Square and Human Rights support the launch of Brink, a new fund aimed at protecting and supporting the developers of Bitcoin, the largest decentralized and open-source cryptocurrency on the market.
Crypto Square, a subsidiary of the multi-billion dollar company Square Jack Dorsey, also CEO of Twitter, has just announced a new fund intended to cover the expenses of those behind the development of the most important cryptocurrency on the market: Bitcoin (BTC). This fund, called Brink, is also supported by Human Rights Foundation, a non-profit organization dedicated to defending and guaranteeing human rights and freedom throughout the American continent.
Brink was born with the idea of receiving donations from people and organizations that want to support the development of the Bitcoin network and protocol, which as we know, is open source and decentralized, so there is no central figure or entity that controls or supports it. In fact, the development of this cryptocurrency It is mainly supported by the good will of developers who wish to support Bitcoin, dedicating their time to improving its features and functions without receiving a salary in return, and although there are already several companies dedicated to seeking financing for Bitcoin, Brink also wants to contribute to this change of reality in a unique way.
The founders of this fund, John newbery y mike schmidt, they assure that Brink will be in charge of supporting and advising new contributors to the development of Bitcoin, as well as well-known and established software developers and engineers working for the well-being of the Bitcoin protocol, through its scholarship and grant programThe fund will therefore receive donations and deliver them to Bitcoin developers and designers committed to the network, rather than developers receiving direct funding from sponsoring companies and businesses.
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Work of vocation, passion and enthusiasm
Bitcoin was created by the, until now, unknown Satoshi Nakamoto In 2009, and although at the time of its presentation, Nakamoto had a clear idea of the objective of his design, much has happened in these 11 years. The development of this network has been joined by several volunteer developers from around the world, to design and propose new versions, functions and improve general characteristics for Bitcoin, which are approved by consensus, and which seek to guarantee its correct operation, and even more so with the number of new users and investors that this cryptocurrency attracts every day around the world.
However, this work is traditionally done in a collaborative and voluntary manner, so developers who dedicate their time to Bitcoin do not receive a salary for it. However, the importance that this cryptocurrency acquired, and that continues and will continue to acquire, led several of its developers to seek financing and economic support from the beginning, such as Gavin Andresen, whom Nakamoto appointed as Bitcoin maintainer when he departed from the project in 2010.
Initiatives to raise funds for Bitcoin
Andresen created the Bitcoin Foundation (Bitcoin Foundation) with the intention of raising funds and obtaining financing for the development of the network, and supporting the expenses of the team that was dedicated to Bitcoin at that time. In 2015, the most popular and important implementation of Bitcoin, Bitcoin Core, established a sponsorship program, through which companies and businesses could apply to sponsor the network, providing economic benefits for its continued development.
Other companies and organizations that took the initiative of Andresern and Bitcoin Core to support Bitcoin developers and fund the development of the network include: Blockstream, the technology company blockchain de Adam Back; Chaincode Labs, made up of several Bitcoin developers; the Massachusetts Institute of Technology (MIT) through alliances with other companies such as BitFury, Bitmain, Circle, Chain and Nasdaq; BTCC, exchange y mining pool which has paid some of the Bitcoin developers, such as Peter Todd; among others.
Now, Newbery and Schmidt's idea, through Brink, seeks to continue these initiatives, strengthening the protocol and the network by funding fundamental research work for Bitcoin, and supporting the Bitcoin developer community through grants and mentoring for all members.
Square in the development of Bitcoin
Square is a financial services company based in the United States, but it has a long history in the world of Bitcoin. The company's subsidiary focused on cryptography, Crypto Square, count with one grant program intended to fund Bitcoin developers, as well as other projects that support the cryptocurrency, such as a design community for Bitcoin, and development toolkits for Bitcoin and the network Lightning Network, a layer 2 solution designed to improve Bitcoin's features.
Through Square Crypto's grant programs, the company seeks to support the work of developers committed to Bitcoin, for a period of at least 6 months. Square Crypto claims that while it cannot hire the cryptocurrency's developers and designers, it can financially support those with the vision to bring something special to Bitcoin, and that is what it has done so far. And in the case of Brink, Square Crypto supports the initiative of this fund because it seeks to become an exclusive organization for Bitcoin financing.
Brink is requesting become a 501(c)(3) organization exempt from federal income tax in the United States, under section 501(c)(3) of Title 26 of the Code of this country. Thus, Brink will be a non-profit organization that allows its contributors to make tax-free donations.
“We will be the only organization dedicated exclusively to Bitcoin development that receives direct donations from the public in this way.”
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