Jack Dorsey makes $21m commitment to Bitcoin and open source

Jack Dorsey, the guy behind Twitter, just threw a massive $21 million towards OpenSats. This money is meant for pushing forward with open source and Bitcoin development. As we all know, Dorsey is big on Bitcoin, seeing it as a revolutionary financial instrument. I mean:

“Bitcoin changes absolutely everything. I don’t think there is anything more important in my lifetime to work on.“

Jack Dorsey

OpenSats said they got this cash in May 2023. It’s part of Dorsey’s giving nature through his #startsmall thing, which had already put $10 million into their coffers for similar projects, including something called Nostr, which is all about decentralized social media.

OpenSats has received an additional donation of $21M from #startsmall – @jack's philanthropic initiative.

$15,000,000 going to our General Fund.
$5,000,000 to our Nostr Fund.
$1M to our operations budget.

Let us proceed together apace.

Onward.https://t.co/RuXwF3kFpd

— OpenSats (@OpenSats) May 4, 2024

Money Where It Matters

The breakdown of this $21 million Dorsey donation is pretty strategic: $15 million is going straight into the General Fund, another $5 million is earmarked for The Nostr Fund, and a cool $1 million is for operational costs. This isn’t just throwing money around; it’s about fuelling ongoing and new stuff that makes a difference in the Bitcoin space and the broader arena of tech that lets people do what they want without interference.

Recently, Nostr got a huge boost. We’re talking about integrating Bitcoin payments for developers, which has sparked a user surge to 16 million, with 500,000 folks logging in daily. That’s not small potatoes.

With all this cash flooding in, OpenSats didn’t just sit on it. They’ve brought in new brains and brawn to their committee and board. Now, there’s a user named @Fiatjaf and another, NVK, who are eyeing future projects. NVK, along with Gigi, is also stepping up on the board. This squad is about creating a space where open-source software can thrive, keeping digital big brother at bay, as OpenSats put it—they’re fighting “digital totalitarianism.”

A Look at Past Efforts

OpenSats isn’t new to this game. They’ve been backing projects that sync with their mission to beef up the Bitcoin ecosystem and other open-source ventures. Before this latest cash infusion, they had already supported 21 teams, like the Bitcoin Policy Institute and the BTCPay Server, which is a DIY payment processor. They’ve handed out nearly $10 million in grants to over 100 grantees.

This time around, Dorsey’s money is also setting aside some for legal defense funds, helping Bitcoin developers who might get into legal scraps over their work. While they’re keeping the details under wraps, it’s clear that Dorsey’s backing isn’t about the money, but rather having the backs of those in the trenches of Bitcoin development.

Community Connection

It’s not just Dorsey who’s into OpenSats. The group has been pulling in donations from the public and other philanthropic bodies. The Reynolds Foundation also kicked in $1 million last month. OpenSats is all about getting more folks to chip in, helping push high-impact projects across the tech world.

So here’s the deal. Last year, Dorsey already handed over $10 million to OpenSats, and now, with another $21 million, he’s keeping his position as a major player in the movement towards more open, free tech infrastructure.

OpenSats has a lot on its plate, but with financial injections like these and a clear focus on impactful projects, they’re set to keep the momentum going. Remember, this is about shaping a future where technology enhances freedom rather than restricts it. Dorsey and OpenSats are on a mission to make sure that future comes to pass, with Bitcoin right in the middle of it.