Block (ex-Square) is a company, owned by Jack Dorsey, that focuses on digital payments. The name change is precisely a way to reflect their interest in cryptocurrencies and blockchain. The company is currently working on developing a new, more accessible and open bitcoin generating system. The project was born a few months ago, but was only formally and certified by Jack Dorsey last Thursday.
Block takes an “ecosystem” approach.
Bitcoin judge Jack Dorsey has long asserted that Block’s approach is to “set up” ecosystem ecosystem ”. The goal is to enable each sector of activity to build ecosystems linked to its activity. It could expand and affect other ecosystems in society.
Cash App integration on the Lightning Network, a Bitcoin overlay protocol for faster and cheaper payments, moves towards the project. The money transfer app has integrated support for Lightning payments via the Lightning Development Kit (LDK). It is software developed by Spiral, an independent subsidiary of Block, focused on the development and financing of Bitcoin open source projects.
“Bitcoin is the best currency version”, said Steve Lee, Spiral leader. “Thanks to our contribution, bitcoin could become the world’s favorite currency.”
Block is also looking to create a bitcoin wallet that is not only secure, but easy to use.
“We want to create a safe and easy way for people to store their bitcoins. The wallet divides the key into three branches: a mobile app, a hardware device as well as a self-service recovery tool ” said Dorogusker, head of Block bitcoin hardware wallet.
In addition, Block is set to build a bridge between the traditional financial world and the growing cryptocurrency system.
As part of this new financial system, you can create your own digital identity as well as a digital wallet containing bitcoins or stable tires. These can be converted to bitcoins even without leaving the app.
Bitcoin Block ventures expand into mining business
Block announced the project to design a bitcoin mining system based on open source technologies in October. The company said it would develop an open bitcoin mining system. In January, Block recruited staff to ASIC of “ new generation “. This is the first time the company has made an official announcement on the true production of open source bitcoin ASIC.
” We want to build our own ASIC bitcoin. Our ASICs will be available for sale and will all be open source also explained Dorogusker, director of the mining project.
Conclusion
Block cash is about $ 220 million in bitcoins. Its activity allows the purchase of a Money App as well as the sale of bitcoins. Most of the details of these projects are not yet known. The company relies on gathering community feedback to determine the measures to develop its products. Block advocates openness and transparency, to make bitcoin the native internet currency. Jack Dorsey plans to set up a legal aid fund to protect bitcoin developers in the face of litigation against them.
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Emile Stantina
Interested in investment and financial markets after a business school in Chambéry, the passion for cryptocurrencies was evident. The blockchain is definitely the universal tool of tomorrow.
