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Jack Dorsey: Square Will Pay Bitcoin Devs To Build Open-Source Ecosystem

Esther Kim

Esther Kim | Mar 21, 2019 | 04:00

jack dorsey twitter CEO News

Jack Dorsey: Square Will Pay Bitcoin Devs To Build Open-Source Ecosystem

Esther Kim

Esther Kim | Mar 21, 2019 | 04:00


Twitter and Square CEO Jack Dorsey has revealed a major scheme to pay developers to build out the Bitcoin ecosystem with open source technology.

Dorsey Plans To ‘Give Back’ To Open Source

In a move which underscored the tech mogul’s appreciation of both cryptocurrency and freely accessible innovation, Dorsey said he will hire “3-4 crypto engineers and 1 designer” to contribute to crypto full time – and pay them in BTC.

The new staff will be loosely tied to payments gateway Square, which now has eighteen months’ experience in handling Bitcoin transactions.

Unlike the existing crypto-related projects at the company, however, the new developers will not have the goal of creating new products for Square specifically.

“This will be Square’s first open source initiative independent of our business objectives,” Dorsey explained in a series of tweets March 20.

These folks will focus entirely on what’s best for the crypto community and individual economic empowerment, not on Square’s commercial interests. All resulting work will be open and free.

Square Crypto Is Born

He added his inspiration for the idea did come from Square’s crypto team, specifically Mike Brock, who told him building out the wider ecosystem would be “most impactful thing [Square] could do for the bitcoin community.”

“Square has taken a lot from the open source community to get us here. We haven’t given enough back,” Dorsey continued.

This is a small way to give back, and one that’s aligned with our broader interests: a more accessible global financial system for the internet.

The work will take place under a new entity dubbed ‘Square Crypto,’ which already features its own Twitter page and sports Bitcoin’s Latin motto, ‘vires in numeris.’

The announcement has received praise from online commentators.

“This is how open-source development should work,” writes Bitcoin Twitter personality WhalePanda.  “Successful companies contributing to open-source software that their company is build on. Sadly most companies don’t do this. Great example of why no one needs an ICO/premine/founders rewards. Thanks  jack.”

Square Cash App

Twitter, Square And Bitcoin Integration

As Bitcoinist reported, Dorsey has taken a progressively more pro-Bitcoin stance in public forums since the start of 2019.

After previously predicting Bitcoin would become something of a de facto internet currency within just 10 years, the executive surprised many when he became involved in the Lightning Network in February.

Following his participation in the Lightning Torch transaction relay, Dorsey began to discuss the technology and its potential future at both Twitter and Square.

The appearance of Lightning at both companies, he implied, was a matter of “not ‘if,’ but ‘when.’”

At the time, he likewise queried what would be the most efficient manner to expand the profile of Bitcoin in particular, having hinted elsewhere that altcoins were not a priority for him.

“I love this technology and community,” he continued Wednesday.

I’ve found it to be deeply principled, purpose-driven, edgy, and…really weird. Just like the early internet! I’m excited to get to learn more directly.

The rubric for applicants hoping to apply for the new developer positions simply consists of “currently contributing to bitcoin-core or other crypto ecosystem projects for free.”

The announcement gained immediate praise from the cryptocurrency industry, develop Matt Odell calling it “awesome” and payment network Abra’s CEO Bill Barhydt describing it as a “brilliant move.”

In terms of Lightning Network meanwhile, users can already test using micropayments on Twitter via an implementation of tipping service

What do you think about Jack Dorsey’s hiring plans? Let us know in the comments below!

Images courtesy of Shutterstock

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