Innovations, which focus on bypassing the current financial markets to challenge traditional institutions by offering new solutions which are better, cheaper, faster, and more secure, are flooding the markets. So now Jack is back in the process of making it easy to create decentralized financial services.
Now, Jack is back with his tweets explaining such an innovation: Jack Square is creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services. Our primary focus is Bitcoin. Its name is TBD.
Dorsey’s new business is led by Mike Brock, who currently heads the Strategic Development Group at Cash App.
What is TBD? TBD refers to Think Before you Drop.
What is Tidal? Tidal is a Norwegian subscription-based music, podcast, and video streaming service that offers audio and music videos.
What is Cash App? Cash App is a mobile payment service developed by Square, Inc. that allows users to transfer money to one another using a mobile phone app. The service is available in the US and the UK. As of March 21, 2021, the service recorded 36 million active users.
What is an open developer platform? It is a fully-hosted developer platform offered free of charge to all software contributors and consumers.
Why did Square acquire TIDAL? First, the partnership between Square and TIDAL is a more natural fit for Cash App than most observers might expect.
Reportedly, Cash App’s partnerships with musicians previously made it possible for them to integrate it into urban culture, eventually accelerating the digital wallet’s growth.
With the new all-in-one plan of cash, seller, and TIDAL, the expectation is to leverage its learnings from its partnership with Spotify.
Thus, Cash App will enable TIDAL artists to sell their merchandise powered by Square eCommerce, thus increasing both the platforms’ engagement and reach.
Square and TIDAL are also focused on disintermediating record labels by offering artist’s loans backed by the cash flows related to their streaming revenue, like Square, which underwrites business loans based on the merchant cash flows.
Ultimately, the partnership is expected to reinvigorate TIDAL’s original mission of providing artists the opportunity to build relationships with fans by offering exclusive content.
Dorsey Tweet: Like our new Bitcoin hardware wallet, we’re going to do this entirely in the open. Open roadmap, open development, and open source. Mike Brock is leading and building this team, and we have some ideas around the initial platform primitives we want to build.
What is the use of Bitcoin Hardware Wallet? Bitcoin Hardware Wallet can significantly improve security by reducing the risk of Bitcoin being stolen.
Square doesn’t give direction to Square Crypto, only funding. They chose to work on LDK and are doing an incredible job. TBD will be focused on creating a platform business and will open-source work along the way.
Square crypto is focused on making bitcoin more than an investment: “Bitcoin is the best money. It should be used as it. We build and fund free, open-source projects aimed at making bitcoin the planet’s preferred currency.”
Dorsey has stated that they will set up Twitter and Github accounts soon and update the details soon.
Community response: A bitcoin-only hardware wallet is like bringing a knife to a gunfight when your competition provides wallets for a wide variety of cryptos.
Investors expect bitcoin to pull itself out of the bear season as soon as possible. No CEO, including Jack Dorsey, can react to this issue. I think Bitcoin shouldn’t be so insecure; otherwise, it will stay in the background.
Bitcoin will never achieve its ultimate without involving the masses. Therefore, its security should be secured by masses of users, not a few corporates.
Just like Gold is used for ornaments etc. Bitcoin must also have been used as currency. El Salvador is a great idea, but we need billions of users. These users will buy a few Satoshi and give the Bitcoin price a boost. This will also stabilize the price.
Technology has always been a story of decentralization. From the printing press to the internet-through-bitcoin, technology has the power to distribute power to the masses and unleash human potential for good, and I’m convinced this is the next step.
On a personal note, I want to say that I am super excited to return to the open-source world. I cut my professional teeth in open source at RedHat and am excited to prove to the world (again) that great businesses can be built atop free and open software.
In summary the community are excited their latest initiative at Square, building a platform for non-custodial, permissionless, and decentralized financial services
Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9
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