Bitcoin Focused Non-Profit OpenSats Receives $10 Million From Jack Dorsey’s #Startsmall Initiative

The funding will aid OpenSats in its mission of supporting open-source development focused on Bitcoin, Nostr and related tech.

OpenSats, a non-profit organization that supports the development of free and open-source software and projects focusing on Bitcoin, Nostr and related technologies, has received $10 million in funding from Jack Dorsey’s philanthropic initiative, #startsmall. The donation will be used to help build a sustainable ecosystem and provide consistent funding for free and open-source projects and protocols. Half of the donation will be dedicated to advancing the new and growing Nostr ecosystem. OpenSats plans to expand its efforts and streamline operations with the funding.

“We believe that free software and open protocols are necessary for a free and prosperous society. Without software that protects the individual user’s rights and freedoms, and without digital infrastructure that is open to all, modern society risks slipping further into digital totalitarianism,” OpenSats said in a statement.

OpenSats will continue to be a 100% pass-through operation, meaning that all donated funds will be fully allocated to projects vetted by the OpenSats board of directors unless they are specifically provided for operational purposes. #startsmall’s donation includes funding for OpenSats’ operational budget, which will allow it to remain 100% pass-through.

“We want to create a sustainable, independent and consistent ecosystem of funding for Bitcoin, Nostr, and other open-source projects,” OpenSats added. “Having multiple open-source contributors on our board tenured core devs among them helps us to better understand what is needed to put effective long-term support structures into place.”

As part of expanding its efforts, OpenSats has set up a committee of Nostr developers and tinkerers, including Nostr creator fiatjaf and Coinkite CEO NVK, who will help evaluate projects and protocol contributions. NVK and Gigi are joining the OpenSats board to help with organizational and funding decisions, with Gigi leading ongoing operations and strategy in a full-time capacity.

“We are excited to work with contributors, industry and the wider free and open-source community to help ship the freedom tools that are so desperately needed. We can’t wait to see what you are going to build,” OpenSats concluded.

4 May 2023 17:20