Jack Dorsey is setting up a crypto-fund to protect independent developers. What are the aims of the organisation?
Block founder and CEO Jack Dorsey has announced plans to create a “Crypto Legal Defense Fund”. This is a non-profit organisation whose main purpose would be to legally protect Bitcoin developers. According to Dorsey, at the moment they may be subject to “all-round pressure in lawsuits”, so it’s best to hedge against the consequences. We tell you more about the situation.
It should be noted that lawsuits in the world of digital assets are quite a popular phenomenon. And their main source, until recently, was Craig Wright, the fictitious creator of Bitcoin. He called himself the developer of BTC without any proof and sued those who argued with that.
His activism didn't stop there, though. Back in June 2021, he won the right to remove the Bitcoin Whitepaper, the main document about the first cryptocurrency. It didn't go anywhere, though: the BTC Whitepaper is in safe places, which Wright certainly can't get to.
Start of the Bitcoin whitepaper text
As a result, Dorsey wants to keep the industry safe from similar situations in the future.
How Bitcoin is protected
Dorsey mentioned the proposal for the organisation in an email newsletter to developers. Here’s one of the quotes from the address, in which the former Twitter executive outlined the aims of the new organisation. The replica is published in Decrypt.
The Crypto Legal Defense Fund is a non-profit organization whose main goal is to seek to minimize the legal problems that prevent software developers from actively developing Bitcoin and related projects like Lightning, privacy protocols and the like.
In other words, this fund will allow developers to avoid being distracted by possible legal issues and concentrate on improving and developing current software. The idea does seem promising for the digital asset industry.
Former Twitter chief executive Jack Dorsey
Dorsey notes that the issue of financial support is relevant to programmers who have been disadvantaged by lawsuits. He continues.
Independent developers are very vulnerable to legal pressure.
And so it is this goal that will be the main focus of the work of the established organisation.
As further explained, the main purpose of the fund is to help developers protect themselves from lawsuits related to activities in the Bitcoin ecosystem. It will be a “free and voluntary option” of support that developers can take advantage of if they wish. The fund will also include a team of part-time volunteers and lawyers.
Craig Wright is a self-proclaimed Bitcoin creator known for his frequent lawsuits against crypto-enthusiasts
The fund does not expect to receive additional funding for its operations, but Jack has not ruled out accepting funds for “litigation expenses”. As a reminder, Dorsey left his post as CEO of Twitter at the end of November. He now runs Block, which has recently been actively experimenting with new cryptocurrency-related development strategies. In other words, Jack has realised his goal and started to devote much more time to digital assets.
To recap, Jack Dorsey talked about his desire to devote the rest of his life to Bitcoin back in the summer of 2021. At that time, he noted that if he "didn't work at Square or Twitter, he would work on Bitcoin". Consequently, his intentions have now been realised.
Former Twitter CEO Jack Dorsey
We believe that the idea of a Bitcoin developer assistance fund would be good for the digital asset industry in any case, as developers would really be able to focus on their priorities. So it remains to be hoped that a similar thing will emerge, not just for Bitcoin, but for other cryptocurrencies as well.
What do you think about this? Share your opinion in our Millionaire Crypto Chat. There, discuss other important news affecting the blockchain and decentralisation industry.
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