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Jack Dorsey is known to be an avid supporter of blockchain technology and its applications, especially Bitcoin. This was first evident in Square renaming itself Block in its quest to expand beyond its original credit card-reader business and concentrate on blockchain technology. Regarding Bitcoin, Dorsey declared last year, “I don’t think there’s anything more important in my lifetime to work on." As part of its commitment to Bitcoin, Block maintains a subsidiary named Spiral that focuses on the development of the cryptocurrency. CashApp, a mobile payment service developed by Block, was also one of the first to integrate support for sending and receiving Bitcoin.
Promoting Easy Bitcoin Mining
Bitcoin mining rigs can be very expensive to acquire and maintain. Their high cost of maintenance is because of Bitcoin's proof of work (PoW) mechanism. They have to compete to solve complicated puzzles in order to validate transactions. It shouldn't come as a surprise that Jack Dorsey and Block want to simplify and reduce the cost of mining bitcoin. The belief is that the cryptocurrency will contribute to a transformation in the way money is transferred around the world. Earlier this year, Block made the announcement that it will be creating a Bitcoin mining system. The goal of this system is to make Bitcoin mining more decentralized and efficient. The cryptocurrency community enthusiastically embraced this concept since, at its core, it proposes the creation of mining solutions that are user-friendly, require easy maintenance, and are made available to everybody.
Jack Dorsey Encouraging Bitcoin Developers Apart From Mining
Jack Dorsey is also committed to helping those working on improving Bitcoin's functionality. This is why he created a Bitcoin Legal Defense Fund. The Bitcoin Legal Defense Fund is a non-profit organization whose mission is to reduce the likelihood of Bitcoin developers being discouraged from working as a result of legal concerns. The former CEO of Twitter sent an email to Bitcoin developers explaining how the community will be protected against litigation and other forms of legal issues with the fund. This is excellent news for Bitcoin developers, as many of them are frequently faced with lawsuits that they cannot afford to defend. The total money in the fund wasn't made public; however, it will be staffed by unpaid volunteers and part-time lawyers for developers to take advantage of if they so wish. The Fund's board will be responsible for deciding which cases and defendants it will assist in defending.
Extending Bitcoin’s Reach
Bitcoin and other cryptocurrencies are extremely popular in many developing nations in Africa and Asia. This is mainly because they provide security against currency devaluation and facilitate the exchange of value during international transactions. Jack also hopes to help the growth of Bitcoin in developing countries. Last year, he created an endowment fund of 500 bitcoin with rapper Jay Z to support bitcoin development in Africa and India. The Bitcoin ecosystem is still in its infancy, and its future remains extremely unpredictable. As a result, many central institutions and regulators continue to question its currency validity. But as many investors and big names in the tech world like Jack Dorsey continue to show support, Bitcoin will continue to develop in the coming years.