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Block CEO Jack Dorsey and hip-hop mogul Jay-Z are working up to bring Bitcoin and financial education to the rapper’s childhood home. On Thursday, Dorsey announced the start of Bitcoin Academy. Residents of the Marcy Houses, a public housing project in Brooklyn, will receive free financial education. From June to September, the program will be […]
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It’s time for the Btrust to start making moves. And they did so by announcing their “to-do list” and “high level goals.” A month ago, Block CEO Jack Dorsey and rapper and entrepreneur Jay-Z announced the members of the board for their 500 BTC blind trust. Btrust’s purpose is to “make bitcoin the internet’s currency” and their field of action is Africa and India. Hello World ?? We’ve been working hard on getting ?trust set up. To start out, we’ve broken up our to-do list into a set of high level goals. Each of these tasks require careful thought. We’ll be requesting feedback from the community on individual items in the weeks to come! — btrustteam (@btrustteam) January 11, 2022 Said members of the board took charge and recently showed the world what they’ve been working on since they did so. “Each of these tasks require careful thought. We’ll be requesting feedback from the community on individual items in the weeks to come!,” Btrust said in its inaugural Twitter thread. Before going through those tasks, though, let’s remember who those members are. At the time, NewsBTC reported: “The blind trust’s board members are: Ojoma Ochai, Obi Nwosu, Abubakar Nur Khalil, and Carla Kirk-Cohen, the only South African of the bunch. By just casually looking at their Twitter feeds it becomes obvious that they’re all thoroughly dedicated to Bitcoin already.” Related Reading | South African Man Loses $900,000 Worth Of Bitcoin After Accidentally Deleting Keys In a recent interview with Blockworks, 22-years old Abubakar Nur Khalil said: “It’s very, very important for us to keep it as transparent as possible,” he said. “We’ll be communicating a lot about the process, our thinking and the things we’re going to be doing going ahead primarily through Twitter.” And so they did. Let’s explore what that process looks like and what the Btrust will be working on in months to come. BTC price chart for 01/12/2022 on Coinbase | Source: BTC/USD on TradingView.com Btrust’s Guiding Principles And Jurisdiction Following Bitcoin’s lead, the first thing the Btrust will do is to establish “Genesis Principles.” In other words, “Btrust’s vision will be laid out in an immutable set of principles.” Everybody involved in the organization will follow them, and there will be the option of using soft-forks and hard-forks to resolve disagreements or to accommodate different visions. There’s another caveat, “Boards are bound to act in accordance with the principles, but the implementation is their prerogative. This provides flexibility, while staying true to Btrust’s vision.” So far, so good. This all sounds very Bitcoiny. 2?? Implement Principles We’ll outline how we’re going to implement each of the principles in our work. Boards are bound to act in accordance with the principles, but the implementation is their prerogative. This provides flexibility, while staying true to ?trust’s vision. — btrustteam (@btrustteam) January 11, 2022 The next step is crucial, “Entity and Jurisdiction.” Under what jurisdiction will the Btrust operate? What type of entity will they choose to be? “Btrust requires a formal entity to hire employees, contract the board and provide a legal system to hold representatives accountable.” In relation to this, Nur Khalil told Blockworks: “We’re looking at starting with Africa initially, but then gradually expanding into other regions in the global South,” Nur Khalil said. “So that’s places like India as well. And then in general, with regards to the overall vision, we feel there’s so many disparities in some of these regions like Africa in terms of the actual amount of talented developers versus those of them that are actually working on Bitcoin.” Custody And Communication This is a great opportunity to test out Bitcoin’s multisig superpowers. “We will work on a proposal outlining various custody solutions, with the end goal of safely taking custody of the 500 BTC.” Also, important for people out there looking for opportunities, Btrust will be hiring “a full time lead to manage daily operations.” 5?? Recruit a Lead Once we’ve delivered 1??,2?? and 3??, we will be looking to hire a full time lead to manage daily operations of ?trust. This is one of the most important board responsibilities, and we’re looking forward to finding somebody to bring ?tust's vision to life! — btrustteam (@btrustteam) January 11, 2022 Last but not least, they’ll create some way of communicating with all of you. “We’re committed to building Btrust with input from the Bitcoin community. For now, we’ll be using twitter to communicate our progress, but it’s not scalable.” And they’ll raise funds to set up the organization. “We want to take our time to think about our approach to custody & company formation. This is a prerequisite for any investment. We’ll create a separate plan for how to cover any required set up funding.” Related Reading | Spiral BTC Releases Lightning Development Kit. Jack Dorsey’s Puppet Promotes It In relation to this, Nur Khalil told Blockworks: “??What we’re trying to optimize for is trying to do things gradually because there’s a lot and we won’t just look at the ecosystem and just throw a bunch of money on it. We still have to be meticulous on what the impact is.“ Great work so far, Btrust. We at NewsBTC are looking forward to covering your next steps and seeing what the future brings for the organization, Bitcoin, Africa, and India. Featured Image by EglantineUdry on Pixabay | Charts by TradingView
After breaking above $68k in early November, expectations for the pioneer crypto heightened, with many market analysts predicting that Bitcoin would hit $100k.
