intended effect; individual defendants have chosen to capitulate in the absence of legal support,” the email stated, referencing open-source developers who are often independent and therefore susceptible to legal pressure. “We propose a coordinated and formalized response to help defend developers.”The announcement went on to describe the Bitcoin Legal Defense Fund as a “nonprofit entity that aims to minimize legal headaches that discourage software developers from actively developing Bitcoin and related projects.” “The main purpose of this Fund is to defend developers from lawsuits regarding their activities in the Bitcoin ecosystem, including finding and retaining defense counsel, developing litigation strategy, and paying legal bills,” it stated.Initially, the fund will include volunteers and part-time lawyers for developers to “take advantage of if they so wish,” although, the email also states that “the board of the Fund will be responsible for determining which lawsuits and defendants it will help defend.”“At this time, the Fund is not seeking to raise additional money for its operations but will do so at the direction of the board if needed for further legal action or to pay for staff.”According to the email, the fund’s first project will be to take over the existing defense of Ramona Ang’s “Tulip Trading Lawsuit” against developers including Ira Kleiman for alleged misconduct over access to a BTC fortune. Related: Nano Foundation Sponsors Legal Fund To Provide BitGrail Hack Victims With RepresentationDorsey, who stepped down as Twitter CEO at the end of Nov 2021, is a long-time proponent of Bitcoin. It remains unclear whether Dorsey left the social media firm to focus on Square’s plans to develop a decentralized Bitcoin exchange. On Nov. 19, the decentralized exchange project called tbDEX released a white paper detailing its plans to create a message protocol designed to facilitate trust relationships without relying on a federation to control access.

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Block job postings reveal Jack Dorsey's Bitcoin plans

In two recent job postings on LinkedIn, Jack Dorsey’s Block (formerly Square) revealed the group’s plans to develop “the next generation of mining ASIC,” and make a hardware wallet for the next 100 million Bitcoin (BTC) users.The two roles are based in the Block’s headquarters in San Francisco and were added to the job posting platform in the past 24 hours. For the role of the custom digital design lead, the candidate will help “silicon validation of the ASIC and its prototype.” An ASIC is a small machine dedicated to Bitcoin mining and is considered the best option for Bitcoin network security. The new job posting confirms that Block sets out to develop purpose-built ASICs for BTC mining.The second career is for the hardware wallet’s global fulfillment and logistics lead. At the job’s core is “bringing easy-to-use, reliable self-custody to a global audience.” Ultimately, Block seeks to distribute its hardware wallets to over 100 countries.The news aligns with Dorsey’s announcements made in 2021. Back when Block was called Square, Dorsey Tweeted that “Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.” Further back in July, Square claimed to be developing an ‘assisted custody’ BTC hardware wallet. It appears the plans are now coming together. Block is the holding name for Square, CashApp, Spiral, Tidal and TBD54566975. Tidal music streaming service aside, each company is dedicated to furthering Bitcoin adoption and economic empowerment. Across the Block’s suite of companies, there are 650 jobs available across destinations around the world. For Block, there are several live listings for state public policy leadership positions across the United States as well as the two aforementioned product-related roles.Since stepping down as CEO of Twitter, Jack has been vocal in his support for Bitcoin while outspoken in his opposition to Web3 –sometimes with varying results. Following a series of well-aimed tweets, he was stuck between a block and a hard place after he tweeted that VCs own Web3. Andreessen Horowitz, CEO of his eponymously named VC firm, swiftly blocked him.However, he is also winning over NBA stars including NBA champion Andre Iguodala and Klay Thompson who will receive some of their salaries in Bitcoin using Block’s Cash App. 

