Before there was Elon Musk, there was Jack Dorsey, the original Wunderkind, long before Sam Bankman-Fried and FTX. Now the former Twitter CEO is making headlines for a surge of cash flow into the OpenSats and the Bitcoin project as a whole.
OpenSats is a nonprofit organization dedicated to creating free and open-source projects centered around Bitcoin, Nostr, and associated technologies. The organization will use the funds to establish a long-lasting ecosystem and support open-source initiatives.
OpenSats believes in the importance of free software and open protocols in preserving liberty and prosperity in contemporary society and safeguarding individual users’ rights and freedoms from digital totalitarianism.
Where Will Dorsey’s Money Be Used?
Fifty percent of Dorsey’s donation will be directed to the Nostr ecosystem, while the remaining funds will support the enhancement of OpenSats’ activities and operations.
Dorsey’s recent philanthropic gesture follows his previous contributions toward open-source social protocol and Nostr. These donations offer a direct channel to dispel any notions of partiality in his endeavors as he recently left Twitter in May 2022.
All donations that OpenSats receive will be directed to projects its board of directors endorses, serving as a 100% pass-through entity. OpenSats has formed a committee comprising Nostr developers and supporters to assess project proposals and protocol contributions.
Coinkite CEO NVK and Gigi will join the organization’s board, which will contribute to organizational and funding decisions. Gigi will assume a full-time position focusing on operations and strategy.
OpenSats’ commitment to being a pass-through entity ensures the highest level of transparency, enabling collaboration with contributors, the industry, and the wider free and open-source community toward developing tools and infrastructure that preserve our fundamental right to freedom.
What is Dorsey Hoping to Accomplish?
Dorsey’s contribution will help build a sustainable ecosystem for OpenSats. This will go a long way toward preserving modern society’s freedom and prosperity while combating digital totalitarianism.
Half of Dorsey’s donation will go towards advancing the Nostr ecosystem. OpenSats also plans to expand its efforts and improve its operations using the funds.
Dorsey invested $13 million into a similar open-source social protocol, now being developed by Bluesky. He had also previously donated 14 bitcoin to Nostr creator FiatJaf. This latest donation aims to reduce any perception of favoritism in his mission to out-compete Twitter.
OpenSats will continue to function as a 100% pass-through operation. They will allocate all donated funds to projects approved by their board of directors.
The donation from #startsmall, Dorsey’s philanthropic initiative, covers OpenSats’ operational budget, ensuring the organization remains 100% pass-through.
What Does All This Mean for OpenSats?
OpenSats has established a committee of Nostr developers and enthusiasts to evaluate projects and protocol contributions. Coinkite CEO NVK and Gigi will assist with organizational and funding decisions. Gigi will take on a full-time role in operations and strategy.
OpenSats looks forward to collaborating with contributors, industry, and the broader free and open-source community in creating essential freedom tools.
“We are excited to work with contributors, industry, and the wider free and open-source community to help ship the freedom tools that are so desperately needed. We can’t wait to see what you will build.”