The cofounder of Twitter and the CEO of the payments firm Square, Jack Dorsey, has revealed his firm is contemplating creating a bitcoin hardware wallet in collaboration with the community. Dorsey revealed this in a tweetstorm and said he wanted to share some â€œguiding principlesâ€ concerning this possible venture.
Dorsey: â€˜Square Is Considering Making a Hardware Wallet for Bitcoinâ€™
On Friday, Jack Dorsey tweeted about the possibility of Square creating a bitcoin hardware wallet and discussed a number of principles the firm is guided by when approaching the subject. The founder of Twitter and Square explained that what the company creates needs to be â€œopen,â€ as he noted that â€œbitcoin is for everyone.â€
â€œSquare is considering making a hardware wallet for bitcoin. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community,â€ Dorsey tweeted. â€œWe want to kick off this thinking the right way: by sharing some of our guiding principles. Bitcoin is for everyone. Itâ€™s important to us to build an inclusive product that brings a non-custodial solution to the global market,â€ the Square CEO added.
Dorsey then gave those who have already pioneered the noncustodial wallet space props, and asked his Twitter followers what the â€œbiggest blockers to get a non-custodial solution to the next 100M people?â€ Numerous people answered Dorseyâ€™s questions and a few responses discussed hardware wallets with no iOS support.
â€œiOS support. Trezor, up until now, still doesnâ€™t support iOS for (good reason.) If you solve this solvable problem, you gain a huge portion of the market,â€ one individual responded to Dorseyâ€™s Twitter thread.
â€œCustody doesnâ€™t have to be all-or-nothing,â€ Dorsey continued. â€œWe can probably simplify custody through â€˜assisted self-custody.â€™ Assisted requires great product design: minimal setup time, relying on existing devices, and end-to-end reliability. How should we be thinking about assisted solutions?,â€ the Square CEO asked. He further added:
Dorsey Gets Heckled by a Conference Attendee in Miami
After Dorsey published his thread with about 12 different points, he said that Square and his team plan to â€œcontinue the conversation.â€ He further noted that a dedicated Twitter account would be on the way and a Github repository, as well, if the firm decides to build a hardware wallet.
â€œWeâ€™ll update this thread with that information when weâ€™re ready. Thanks,â€ Dorsey concluded.
Dorseyâ€™s hardware wallet tweet has accrued tens of thousands of likes and retweets since he announced Squareâ€™s possible hardware wallet venture. The Twitter CEO also mentioned that layer 2 capabilities and Cash App integrations with the hardware wallet are also important guiding principles.
Meanwhile, after the hardware wallet announcement, Dorsey attended the Bitcoin 2021 conference in Miami this weekend and was heckled by a conference attendee over â€œcensorshipâ€ and â€œinterfering in elections.â€
â€œWhy is Jack Dorsey on a stage at a Bitcoin event in the first place?â€ an individual tweeted in response to the heckling video.
What do you think about Square thinking about creating a bitcoin hardware wallet? Let us know what you think about this subject in the comments section below.
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