Bitcoin mining systems began to be developed by many parties, including Jack Dorsey, the founder of the well-known social media application, Twitter. As is known, Jack Dorsey previously resigned from the position of Chief Executive Officer (CEO) of Twitter last month or to be precise on December 1, 2021.
How is the Bitcoin mining system that Dorsey wants to develop? Come on, see the review below.
Dorsey Starts Building and Developing Bitcoin Mining
After resigning from the position of CEO of Twitter, Dorsey is now starting to focus on working on the cryptocurrency market. Now, Dorsey has also developed a bitcoin mining system. Not only that, he even proposed the creation of a developer legal fund to combat lawsuits related to this matter.
Launching from NDTV last Sunday (16/1/2022), Dorsey stated that this is because cryptocurrencies are now becoming more common as the ecosystem develops. The man who is now CEO of Square added, the purpose of this legal fund is to minimize legal problems to prevent software developers from actively developing lightning network projects, bitcoin privacy protocols, and so on.
To note, the lightning network project is a second layer technology in the blockchain network that facilitates users to transact more efficiently and quickly. Dorsey said the fund would offer free legal assistance if the developer stumbles into legal trouble. Most of them will rely on part-time lawyers, and volunteers.
Furthermore, the fund manager will form a board member who will assess the case and decide who will receive legal funding assistance. In addition, Dorsey also built a Bitcoin mining system through his company Block, which was originally called Square.
The company that was founded in 2009 started as a financial technology platform (fintech)—a financing corporation—which later expanded into the Bitcoin market. On the other hand, the purpose of developing a Bitcoin mining system is also to expand services so that the product is not only payments, but also blockchain technology.
Quoting CNBC International, last Friday (14/1), Dorsey said that his party has officially built an open Bitcoin mining system, with the aim of facilitating miners to be more distributed and efficient in making purchases, setup, maintenance, to mining.
Because, said Dorsey, Bitcoin has been operating on a proof of work (PoW) model. The system leaves miners competing to solve complex puzzles to validate transactions. Meanwhile, the process itself requires energy resources that are not cheap.
For information, after resigning from Twitter last year, Dorsey himself is now starting to invest heavily in Bitcoin. In June last year, Reuters quoted Dorsey as saying: “If I wasn’t on Square or Twitter, I would be working on bitcoin.”
Dorsey is interested in blockchain because it is considered to have a function as a basic internet technology that is not controlled or influenced by any entity. He also liked the decentralized nature of power on the internet. As for Twitter, Dorsey is also known to have spearheaded the funding of the BlueSky project, which has become the standard for social media companies.
According to the Head of Research at Fundstrat Global Advisors, Tom Lee, Dorsey’s focus on bitcoin will help the price bulls for this biggest crypto asset.
Lee said, as quoted by CNBC International, November last year: “It takes people like Jack Dorsey to really structure the focus on bitcoin.”
Mining Bitcoin: Jack Dorsey Quits Twitter
Jack Dorsey officially resign from the position of CEO of Twitter in early December last year, arguing that he believed the company was ready to change hands from its founders aka Twitter could thrive without a founder. Dorsey’s position was later replaced by former CTO Parag Agrawal.
At the end of last year, Dorsey stated, as quoted by The Guardian, that his trust in Parag as CEO of Twitter was deep and that “his work over the last 10 years has been transformational”.
Through this resignation, Dorsey will also have more time to spend in Square and start working on the cryptocurrency world.
Now, the new Twitter CEO, Parag Agrawal, is responsible for pursuing Dorsey’s previous vision. Dorsey has also been a vocal advocate of workplace decentralization. As is known, Twitter became one of the first companies to announce an option for employees to work from home indefinitely after the Covid-19 pandemic.
Apart from that, Dorsey has also discussed part-time relocation to Africa as a way to “work decentralized”. However, he also withdrew the plan because the Covid-19 pandemic was getting more serious.
Bitcoin Price on INDODAX
Dorsey’s decision to start developing a Bitcoin mining system is certainly worth waiting for. Well, for those of you who want to monitor the price of Bitcoin (BTC/IDR) today on INDODAX, please visit this link to see the latest price of this crypto asset with the highest market capitalization.