Jack Dorsey Donates $10m to OpenSats for Bitcoin development.

Twitter co-founder Jack Dorsey is demonstrating his commitment to Bitcoin and the future of social networks by donates $10 million to the non-profit OpenSats. It says it would use 100% of the cash for both purposes without taking a portion.

Twitter co-founder Jack Dorsey about the donation to Nostr:

Dorsey revealed the donation of $5 million, which would go toward creating Nostr, a social protocol on Nostr itself. After being quietly developed by a fictitious designer recognized as @Fiatjaf, the system, or procedure as it is more formally known, has reached up to 16 million users, 500,000 of whom are daily, after they created a way for developers of software to integrate payments made with bitcoin into their applications.

Jack Dorsey and OpenSats reply to Forbes’s comment:

 

Before departing Twitter in May 2022, Dorsey dreamt up and invested $13 million in Bluesky, a comparable open-source social platform allowing users to migrate their profiles across competitors. Though he previously sent @FiatJaf 14 bitcoin, which was worth slightly more than $200,000 at the time, this current infusion appears to be aimed at leveling the playing field and erasing any idea that he’s picking favorites in his drive to out-compete Twitter.

“$10m to OpenSats to fund bitcoin and most development,” Dorsey said on Nostr. “$5m of that is dedicated to not!”.

 

We have received $10M in additional funding that will be used to support free and open source software. 🫡https://t.co/KCU8oq4wcE pic.twitter.com/cKnXnkG2tX

— OpenSats (@OpenSats) May 4, 2023

 

According to Charity Navigator’s non-profit statistics portal, Raleigh, North Carolina-based OpenSats got its 501 c (3) non-profit status in 2021. However, because the OpenSats filed reduced paperwork required for organizations with less than $200,000 in annual revenue, most of the data about non-profits that Charity Navigator provides, such as how much of historical donations have been used for the non-profit’s actual mission compared to the cost of running the organization, are unavailable.

Who joined in the part of donations?

As part of jack Dorsey donation, @Fiatjaf and another Nostr user using the alias NVK will join a committee to help review proposals, according to OpenSats. NVK and a user known as Gigi has joined the board.

What is the purpose of Jack Dorsey donation of $10 million to the non-profit OpenSats?

According to the organization’s website, its purpose is to “promote while keeping an environmentally friendly system of funding for free and open-source projects and contributors, particularly Bitcoin-related projects and programs that enable Bitcoin to flourish. OpenSats will help not only developers of software, additionally designers, reviewers, researchers, educators, and others who contribute to the development of free and open-source tools.”

The foundation has earlier financed 21 teams, such as the Bitcoin Policy Institute, which recently held a by-invitation-only event in Washington with attendees from Capitol Hill, and the BTCPay server, which processes payments held by its users, as well as the Tor Project, which develops the Tor browser, which is used by authorities and thieves alike to protect their anonymity. An operational budget to help manage the charitable organization and an attorney’s fund to assist free programmers in court are among the funds available. It’s still being determined if this is the same fund Dorsey claimed he’d set up to help Bitcoin developers who face litigation for their work.