Taiwanese pop singer and musician Jay Chou has ventured into the meta-universe, earning nearly $10 million. (Read More)
Cryptocurrency platform Voyager Digital has tapped the services of Brian Brooks, the current Chief Executive Officer of Bitfury as one of its non-Executive Directors. (Read More)
Ex-Chairman of the US Securities and Exchange Commission Jay Clayton expressed his trust in the nascent digital currency world saying he is a “huge believer” in the technology underpinning the industry. (Read More)
To enable the penetration and adoption of Bitcoin on African and Indian soils, Jay-Z and Jack Dorsey are to give away $24.5 million in BTC. (Read More)
The 500 BTC blind trust announced its board of directors. Back in February, Jack Dorsey and Jay-Z created the ?trust with a clear mission; to “make bitcoin the internet’s currency.” The four individuals in charge of making that happen are now public knowledge. Three of them are from Nigeria, a country that prohibited banks to process Bitcoin and other cryptocurrencies’ transactions. And is now one of the world’s leading P2P Bitcoin markets. Related Reading | Spiral BTC Releases Lightning Development Kit. Jack Dorsey’s Puppet Promotes It Bitcoin’s price was roughly $47K on February 12th. That day, Dorsey announced the blind trust via Twitter, “Jay-Z and I are giving 500 BTC to a new endowment named ?trust to fund Bitcoin development, initially focused on teams in Africa & India. It‘ll be set up as a blind irrevocable trust, taking zero direction from us.” It’s interesting that the blind trust uses Bitcoin as the unit of account. In the future, who knows how much those 500 BTC might be worth in fiat terms? JAY-Z/@S_C_ and I are giving 500 BTC to a new endowment named ?trust to fund #Bitcoin development, initially focused on teams in Africa & India. It‘ll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start: https://t.co/L4mRBryMJe — jack?? (@jack) February 12, 2021 In any case, Dorsey’s call for board directors received more than 7000 applicants. The Blind Trust ’s Board Members In the Tweet announcing the winners, Dorsey said. “I’m so grateful for you all and so inspired. They’ll now work towards defining the operating principles as they think about how to best distribute the 500 bitcoin towards development efforts.” As promised, the four candidates will have full autonomy and decide the direction and scope of the trust. Announcing the ?trust board: @actuallyCarlaKC, @ihate1999, @obi, & @ojomaochai! I'm so grateful for you all and so inspired. ?????? They'll now work towards defining the operating principles as they think about how to best distribute the 500 bitcoin towards development efforts. https://t.co/jwbr4qQUZ2 pic.twitter.com/1MszEPdGKL — jack?? (@jack) December 15, 2021 The blind trust’s board members are: Ojoma Ochai, Obi Nwosu, Abubakar Nur Khalil, and Carla Kirk-Cohen, the only South African of the bunch. By just casually looking at their Twitter feeds it becomes obvious that they’re all thoroughly dedicated to Bitcoin already. Here, Nwosu explains how the Nigeria ban actually helped promote Bitcoin. Ochai, a hard-core cultural promoter, recommended Spiral to her followers and hinted at her designation. Kirk-Cohen is helping to train the next generation of African Bitcoin developers, and so is Nur Khalil, who’s a Bitcoin Core contributor. A lot of people think that Bitcoin will go to zero because "GovErNmeNtS will ban it" @obi explains why Bitcoin actually gets stronger ?? when governments try to hinder its adoption. pic.twitter.com/hD97KMZxMx — 37 sats (@ck_SNARKs) November 23, 2021 As for reactions, Kirk-Cohen is the only one that hasn’t said anything yet. Nur Khalil, who’s only 22, said. “Thank you so much Jack for the opportunity!! I am really honored to work with this great team! Let’s get to work on building the future of Bitcoin and launching Africa into the forefront of the monetary revolution!!!” For her part, Ochai said. “Really excited to get going! Thanks to you Jack, Jay and all who made this happen! Look forward to working with fellow board members…” Finally, Nwosu said. “Thanks Jack and the team. Super excited to be a part of this vision, organization, and mission… and to finally be able to talk about it!” Really excited to get going! Thanks to you Jack, Jay and all who made this happen! Look forward to working with fellow board members… https://t.co/kNYBQ33Vqi — Ojoma (@ojomaochai) December 15, 2021 Conclusions And Questions The original call for board members for the blind trust said they were “initially focused on teams in Africa & India.” Does the fact that there are no Indians in the group mean that the ?trust will focus on Africa only? The continent is huge and each country in there has its own idiosyncrasies and special characteristics. What will the board choose? And speaking of that, will the board have total independence? The original post said “taking zero direction from us,” but, 500 BTC is a huge sum of money. BTC price chart on Bitbay | Source: BTC/USD on TradingView.com In any case, this blind trust will be one of the most interesting experiments developing over the next few years. And you can count on NewsBTC to keep you posted and informed of any new development. Related Reading | Revisiting Dorsey’s Hyperinflation Tweet: Elon, Wood, Saylor, Balaji, Chip In The world will thank Jack Dorsey and Jay-Z for this one. As podcaster Matt Odell said replying to Jack’s announcement, “I do not think people are properly appreciating how huge of an impact this initiative can have.” Featured Image: The board members from Dorsey's tweet | Charts by TradingView
Jay Ricky Villarante will join the list of investor-judges of Cable News Network (CNN) Philippines’ The Final Pitch, the country’s first and only business reality television (TV) show, starting October 8th.
The post Pioneer Filipino Crypto Startup Moneybees Founder will be CNN PH’s ‘The Final Pitch’ Investor-Judge appeared first on BitPinas.
Missouri Mayor Jayson Stewart plans to give out $1,000 cash gifts in Bitcoin (BTC) to residents of Cool Valley. (Read More)
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