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Jack Dorsey Donates $21M to Non-profit OpenSats for Bitcoin Development

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Jack Dorsey Donates $21M to Non-profit OpenSats for Bitcoin Development

  • This investment from Dorsey’s #startsmall campaign will boost all fronts of development.
  • New committee and board members were appointed by OpenSats at the same time.

Twitter co-founder Jack Dorsey has donated $21 million to the nonprofit OpenSats, demonstrating significant support for the future of Bitcoin and decentralized social media. His belief that Bitcoin is the de facto money of the internet is reinforced by this behavior.

This investment from Dorsey’s #startsmall campaign will boost all fronts of development and operations, according to OpenSats. The General Fund receives $15 million, The Nostr Fund gets $5 million, and operational budgets get $1 million out of the total $21 million.

Both Current and Future Projects Will Benefit

The Bitcoin ecosystem and the larger freedom-enabling technology movement will benefit from these funds for both current and future projects. Nostr saw a surge in popularity after accepting Bitcoin payments from programmers. It now has 16 million users, with half a million of them using it every day.

New committee and board members were appointed by OpenSats at the same time as the contribution. @Fiatjaf and another Nostr user called NVK will be on a panel that evaluates upcoming initiatives. Furthermore, NVK and another user called Gigi have been elected to the board of directors for the group.

The overarching goal of these plans is to make it easier for people to utilize free and open-source software without compromising their rights or freedoms. To prevent the rise of “digital totalitarianism,” as described by OpenSats, such infrastructure is crucial.

In keeping with its fundamental objective to expand the Bitcoin ecosystem and other open-source initiatives, OpenSats has a track record of supporting a variety of ideas. The group has previously funded 21 teams, such as BTCPay Server, a self-hosted payment processor, and the Bitcoin Policy Institute.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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