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Crypto Biz: What's up with Jack? Dec. 16-23

When you’re no longer at the helm of a publicly-traded company, you have more leeway to express controversial views. Former Twitter CEO Jack Dorsey took to social media this week to express his discontent over venture capital’s role in Web 3.0. Some of his Twitter followers agreed with his views, others disagreed and some even blocked him entirely. Below is the concise version of the latest “Crypto Biz” newsletter, which is sent to your inbox every Thursday. For a comprehensive breakdown of business developments over the last week, register for the full newsletter below. “You don’t own Web 3.0,” says DorseyDorsey’s gripe with Web 3.0 — a broad term that refers to a more decentralized and interconnected version of the internet — stems from those who control a commanding stake in these emerging protocols. By owning a large stake in Web 3.0 startups, venture capital funds and limited partners can pressure the founders to comply with centralized regulations that go against the ethos of decentralization. Tesla CEO Elon Musk joined Dorsey on Twitter in mocking Web 3.0 projects.Has anyone seen web3? I can’t find it.— Elon Musk (@elonmusk) December 21, 2021Seven Seven Six and Polygon launch $200M fundReddit co-founder Alexis Ohanian has deployed vast sums of capital via his Seven Seven Six venture firm to back new Web 3.0 and social projects building on Polygon. The fund, which is valued at a whopping $200 million, will focus specifically on gaming applications and social media platforms. The news came more than a month after Ohanian’s VC teamed up with Solana Ventures on a $100 million Web 3.0 growth fund. In other words, 2022 could be the year where “crypto social” takes off. SBI Group launches crypto-asset fund in JapanOne of Tokyo’s biggest financial services companies is making it easier for Japanese investors to access large-cap cryptocurrencies. Earlier this week, SBI Group unveiled its SBI Alternative Fund, which provides exposure to seven digital assets: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH), Chainlink (LINK) and Polkadot (DOT). Crypto-curious investors will have until the end of January to file their applications to invest in the fund.Binance Labs leads $60M funding round for MultichainBinance’s venture capital arm, Binance Labs, was one of several big-name investors to back cross-chain protocol Multichain in a $60 million private seed round. Multichain claims that its protocol connects “more public blockchains and crypto assets than anyone else,” which likely explains Binance Labs’ strong interest in the project. Investors can expect to hear more about interoperability in 2022 as the crypto economy continues to mature. 

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'You don't own Web 3.0,' says Jack Dorsey, criticizing its centralized nature

In a series of tweets posted on Tuesday, Jack Dorsey, the co-founder and former CEO of Twitter, as well as the founder and CEO of Square (now Block), voiced his criticism over the direction of Web 3.0 development. Elon Musk, the CEO of Tesla, joined Dorsey in the mockery. On an unrelated note, the same day, Dorsey replied, “Bitcoin will” when asked if crypto will replace the dollar.Within context, Web 3.0 is a decentralized version of the virtual world that will in part feature public blockchains, metaverse technology, nonfungible tokens and decentralized finance free from the grasp of centralized power sources, such as corporate servers. You don’t own “web3.”The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label. Know what you’re getting into…— jack⚡️ (@jack) December 21, 2021However, Dorsey took aim at the fact that venture capital firms, or VCs, and limited partnerships, also known as LPs, frequently fund Web 3.0 projects in direct competition with decentralized alternatives such as initial coin offerings. By owning a controlling stake, VCs and LPs can then pressure blockchain co-founders to comply with centralized regulations despite their conflict with core crypto philosophy, such as collecting know-your-customer data.Although he didn’t have much to add, Elon Musk commented that Web 3.0 projects haven’t really lived up to their name.Has anyone seen web3? I can’t find it.— Elon Musk (@elonmusk) December 21, 2021

Related: Indian state government to accredit Web 2.0 and Web 3.0 blockchain startupsAccording to a report by PitchBook, fintech firms received $88.3 billion in aggregate funding from venture capital through the first three quarters of 2021, almost double the 2020 total of $44.9 billion. The report also highlighted the growing mainstream acceptance of cryptocurrencies as one potential growth driver, especially as more institutions look to access digital assets.As for Dorsey, the former Twitter CEO appears to be much more vocal about his intent to contribute to the Bitcoin (BTC) economy since stepping down from the social media company in November. As Cointelegraph previously reported, Dorsey plans on building a decentralized exchange for Bitcoin that will make it easier to fund a non-custodial wallet. 

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