Jack Dorsey, the former CEO of Twitter, has made a substantial contribution of $21 million to OpenSats, a platform dedicated to funding the development of Bitcoin (BTC). The nonprofit organization revealed Dorsey’s generous donation in a blog post on May 4, highlighting its intention to utilize the funds to bolster resources available for open-source projects, thereby providing vital support to innovators worldwide.
Dorsey’s philanthropic gesture was confirmed by the man himself, who responded to a post by technology specialist and whistleblower Edward Snowden. Snowden had raised awareness among Bitcoin developers regarding the imperative need to integrate privacy measures at the protocol level.
In addition to underpinning open-source initiatives, Dorsey’s donation encompasses earmarked funds for legal defense for Bitcoin developers. This allocation underscores the Square CEO’s unwavering support for the Bitcoin community and his profound belief in its capacity to transform the landscape of finance and technology.
OpenSats, meanwhile, has outlined its allocation of funds, with $15 million directed towards its General Fund, $5 million towards the Nostr Fund, and $1 million towards operational budgets.
The General Fund constitutes a reservoir of financial resources sourced from individuals and organizations, earmarked to sustain Bitcoin-related free and open-source projects and contributors.
The Nostr Fund, on the other hand, is dedicated to nurturing the development of Nostr, a decentralized social network utilizing relays for message transmission. Boasting an impressive user base of 16 million, with half a million daily logins, the platform has garnered substantial popularity.
With a track record of supporting diverse initiatives aimed at expanding the Bitcoin ecosystem and other open-source endeavors, OpenSats has previously backed 21 teams, including BTCPay Server, enabling users to process payments on their own servers, and the Bitcoin Policy Institute.
OpenSats extends an invitation to open-source developers globally, urging them not to hesitate in seeking funding opportunities. Developers interested in availing themselves of this opportunity are encouraged to apply through opensats.org/apply, signaling OpenSats’ commitment to fostering innovation within the Bitcoin and open-source communities.
