Jack Dorsey and Square want a hardware wallet for mass adoption

Jack Dorsey and his payment service Square recently confirmed plans for a user-friendly hardware wallet aimed at mass adoption. The aim is to onboard the next 100 million people on the Bitcoin network.

Jack Dorsey, the CEO of Square and Twitter, along with lead developer Jesse Dorogusker, said they are moving ahead with plans to create a secure and easy-to-use hardware wallet suitable for mass adoption. “We’re gonna do it #Bitcoin ,” Dorsey confirmed on Twitter on Friday.

There are no exact details yet, but last month Dorsey released a number of trial balloons asking the community for feedback. The premise is: Bitcoin is for everyone.

Dorsey says it aims to provide a secure and user-friendly solution to make Bitcoin accessible to the next 100 million users.

Self custody

This will be a solution aimed at self-custody , where you as a user manage your own wallet and own the bitcoins yourself.

You can (usually) manage your own bitcoin wallet with the help of a seed phrase , on the basis of which the private keys of your bitcoin addresses are generated. If you do not have access to the seed phrase, and therefore the private keys, then it is likely that a third party manages the wallet.

“No keys, no cheese” Dorsey therefore tweeted, because after all, Bitcoin is about individual sovereignty. With the hardware wallet that Dorsey has in mind, users have all the strings – the private keys – in their own hands.

Many people still find managing their own wallet complicated and there are some inherent risks, such as user error or loss of the seed phrase.

Square therefore seems to be looking for a compromise where users can partially mitigate risk by partnering with a third party like Square. “Assisted self-custody” , as Dorsey calls it. However, Dorsey does not want to force users to do so.

Mobile

Today, mobile devices such as smartphones are the most popular to use the internet. Square’s hardware wallet should therefore offer an excellent user experience, says Dorsey, in order to reach as many people as possible.

Dorsey also expressed interest in adding functionality for second-tier scalability solutions, presumably referring to the Lightning Network. That would be innovative, because at the moment the use of hardware wallets in combination with Lightning Nodes is not common.

Support by Square

Support from Square’s Cash app is obvious, says Dorsey. That is a payment app for mobile phones with about 30 million daily users, which can also be used to buy bitcoin. Three-quarters of Square’s revenue today comes from bitcoin sales through the app.

Dorsey also provides an app that is not from Square and that may work completely outside of Apple and Google. With hardware wallets, it is common for various wallet apps to support it and it is likely that this will also be the case with Square’s hardware wallet, because Dorsey seems to be betting on open source development.

Twitter?

Interestingly, in addition to being CEO of Square, Jack Dorsey is also the CEO and founder of Twitter. For some time he seems to be aiming for a possible integration of Bitcoin on the social media platform. It’s only a matter of time, he says. It is therefore not inconceivable that Square’s hardware wallet is part of a broader vision of Jack Dorsey.

Jack Dorsey

Jack Dorsey has been a staunch supporter of Bitcoin for several years now. He calls bitcoin ” the currency of the internet ” and he thinks there is nothing more important to work on in his lifetime. Together with his company Square, he is therefore increasingly committed to Bitcoin.

For example, Square made it possible to buy and sell bitcoin via the Cash app and invested 5% of the company’s capital in bitcoin. Square also started the Crypto Open Patent Alliance (COPA), an alliance designed to protect the industry from so-called ?ǣpatent trolls.?ǥ

With the Bitcoin Clean Energy Investment Initiative, it is investing $10 million dollars to make Bitcoin greener, and Square has also taken on the financing of a number of prominent Bitcoin developers. However, Dorsey would prefer to do ‘something’ with Bitcoin and Africa.

Also read our previous articles about Jack Dorsey, Square and Bitcoin!

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

© 2024 Cryptocoin Budisma.net