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Square seeks to create a decentralized system for extracting bitcoins


Twitter CEO Jack Dorsey wants to create a unified system that will make it easier to access bitcoin mining and further decentralize the digital currency network.

to the Report Quintetlegraph Jack Dorsey believes Square Square, a US financial services application, will soon begin research into the technical requirements for building an open source bitcoin mining system. In a few tweets, Jack Dorsey outlined his goal of pursuing a collaborative approach on how to further decentralize the bitcoin mining process.

He says:

Square plans to create an open source bitcoin mining system with custom hardware systems (custom silicon) that is available to individuals and businesses around the world. As much as this [سیستم] The more decentralized the bitcoin network becomes, the more flexible it becomes.

Dorsey believes that decentralizing the Bitcoin network will be critical to greater transaction security “after the last bitcoin has been mined.” In addition, Square System intends to innovate in the discussion of silicon, software, and integration by offering solutions for low-consumption bitcoin mining.

The system will be operated by Square hardware manager Jesse Dorogusker. He has previously helped launch Square Hardware and Security Services. According to Dorsey, the company is building its mining system following a similar participatory approach that previously developed the semi-secure Bitcoin hardware wallet.

The announcement also raised concerns about the issue of silicon shortages and vertical integration. For the project to be successful, these problems must be addressed. Jack Dorsey also shared his plan to build a unified system; A system that can improve access to bitcoin mining.

Extraction is not available to everyone. Mining bitcoins should be as easy as connecting equipment to an energy source. There is not enough motivation for people today to overcome the complexities of starting a minor for themselves.

Dorsey Check is one of the American billionaires who supports the Bitcoin community by creating various innovative businesses. The last thing Dorsey did was launch a digital currency payment system on Twitter.

The digital currency payment system on Twitter allows users of the social networking platform to receive money from other users of the platform by connecting to third-party applications such as Cash App and Venmo.

According to Esther Crawford, Twitter Product Manager, this new feature provides access to a variety of ways to make money:

Digital currencies that encourage more people to participate in the economy and help people send money across borders with minimal hassle. Help us get there.

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