Jack Dorsey donated roughly 14 BTC, worth about $245,000, to further fund development of Nostr (short for Notes and Other Stuff Transmitted by Relays).
After it was reported that Jack Dorsey will donate $1 million annually to encrypted messaging app Signal, Koty Auditore took to Twitter to urge Dorsey to fund Nostr, following a blog post where Dorsey published his views on the need for a native internet protocol for social media.
Nostr is an open protocol that aims to create a censorship-resistant global social network. The protocol doesn’t rely on a trusted central server; instead, all users run a client. Using this client, users publish content by writing a post, signing it with their private key and sending it to other servers which then relay that content along. The relays are simple: Their only job is to accept posts and forward them along to relay participants.
Dorsey co-founded Twitter in 2006 and departed the company on Nov. 29, 2021, so that the company could move on from its founders. He remained the CEO of Block, a company dedicated to furthering economic empowerment through its portfolio companies. Since his departure from Twitter, the now-Elon Musk-owned company has experienced a rough patch, prompting some users to seek alternatives such as Urbit and Mastodon.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.