Twitter and Square CEO Jack Dorsey says that his payments company is planning over the possibility of creating a Bitcoin hardware wallet in collaboration with the crypto community. Jack mentioned in a series of tweets that the entire design and development will be open source and will involve the crypto community.
Jack is currently in Miami, Florida, attending the biggest Bitcoin 2021 conference when he made the announcement on Twitter. Jack said that their product will follow Bitcoin’s principles of censorship resistance and permissionless. Therefore, their solution will be non-custodial and created for a global audience.
Square is considering making a hardware wallet for Bitcoin. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community. We want to kick off this thinking the right way: by sharing some of our guiding principles.Jack Dorsey, CEO Twitter and Square
Jack believes that we need to innovate and build a new model for custody. It can’t be an “all-or-nothing” approach. He said that we can probably simplify custody through “assisted self-custody” and it requires great product design: minimal setup time, relying on existing devices, and end-to-end reliability.
Also read – Square to invest $5 million to build a renewable Bitcoin mining facility
Square’s bitcoin hardware wallet design will be centered around delivering an excellent experience to mobile users despite its shortcomings and in doing so they expect to attract more people to adopt BTC. There are many dangers and complications with this approach however, an easy-to-use and friendly interface for users with less technical skills must have the right balance and features.
Safety is complicated. For any wallet product, we consider safety failures to stem from one of three types of events: availability failures (“sunken gold”), security failures (“pirated gold”), and discretionary actions (“confiscated gold”).Jack Dorsey, CEO Twitter and Square
Jack also acknowledged the importance of the Layer-2 solution for the growth of the crypto ecosystem. He believes that achieving the magnitude of growth we are expecting would require us to build a more scalable solution and layer-2 is a key ingredient.
Layer 2 is essential for growth. The orders-of-magnitude growth we imagine requires a mix of custodial, off-chain, and second layer solutions that allow people to ‘get off of 0.’ What tech investments can enable seamless, scalable, L2 native support for a hardware wallet?Jack Dorsey, CEO Twitter and Square
Jack and one of its executives from Square, Jesse Dorogusker, will keep an open dialogue on this subject. For the project, Dorsey and its team will set up a dedicated Twitter account and a GitHub account, if their plans enter a development phase.
Jack has made many contributions to Bitcoin’s development. Square has an active grant program to support core developers. Jack participated in the Bitcoin 2021 Conference and seemed bullish on the cryptocurrency’s future. He said Bitcoin has “changed everything”; it has left financial institutions and banks purposeless.
He even came out saying that he would leave Twitter and Square if Bitcoin needed more help.
If I were not at Square or Twitter, I would be working on bitcoin. If [Bitcoin] needed more help than Square or Twitter, I would leave them for Bitcoin.Jack Dorsey, CEO Twitter and Square