Jack Dorsey presents Square Crypto, how will it help Bitcoin?
As a number of recent developments, such as Vitalik Buterin’s latest topical update on Ethereum, Samsung’s consumer-oriented cryptographic solution and the growing Bitcoin Lightning Network, easily demonstrate, now is the perfect time for industry stake holders do tests, and then publish the stellar results.
Some companies may have missed the note, but in general it can be argued that the cryptocurrency ecosystem is stronger than ever, as the big names continue to drive the human and physical capital in this asset class.
Jack Dorsey’s fintech company consolidated the power of this theme on Wednesday, when the firm introduced Square Crypto, a branch dedicated to the growth of decentralized networks through the use of development, design and marketing.
Meet Square Crypto
For the umpteenth time, in a few weeks, Jack Dorsey, CEO of Twitter, captivated the Bitcoin community with a direct announcement ofthe left field. On March 20, the native of Missouri revealed that the 32-billion-dollar Plaza intends to hire up to five talents for “opensource contributions to the Bitcoin ecosystem and cryptography”.
Three to four of the job offers are for engineers, especially for those who have experience in building blockchain systems, and the remaining job will remain for a designer. All positions will be full-time, presumably either remote or on the San Francisco Square campus.
Surprisingly, Dorsey seems to want to reallocate alarge part of his time to this subsidiary, as he commented on Twitter that he wants the people he hires to report directly to him, despite his responsibilities in managing 2,000 Square employees and 4,000 employees. ofTwitter. If this offer is not good enough, Square will be delivering Bitcoin to those who hire. It sounds fun, right?
In later tweets, which garnered monumental levels of traction in what Dorsey calls “Bitcoin Twitter,” the industry CEO explained why he decided to move forward with this venture, which will likely cost Square more than $ 500,000 per year.
Dorsey noted that when he asked Mike Brock about how the cryptocurrency can be improved, the business partner responded: “Pay people to improve the broader cryptography ecosystem”. This war cry wassupposedly only mentioned last week. Talk about a quick response time! Bakkt, please take notes.
The co-founder of Square explains that he sees this asa way to reinforce “individual economic empowerment”, along with amovement toward the creation of a “more accessible global financial system”. And with that, he said goodbye, giving the cryptocurrency developers a call to take up arms to the rhythm of the accolades of Bill Barhydt, Crypto Rand, Matt Odell, Max Keizer and many others.
While five people would hardly add to Bitcoin’s active developer base, the fact that a multimillion-dollar financial technologycompany is seriously looking at this space undoubtedly sets a positive precedent for the network’s technical future.
What exactly does Jack see in Bitcoin?
But what does Dorsey see in Bitcoin? And what is more important, what are you trying to achieve with this high-priced movement infinancial resources, one of the first of its kind?
Well, in a few words, he has explained that the Internet needs a native currency. In an interview with podcaster Joe Rogan afew months ago, the big shot of Silicon Valley explained that digital ecosystems need a medium of exchange, since such an offer will reinforce a multitude of types of operations around the world, especially financialtransactions and processes of data.
And as it is, Dorsey sees an example of an Internet currency in Bitcoin. He said:
“The Internet has always wanted its own currency, but it has not had the technology (correct, uniform principles, passionate first adopters) until 10 years ago. It hink it will be Bitcoin, taking into account all the evidence that has passed and the Principles behind it, how it was created. It was something that was born on the Internet, developed on the Internet, was tested on the Internet andis Internet”
An epic in progress
Dorsey is not doing this to reap power. In a podcast with Stephen Livera of the cryptocurrency space, the furious Bitcoin bull revealed that he intends to add support for Lightning Network in Square. Experts have praised this potential movement that could have more impact than an ETF backed by encryption and Bakkt combined.
He has also been putting money where his mouth is. OnTwitter, Dorsey once revealed that he is #stackingsats, joining a group of other Bitcoin enthusiasts in the weekly recurring purchases of the cryptocurrency.
In a podcast, Dorsey revealed that he had bought $10,000 in BTC in a week before the recording of the interview, before insinuating that this is one of his many attempts to establish a strong presence in the cryptocurrency market.
It is clear that the Twitter leader expects Bitcoin to stay. But where will your cryptographic efforts materialize?
The ecosystem of cryptocurrencies will grow when users can exchange value in a broad way, with the use of bitcoin, at that moment it is possible that prices start to rise steadily. It is waiting for new announcements.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.