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Jack Dorsey’s Square plans to create an open-source system for BTC mining

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Jack Dorsey’s Square Company presented its plans to create an open-source system for BTC mining. As Dorsey said, they want to build a unified system that will not only improve the availability of BTC mining, but also contribute to the further decentralization of the BTC network.

Another Jack Dorsey project this time focused on open-source system for BTC mining

According to CEO Jack Dorsey, the American company Square will soon start researching the technical requirements for building an open-source system for BTC mining. In a series of tweets he shared, he explained his intention to proceed with the further decentralization of BTC mining on the basis of cooperation:

“SQUARE IS CONSIDERING THE ESTABLISHMENT OF A BTC MINING SYSTEM, BUILT ON ITS OWN CHIP AND OPEN SOURCE, TO BE INTENDED FOR INDIVIDUALS AND BUSINESSES WORLDWIDE. THE MORE DECENTRALIZED THIS SYSTEM, THE BETTER THE BTC NETWORK WILL BE “

Dorsey believes that further decentralization of the BTC network will be essential for the secure settlement of transactions “long after the last BTC has been extracted”. In addition, Square’s system aims to provide energy-efficient mining solutions through chip, software and integration innovations.

The initiative will be led by Jesse Dorogusker, Square’s head of hardware, who was previously involved in the launch of Square’s hardware wallet and digital currency storage service. He also worked for Apple in the past.

According to Dorsey, the company will build the mining system according to a collaborative approach similar to that used in the development of their BTC hardware wallet with “assisted storage”. He added in addition to his intention to build a unified system that can improve the availability of BTC mining:

“Mining is not available to everyone. BTC extraction should be as easy as connecting the platform to a power source. Today, there is not enough motivation for individuals to overcome the complexities of mining themselves.”

Jack Dorsey – a big BTC fan

Dorsey is part of a group of American billionaires who support the BTC community through various business initiatives, the most recent being the launch of a tipping service (in cryptocurrencies) on the popular Twitter network.

The introduction of a crypto tip allows users of a social media platform to connect to third-party applications such as Cash App and Venmo, and receive funding from other members of the platform. In August, he also revealed his plans to create a new decentralized exchange.

Conclusion

Dorsey is a well-known BTC maximalist who has already done a lot for BTC. He recently expressed the view that BTC could bring world peace and was also told that he would “leave” his two CEO seats so that he could devote himself fully to working for BTC if “he needed his help more than Square and Twitter”.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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