The cofounder of Twitter and the CEO of the payments firm Square, Jack Dorsey, has revealed his firm is contemplating creating a bitcoin hardware wallet in collaboration with the community. Dorsey revealed this in a tweetstorm and said he wanted to share some “guiding principles” concerning this possible venture.
Dorsey: ‘Square Is Considering Making a Hardware Wallet for Bitcoin’
On Friday, Jack Dorsey tweeted about the possibility of Square creating a bitcoin hardware wallet and discussed a number of principles the firm is guided by when approaching the subject. The founder of Twitter and Square explained that what the company creates needs to be “open,” as he noted that “bitcoin is for everyone.”
“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,” Dorsey tweeted. “We want to kick off this thinking the right way: by sharing some of our guiding principles. Bitcoin is for everyone. It’s important to us to build an inclusive product that brings a non-custodial solution to the global market,” the Square CEO added.
Dorsey then gave those who have already pioneered the noncustodial wallet space props, and asked his Twitter followers what the “biggest blockers to get a non-custodial solution to the next 100M people?” Numerous people answered Dorsey’s questions and a few responses discussed hardware wallets with no iOS support.
“iOS support. Trezor, up until now, still doesn’t support iOS for (good reason.) If you solve this solvable problem, you gain a huge portion of the market,” one individual responded to Dorsey’s Twitter thread.
“Custody doesn’t have to be all-or-nothing,” Dorsey continued. “We can probably simplify custody through ‘assisted self-custody.’ Assisted requires great product design: minimal setup time, relying on existing devices, and end-to-end reliability. How should we be thinking about assisted solutions?,” the Square CEO asked. He further added:
Most people access the internet on mobile. Any solution we build must provide an excellent experience when using mobile, despite its shortcomings and liabilities. An uncompromising focus on mobile interaction is likely to include the most people. What are the dangers here?
Dorsey Gets Heckled by a Conference Attendee in Miami
After Dorsey published his thread with about 12 different points, he said that Square and his team plan to “continue the conversation.” He further noted that a dedicated Twitter account would be on the way and a Github repository, as well, if the firm decides to build a hardware wallet.
“We’ll update this thread with that information when we’re ready. Thanks,” Dorsey concluded.
Dorsey’s hardware wallet tweet has accrued tens of thousands of likes and retweets since he announced Square’s possible hardware wallet venture. The Twitter CEO also mentioned that layer 2 capabilities and Cash App integrations with the hardware wallet are also important guiding principles.
JUST IN – Twitter’s CEO Jack Dorsey heckled over censorship during an #Bitcoin event.pic.twitter.com/DmebShinG0
— Disclose.tv 🚨 (@disclosetv) June 4, 2021
Meanwhile, after the hardware wallet announcement, Dorsey attended the Bitcoin 2021 conference in Miami this weekend and was heckled by a conference attendee over “censorship” and “interfering in elections.”
“Why is Jack Dorsey on a stage at a Bitcoin event in the first place?” an individual tweeted in response to the heckling video.
What do you think about Square thinking about creating a bitcoin hardware wallet? Let us know what you think about this subject in the comments section below.