Jack Dorsey, the former Twitter boss, revealed plans to offer financial support to Brink, a Web3 nonprofit firm that supports Bitcoin developers. In a Twitter statement dated June 14, Dorsey pledged to donate $1 million annually.
Dorsey projects that by 2028, his Start Small Funding Group will donate around $5 million to strengthen the developers’ projects. Before leaving Twitter, Dorsey was at the forefront of providing instant financial support in the disaster management of Covid 19 Pandemic.
Brink Plans to Donate $5 Million to Support Bitcoin Developers
The former Twitter CEO confirmed to have set aside approximately $1 billion to finance projects in Bitcoin. At that time, the Start Small website documented that around $1.4 million in funds were available . The Start Small group revealed that over $ 500 million had been dolled out to support core projects in the Bitcoin sector.
According to the update, the Start Small team confirmed to have provided financial support to Tor Project, Signal Technology Foundation, and Calyx Institute. The $500 million was invested in developing the Tor Browser, developing a Signal messaging application, and establishing a digital education program.
In May, Brink donated around $10 million to OpenSats, a nonprofit firm working on Bitcoin development. While in 2022, Brink donated 14 Bitcoins to the prominent decentralized social media platform Nostr.
Besides the support provided by Dorsey and his team since 2020, Brink has provided financial assistance to fellowships and grant programs in the technical and engineering field. The commendable efforts made by Dorsey to support Bitcoin developers inspired other firms to provide financial and human assistance.
Will Donations Support Growth of Bitcoin Network?
In 2022 the popular dog-themed meme coin Dogecoin allocated $360 000 to support developers. On the other hand, the Animoca brand revealed plans to launch a billion-dollar funding program to support developers.
Reportedly the set-up funds utilized in supporting the open source developers in the crypto sector have motivated key players in the Bitcoin space to explore innovative solutions to address a real-world problem.
In a blog post, the famous Bitcoin developer , Fabian Jahr, stated that the financial support motivated him on work full-time. Jahr recalled that after receiving a grant from OkCoin, he invested in building the Bitcoin core on full-time in Q2 of 2020.
Elsewhere market critics argued that Bitcoin requires the developers to engage in the continuous development of the network to attain the end plan. Since 2020, Brink has supported core developers in Bitcoin and Lightning network sectors.
Surprisingly, most of the beneficiaries of Brink have been leveraging their expertise to improve the network’s privacy, security, and scalability. It was observed that most of the developers are striving to build an innovative payment system that a large audience will utilize.
Besides supporting the development of the Bitcoin network, Brink has offered extensive support in research and development. Brink has also been providing learning and mentorship opportunities to Bitcoin developers.
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