Jack Dorsey Donates $5 Million to Support Bitcoin Core Developers
In a continued effort to strengthen the Bitcoin ecosystem, Jack Dorsey, the co-founder and CEO of Twitter, has pledged $5 million to Brink. Brink is a vital supporter of open-source developers in the Bitcoin space.
The $5 million will be distributed to Brink over a span of five years, with $1 million given per year. This generous contribution will fuel the development of Bitcoin and support the core developers working tirelessly to improve the network.
Dorsey will be donating the funds through his initiative called Start Small, which he established in 2020 initially to provide relief during the COVID-19 crisis.
The Impact of Brink Grants
Brink grants play a crucial role in enabling core developers, such as Fabian Jahr, to work full-time on Bitcoin Core. Previously limited to contributing part-time during evenings and weekends, these grants offer financial stability, allowing developers to focus exclusively on enhancing the Bitcoin network.
Jahr writes in a blog post, “A grant from OkCoin allowed me to work full-time on Bitcoin Core during the first half of 2020.” Such contributions are vital to the continuous improvement of Bitcoin and the development of essential features like privacy and scalability.
Dorsey’s Ongoing Support for Bitcoin Development
This is not the first time Dorsey has demonstrated his commitment to supporting Bitcoin development efforts. In recent years, he has made substantial contributions to underground Bitcoin improvement projects.
In addition to donating $5 million to Brink, Dorsey established Spiral, a non-profit organization dedicated to assisting developers. He also donated $10 million to OpenSats, another non-profit specifically focused on fueling open-source Bitcoin development.
Last year, Dorsey donated at least 14 BTC to support the development of Nostr, a decentralized social media protocol gaining popularity.
Brink, established in 2020, has emerged as a leading benefactor of Bitcoin developers. Created by former Chaincode Labs developer John Newbery and Blockstream alumnus Mike Schmidt, the non-profit organization received an initial $150,000 donation from cryptocurrency exchange Kraken.
Brink’s mission, as stated on their website, is to “strengthen the Bitcoin protocol and network through fundamental research and development, and to support the Bitcoin developer community through funding, education, and mentoring.”
It’s inspiring to see industry leaders like Jack Dorsey recognizing the importance of supporting Bitcoin development. Contributions like these not only fuel innovation but also help ensure the long-term growth and success of Bitcoin. To stay updated on the latest crypto news, visit Uber Crypto News.