Twitter CEO Jack Dorsey Wants to Build An Open-Source Non-Custodial Bitcoin Hardware Wallet
The Bitcoin proponent is planning community collaboration on the app that “works without Square and maybe also without permission from Apple and Google.”
Bitcoin proponent and Twitter CEO Jack Dorsey is considering making a hardware wallet for bitcoin and kicked it off by sharing his views with the community.
On Friday, Dorsey took to Twitter to share his plans for this wallet which, if built, would be “entirely in the open, from software to hardware design, and in collaboration with the community.”
The idea is to have an including product that brings a non-custodial solution to millions of people all over the world.
Addressing the biggest blocker to this, “not your keys, not your coins,” Dorsey said custody doesn’t have to be all-or-nothing, and it can probably be simplified through “assisted self-custody.” He wrote,
“Assisted requires great product design: minimal setup time, relying on existing devices, and end-to-end reliability.”
Such assisted solutions must provide an excellent experience when using mobile, but of course, it comes with its own dangers of blend availability and security — funds spendable with phone-only permissions with more secure controls. But safety is “complicated.” Here, layer 2 is essential for growth, said Dorsey adding,
“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.’”
And of course, Cash App integration to it is obvious, but while a custom-built app, it doesn’t need to be owned by Square, he added.
“We can imagine apps that work without Square and maybe also without permission from Apple and Google,” concluded Dorsey with the promise that they will “listen and continue the conversation.” The team will also set up a dedicated Twitter and GitHub account if they decide to build a hardware Bitcoin wallet, he said.