Payments firm Square is considering creating a bitcoin hardware wallet in collaboration with the community.
On Friday, Square founder and Chief Executive Officer, Jack Dorsey announced in a series of Tweets that there is a possibility of the company creating a bitcoin hardware wallet. He then outlined a number of guiding principles on their approach to the subject.
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 (@jack) June 4, 2021
Dorsey stressed how important it is that what the company creates needs to be “open,” while noting that “bitcoin is for everyone.”
An open dialogue
The CEO went on and shared another 12 points with his followers:
“Bitcoin is for everyone. It’s important to us to build an inclusive product that brings a non-custodial solution to the global market.”
Dorsey then asked his Twitter followers what the “biggest blockers to get a non-custodial solution to the next 100M people?” In response to his question some answered lacking iOS support of existing hardware wallets.
Dorsey continues by saying that “custody doesn’t have to be all-or-nothing,”
“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?”
“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?”, he added.
Dorsey concluded his attempt for an open dialogue with the public by saying that the Square team are planning to “continue the conversation.” A dedicated Twitter account is in the making as well as a Github repository should the the team decide to build their own hardware wallet.
“We’ll update this thread with that information when we’re ready. Thanks,” Dorsey ended with, as he was on his way to the stage at the Bitcoin 2021 conference.
On stage, Dorsey continued to share the importance of Bitcoin. “Bitcoin changes absolutely everything,” Dorsey said, adding that:
“I don’t think there is anything more important in my lifetime to work on. If I were not at Square or Twitter, I would be working on Bitcoin. If it needed more help than Square or Twitter, I would leave them for bitcoin. But, I believe both companies have a role to play.”
The Miami Bitcoin 2021 will run for a second day on Saturday.
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