Jack Dorsey, who is the Chief Executive Officer of Square, a financial digital payments company he founded in 2016, says the company will construct an open-source BTC mining system.
Jack, who doubles up as the CEO of Twitter, laid out his intention through a thread on Twitter. The Billionaire holds that he would use collaborative approaches to achieve his goal of furthering the decentralization of BTC.
Dorsey holds that further decentralization of the BTC network system would aid in setting secure transactions. Additionally, the system would deliver mining solutions with efficient energy. This energy efficiency would be possible because of silicon innovation, software, and also integration.
The Square CEO feels that the company should deal with challenges such as silicon shortages and vertical integration to achieve success.
Reportedly, the hardware lead at Square, Jesse Dorogusker, will lead the initiative. Additionally, Jack revealed that they would use the same collaborative approach to create its “assisted custody” Bitcoin hardware wallet.
What is cryptocurrency?
Cryptocurrencies refer to computerized or digital money distributed across many machines and are not at risk of forgery.
People should note that Cryptocurrencies are not in the government’s control nor the central authorities’ control. On the other hand, blockchains are databases storing information in blocks put together to form chains.
Information gets organized and stored in a new block until when it is complete. After it is full, chaining with the others happens to create a blockchain. Significantly, transactions made in the blockchain are not reversible.
The global acceptance of Cryptocurrencies could be owed to their resistance when it comes to inflation, portability, transparency, and divisibility. However, a lot of criticism has hit these digital assets as they are at risk of illegal and fraudulent activities and exchange rate volatility, among others.
Jack Dorsey history with cryptocurrency
Dorsey’s love for Bitcoin is unmatched. He even expressed that he feels it is the most important thing he could work on in his lifetime.
Not long ago, Mr. Dorsey gave confirmatory news to the investors that bitcoin was going to be a “big part” of Twitter’s future.
He also added that the company’s products and services, such as subscriptions, commerce, and other new additions, will consolidate the cryptocurrency.
Twitter, the company chaired by Jack Dorsey, announced the launch of a feature (Strike) that enables people to send and receive Bitcoin Tips.
Strike is available in some parts of the United States and El Salvador regions. Strike allows users to add links to third-party payment services, and once turned on, people can fund you with BTC and cash off the platform through third-party payment services they’ve added.
Square purchased over $170,000,000 worth of BTC at the start of the year. In August, Dorsey revealed his BTC mining plan through a tweet that read, “I’m trying mining with @compass_mining.”
The Compass Mining service holds supplies & runs Crypto mining rigs for people who worry about buying and the maintenance of mining equipment by themselves.
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