Square CEO Crypto, the Bitcoin development arm of Square Payments Inc., Twitter CEO Jack Dorsey, today expanded its participation in the Bitcoin community by granting grants to two developers, Jon Atack and Tankred Hase.
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The money will allow them to work full time on open source projects that benefit the Bitcoin network. Square Crypto also clarified the types of projects it hopes to fund through future grants.
In addition to contributing to Bitcoin Core, Square Crypto is particularly committed to the development of the Lightning Network (LN), which is a two-layer network technology that can theoretically help expand the Bitcoin network while enabling fast payments and blockchain. Next settlement. In January of this year, Square Crypto released its Lightning Network Development Kit.
The agency has made it clear that it is necessary to "improve and promote Bitcoin" not only through its own efforts, but also by supporting others. Part of this is simply helping developers get paid for the free work they do. Since Bitcoin is a huge open source project, it requires developers to make free contributions. Active development contributors often need to rely on grants to continue their development efforts. For example, OKCoin launched a 1,000 BTC endowment fund for developers last year.
The Square Crypto funding program is designed to provide developers with financial support, otherwise they "have no financial means to establish financial freedom for others." This funding program is specifically targeted at individuals and small organizations working on projects that are "improving bitcoin through user experience, extensions, privacy, security, or other things we never thought of." In addition, developers should have "no commercial or monetization incentives" for free open source projects.
Square Crypto has previously awarded grants to the BTCPay Foundation, which is developing a self-hosted server for processing cryptocurrency payments, and a Lightning Network development contributor named ZmnSCPxj.
Recipients this March include Jon Atack, who has been contributing to Bitcoin Core since early 2019. According to his website, he is planning a deeper review of the code and fixing bugs. He also wants to improve the Bitcoin Core wallet. Now, thanks to the grant, he will receive funding to continue contributing to development.
Another recipient is Tankred Hase, who is currently developing a Lightning Wallet that will allow users to send small amounts of BTC to each other just by SMS verification. He told Decrypt:
"This is an ambitious long-term goal, especially in the absence of an obvious business model. But I think it is worth exploring and it makes sense to try in the context of funding."
Although Square Crypto did not respond to details about the funding, Hase said the grant was large enough to allow him to work exclusively on "open source infrastructure that binds wallets to phone numbers."
Interested developers can find funding guidelines and project examples on Square Crypto's Medium account.