A fantastic article was recently shared by a friend of mine. 1A1z on “Funding Bitcoin.” It surprised me to find out that Jack Dorsey, through different organisations, funds more than 60% of Bitcoin Core development. This is over $5,000,000 annually on a funding total of $8.4,000,000. Wild, right? It was not what I had expected.
You may be concerned that this concentration could lead to him having too many sway. He could have a lot of funding leverage if he were to turn against Core principles.
But does Dorsey’s Can Bitcoin be controlled? It’s not possible. Bitcoin is decentralised, so no one entity, including the principal donor of its main implementation can dictate the terms.
The key differences are: Bitcoin Core Bitcoin Network versus Core Core is a useful tool, but users can choose which nodes they want to use. People would simply reject Core’s changes, or switch to other software if it went rogue.
Dorsey cannot force Bitcoin to change. He has a hard limit to his influence, even if decides to say to developers that they should work on something or do something. Nodes are the ones who have real control over Bitcoin. You can find out more information about Bitcoin Core governance by clicking here. Who Controls Bitcoin Core? by Jameson Lopp.)
Still, I believe that there should be more organizations and donors funding Bitcoin Core. Bitcoin is a success that has brought many crypto companies millions of dollars in profits each month. However, these companies do not contribute to the cause. In addition to Bitcoin Core, it would be ideal if people also funded other Bitcoin implementations.
Decentralization is the only way Bitcoin can thrive. It’s important to extend that same ethos when it comes to Core funding. Dorsey’s funding concentration is a challenge, but spreading out the donor base will protect Bitcoin’s stability.
The article below is an overview of the topic. Take. The opinions expressed by the authors are their own and not those of BTC Inc. or Bitcoin Magazine.
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Source: bitcoinmagazine.com
