- Telecommunications Giant Vodafone Leaves the Libra Association
- Group of Central Banks Assesses Developing Central Bank Digital Currencies
- South Korea Might Impose 20 Percent Tax on Cryptocurrency Profits
- Report: Terrorists Increasingly Use Crypto to Raise Funds Anonymously
- Canadian Securities Administrators Subject Crypto Exchanges to Securities Laws
During a recent interview, Square CEO Jack Dorsey – also the Chief Executive Office of one of the largest social media platforms on the planet Twitter – took the time to shed some light on what he has in stock for Square’s crypto project.
Dorsey, who also doubles as the CEO & founder of Square – a payment processing company – explained that the company is taking its time to put together a team of exceptional open-minded experts to scale up the global crypto space. He explained that although the crypto space seems somewhat crowded, there are a number of drawbacks (including non-obvious drawbacks) that if mitigated could scale up the community substantially.
Therefore, he isn’t looking for just any Tom, Dick or Harry but exceptional crypto experts that have what it takes to bring this dream to fruition.
Square Looks to Extend its Crypto Team
Earlier in the year, in March precisely, Dorsey tweeted that Square is looking to hire up to 4 crypto engineers and 1 designer to work on its blockchain project. However, the trail went cold for a while but Dorsey reassured the public in the interview that plans are still underway to bring the crypto project to par. He explained that the company has hired a crypto engineer who would lead the Square Crypto team.
The engineer, Steve Lee, is a former Director at Google and a volunteer PM who has been committed to driving Bitcoin adoption through open-source development, storytelling, and UX, according to Square. Sounds like the exact man for the job. And Dorsey made it clear that he is in charge of picking exceptional talents like him to fill the team – which has now been stretched to about 5 engineers and 1 designer.
When asked the reason for the change from a company focused on fiat payment solutions delving into the virtual pool of crypto payments, Dorsey asserted that both ends of the extremes are geared towards the same purpose. And it is no doubt that at least in some ways cryptocurrency does the job way better than fiat currencies. The goal has always been “consumer empowerment, offering previously unprecedented levels of transparency and control,” and no currency currently does that better than crypto.
Less Hurdles for Internet Companies with Crypto
Dorsey claims that we believe we’re living in the ‘Internet world’ whereas we still have to go through some traditional regulatory laws when it comes to payment. By taking Square as an example, he continued:
“Just from a business perspective, we don’t look like an Internet company today. An Internet company can launch something and it’s available around the world. Whereas with payments, you have to go to each market and pay attention to regulators. You need a partnership with a local bank. This is a very slow process in any new market. The Internet having a native currency will enable us to be more like an Internet company.”
Notwithstanding, the Twitter & Square boss agreed that the crypto space is littered with both bad and good; however, he explained that the blockchain mechanics and mathematics are rock-solid, and therefore these challenges are normal problems faced at the teething phase. They will fade with time.
Returning back to the team, Dorsey explained further that there is a lot of work to be done in the crypto space and that if he could put together a team of 5 engineers who are focused to scrutinizing codes, that would be a great gain for the crypto world as it will help expedite its development. Today, few engineers want to do code review, because of the stress involved, so it is often overlooked. Imagine the difference the team would make.
Through the interview, Dorsey made it clear that this project isn’t just about the firm, but the crypto space as a whole. Hence, every stage of the project – from the decision making to the last stage – will be made public to the firm and the world in general. To further ensure transparency and unbiased commitment, he explained that the developers will not be incentivized as usual seen with Silicon Valley firms. He explained that this is crucial to ensure that their judgment isn’t skewed to a particular end because of the incentive.
Nonetheless, they will be provided the option to receive their salary in Bitcoin or any other virtual currency or fiat currency (as it was reported that Facebook would also do).
From the chat with Dorsey, it is obvious that this is not just another project in the blocks. This is indeed a giant project that requires a lot of careful planning and crossing of T’s and dotting of I’s. We can’t wait to see the end result!