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Home » Jack Dorsey Funds Social Network Nostr 14 BTC

Jack Dorsey Funds Social Network Nostr 14 BTC

Cuong Nguyen by Cuong Nguyen
December 19, 2022
in People
Jack Dorsey Funds Social Network Nostr 14 BTC
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After recently releasing his ideas on a native internet protocol for social media, the former CEO of Twitter has given around 14 BTC worth $245,000 to facilitate the development of Nostr.

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Jack Dorsey contributed around 14 BTC, valued at approximately $250,000, to continue to support the development of Nostr (short for Notes and Other Stuff Transmitted by Relays).

After it was revealed that Jack Dorsey would give $1 million yearly to the encrypted messaging app Signal, Koty Auditore turned to Twitter to ask Dorsey to finance Nostr. This was in response to a blog post in which Dorsey expressed the need for a native internet protocol for social media.

Two hours later, Dorsey responded to the tweet by claiming he was figuring out how to accomplish it. Approximately twenty-four hours later, he sent funds to developer fiatjaf.

excellent writeup of problems and solutions…excited to see this. and public domain: https://t.co/bCXRwQNC0p

— jack (@jack) December 14, 2022

Nostr is an open protocol that intends to build a censorship-resistant social network on a global scale. The protocol does not rely on a central server; each user operates a client. 

Using this client, users publish material by composing a message, signing it with their private key, and transmitting it to other servers, which subsequently relay it. Simple relays are used: Their sole responsibility is to take messages and forward them to relay participants.

Dorsey co-founded Twitter in 2006 and left on November 29, 2021, allowing the firm to move on from its founders. He remained the chief executive officer of Block – a firm committed to advancing economic empowerment through its portfolio firms. 

Since his departure from Twitter, the firm that Elon Musk now controls, has endured a rocky patch, forcing some users to explore alternatives like Urbit and Mastodon.

 

Tags: Bitcoin News
Cuong Nguyen

Cuong Nguyen

Cuong Nguyen is Coin Culture's managing editor for people and market, covering opinon, interview and market analysis. He owns Near, Aurora and Chainlink

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