June 25, 2024

Jack Dorsey to create a legal defense fund for bitcoin developers

Jack Dorsey to create a legal defense fund for bitcoin developers

The non-profit organization will be in charge of providing legal protection to cryptocurrency developers who are often unable to withstand legal pressure.

According to the former head and founder of TwitterJack Dorsia, contributors to open source projects usually work independently and often suffer from years of litigation that hinder their ability to work effectively. In most cases, they do not have the necessary resources for a full-fledged confrontation, therefore, in the end, they are forced to capitulate.

Dorsey decided to savecryptocurrency developers from a constant headache by heading the "Bitcoin Legal Defense Fund".The organization will help programmers defend themselves against lawsuits related to their activities in the BTC ecosystem and related projects such as the Lightning Network.

In particular, the foundation will hire lawyersbuild a defense strategy for the defendant and pay legal costs. For developers, all these services will be free. The organization will initially recruit volunteers and part-time lawyers.

Assistance and distribution decisionsthe resources available will be taken over directly by the foundation's board, which will include, in addition to Jack Dorsey, Chaincode Labs co-founder Alex Morcos and University of Sussex academician Martin White.

So far , the organization does not plan to raise additional funds to ensure its activities, but does not rule outThis will be done in the future, if such a decision is made by the Board of Directors.

Earlier this year, Jack Dorsey also announced that he is studying the prospects for setting up a business for the production of specialized equipment and software for mining cryptocurrencies.