How Brink and Jack Dorsey Sponsor Bitcoin Developers
Bitcoin stands out from many blockchains by not having public founders or a dedicated company to service and enhance its software.
In reality, Bitcoin's codebase is sustained by a network of independent developers across the globe who rely on financial endowments.
One would think those working with the most expensive cryptocurrency wouldn't have issues with money. However, it seems the lion's share of perks is claimed by early investors and mining farms.
Ironically, Bitcoin developers often receive donations in dollars, not BTC. But given that mass adoption of cryptocurrency has not yet arrived, and resources are needed here and now, it's understandable.
Is Jack Dorsey a Bitcoin Patron?
Over the last three years, Jack Dorsey has emerged as one of the principal sponsors of developers devoted to Bitcoin. The former Twitter CEO has poured tens of millions of dollars into endeavors aimed at improving the peer-to-peer payment network.
In 2021, he spearheaded the Spiral project, a venture geared towards promoting the original cryptocurrency and offering grants to those working on enhancing Bitcoin.
In that same year, Dorsey, along with billionaire rapper Jay-Z, established a blind trust comprising 500 BTC. Its mission? To provide support to Bitcoin developers in India and Africa.
In 2022, Jack Dorsey set up a legal fund to assist Bitcoin developers navigate lawsuits brought by Craig Wright.
Fast forward to 2023, Dorsey has transferred 10 million dollars to the non-profit entity, OpenSats, which backs open-source projects grounded on the Bitcoin blockchain.
Moreover, in June 2023, the former Twitter chief has set aside 5 million dollars for the Brink project, known for being a principal financial backer for developers of the first decentralized payment network. These funds will be allotted over the span of five years - to the tune of 1 million dollars per annum.
Brink: Fostering Bitcoin Developers with Grants
Brink, a non-profit organization, was kick-started in 2020 by John Newbery, a former developer at Chaincode Labs, and Mike Schmidt, a specialist at Blockstream.
In its debut year, it managed to draw in contributions from the crypto exchange Kraken, seasoned investor John Pfeffer, and entrepreneur Wences Cesares. The initiative runs entirely on the capital provided by benefactors, from billionaires to others possessing hefty financial clout.
Brink's mission is to bolster Bitcoin's foothold in the cryptocurrency market. The organization extends its support to key coders within this network, equips newcomers with essential training, and carries out research in the field of programming.
Thanks to the grants provided by Brink, leading lights like Fabian Jahr, who contribute to Bitcoin's development, can wholly devote their work hours to the task.
Without a dedicated group of programmers striving to enhance the peer-to-peer network in terms of its security, scalability, and cryptography, it's doubtful that Bitcoin could evolve into a widespread digital payment system. Therefore, the onus falls on those who have a vested interest in the evolution of the first cryptocurrency and its blockchain, to fund these crucial efforts.
Looking ahead, Brink has the potential to morph into a hub reminiscent of a university, a space where talented programmers committed to designing, testing, and updating Bitcoin's codebase, can advance their careers.
