Twitter CEO, and co-founder, Jack Dorsey is planning to put together a new team, which will be dedicated to improving the cryptocurrency sector. The celebrated executive had founded the Square in 2009, and it is for this company, that his new team will be working. He shared the details of his plan in an interview on 14 June.
The Square is known for its disruptive role in the card payment sector with its affordable point of sale systems. This new initiative, he thinks, will help overcome many problems that crypto as a mode of payment faces at the present moment. Dorsey who believes, that the internet requires a native currency like the Bitcoin was also allegedly investing $10,000 in Bitcoins every week.
The Square Crypto
The Square Crypto team will be responsible for several aspects, but the primary motivation will be “access.” The work of Square, according to Dorsey, would be to provide more access to markets and permeate sectors, to provide access to both internet and finance to many, as well as the company itself. Moreover, all this can happen through what he calls the native currency of the internet, the borderless and decentralized cryptocurrencies.
The team will not be incentivized by Square stock, as that will commercialize the project. However, as this project has higher aims, the incentives will be in the form of Bitcoins. Steve Lee, who was previously with Google, has been announced to lead this team.
Some Big Changes
The key changes that the team will try to bring as per Dorsey will be “currency efficiency” and “security.” Code Reviews is another element which he emphasized. He said there is very little review coming from within the community, and this could be a significant boost. Also, the role of designer, responsible for doing some educational work, like making the cryptocurrency platforms easier to use for everyday users, will be another major step. On top of this, making this whole project open-source makes it seem genuinely revolutionary.