Hear Jack Dorsey bet on Blockchain and Rebrand Square with Blocks

After Facebook announced that it would change its name to Meta in December 2021, US mobile payment giant Square announced that it would change its name to Block. The name change blocks the impact on the company's expansion beyond payment over the past few years and indicates new bets on new technologies such as blockchain in the future.

In this announcement, 01 Blockchain will conclude what Jack Dorsey, who is the renowned director of Square, thinks about blockchain. Dorsey found Twitter and Square later.

who is jack dorsey

Born on November 19, 1976 Jack Patrick Dorsey is the US science and interilingrenur and romantic. It is designed on Twitter and previous CEO, and the Company finance block, Inc. (All square matters) are also the design and CEO.

Dorsey envisioned software development when he was 14, creating open source routing and scheduling software that is still used by taxi companies today. Dorsey attended Missouri University of Science and Technology in 1995 and transferred to New York University in 1997 before moving to California to work as a programmer. In 2000, Dorsey started his own business in Auckland, delivering couriers, taxis and emergency services locally. In July 2000, he launched Twitter with the idea of ​​communicating in real time. On November 29, 2021, Dorsey announced he would be stepping down as CEO of Twitter, where he would be replaced by Parag Agrawal.

Dorsey and Jim McKelvey started a small business in 2010 called Square (since May 2010) that accepts debit and credit card payments on mobile devices. This small square device connects to iPhone, iPad, iPod Touch or Android device through headphones and acts as a mini card reader, allowing people to swipe the card, select the transfer rate to the recipient, then sign. name for consideration. Square is also a system for sending free SMS or email receipts and is available as a free app for both iOS and Android operating systems. In September 2012, Business Insider magazine valued Square at $ 3.2 billion. On October 14, 2015, Square filed for listing on the New York Stock Exchange. Dorsey owns 24.4% of the company. On December 1, 2021, CEO Dorsey changed the name from Square to Block, Inc. As of December 27, 2021, Block has a market capitalization of $ 77 billion.

block price movement

Take a look at the blockchain

A meeting day will be held on July 21, 2021, "La ₿ Parole". World's richest man and Tesla CEO Elon Musk, former Twitter CEO Jack Dorsey and Ark Investments CEO Cathie Wood joined the panel. get up.

Dorsey shares his thoughts and exposure on the world of blockchain. He said he had thought about cypherpunk before and was aware of the state of the internet and Bitcoin's potential to disrupt traditional payments. He also said that he now believes there is no effort to promote bitcoin like in the early stages of the internet's birth and development.

Dorsey believes our current tax policy and financial governance is an unnecessary waste of money and money spent on trust and care. Bitcoin, on the other hand, is amazing, anyone can pass the test and is not controlled by any company, bank or country. He gives an example from a meeting he actually experienced. A young Ethiopian girl wants to start her own Didi (carsharing company) in Ethiopia. However, the biggest problem for the girl is that Ethiopia does not currently have all digital payments and Bitcoin can solve this problem perfectly.

Dorsey is also hoping that he and the blockchain company he created will help Bitcoin move further in global distribution. He also hopes that Bitcoin can improve the basic level of human beings by improving.

He also expressed his love for Bitcoin during the conference. He said it would have worked for Bitcoin if it hadn't worked on Twitter and Block. Obviously, he's a fan of everything Bitcoin. Additionally, famous singer Cardi B asked the City if Bitcoin could trade dollars on Twitter, and the City said yes.

city ​​twitter

Type Internet 3.0

On December 21, 2021, Dorsey tweeted: "Users are not owners of Web3 products. The real owners of Web3 are the Companies (VC) and the Affiliates (LP). after the project. Web3 can be separated by design. Ultimately, Web3 will be the middle ground with different content. “The tweet caused a stir in the blockchain industry, particularly in the original blockchain investment a16z, and revolved around the 'Web3 and its dominance' debate.

city ​​twitter

Dorsey tweeted the question: "Who is Web3?" 16z then responded to Dorsey's Twitter that Web3 is mostly open source, user owned, and has little to no ownership. Dorsey then tweeted: "a16z wants to be the greatest country, not Gandhi." His main point is that a16z wants to manage Web3 more than launch it. Dorsey then tweeted, "In the world of Web 3, VC is the problem, not the user."

city ​​twitter

This online review generally focuses on whether the management of Web3 belongs to the users or to the investment portfolio. The two sides of the dialogue are the most powerful representatives involved in Web2 (creation of Twitter) and Web3 (investment in various activities). Musk also reiterated Dorsey's argument that Web3 concepts were "undesirable".

musk twitter

Andreessen Horowitz (also known as a16z, registered as AH Capital Management) is an American private venture capital firm established in 2009 by Marc Andreessen and Ben Horowitz, headquartered in Menlo. Park, California. Andreessen Horowitz invests in startups and develops growth companies. The investments affect the mobile, crypto, gaming, social media, e-commerce, education and IT (including cloud computing, security and software as a service) sectors. ).

a16z has been investing in big internet giants such as Facebook, Groupon, Skype and Twitter since 2009, and has managed to run out of stock after some companies have listed, making it a featured internet capital. The A16z entered the crypto arena very early on, when many companies risked not paying for the blockchain. In 2013, a16z invested $ 25 million (around 160 million yuan) in round B of funding for the cryptocurrency exchange Coinbase. A16z's initial investment has been lucrative since its acquisition from Coinbase. a16z has also developed 16z Crypto, a blockchain investment. A16z Crypto's investment plans cover almost all crypto platforms such as public channels, DeFi, and NFT.

This is because the representatives of old age and the representatives of the possible "new age" have different ideas. Who is Web3? Time will tell the answer. But the opinions of people in the industry can also show us. Web3 can be very difficult for all users.

Twitter accepts information from the crypto and NFT industry.

On September 23, 2021, Twitter announced that it had partnered with Strike, a cryptocurrency wallet company used by the Bitcoin Lightning Network, to launch a new feature called Tips Using Srike's API platform. As users report, Twitter does not charge user and recipient fees.

In the past, Twitter only encouraged users to share traditional results, and this is the first time Crypto has been introduced. Twitter also announced that there may be new crypto-related features in the future that will allow users to view and display their NFT records on the Twitter platform.

Previously, Dorsey had auctioned off her first tweet in NFT format, at a price of $ 2,915,000 (approximately 18.57 million yuan).

In response, Esther Crawford, Twitter content developer and product feature creator, said the creators of Twitter increasingly need software applications and applications that run on the blockchain. Twitter wants to help developers get involved in improving Twitter's online business. Twitter believes Crypto is still in its infancy, but it is the way of the future.

The NFT market will lead to significant growth in 2021. As of December 28, 2021, the NFT market share volume last week reached $286 million.

Last Week's NFT Trade Data Ends December 28, 2021

Source : site Web non fongible

Block changed its name to Block to focus on the Crypto sector.

On December 1, 2021, CEO Jack Dorsey changed the company name from Square to Block, Inc. The name of the block itself refers to the technology behind the encryption, blockchain. Block announced in a tweet that it was renaming the company and merging with software company Cash App.

Rebranding de Block sur Twitter

According to Block's Twitter feed, Block is also joining the music and video streaming platform Tidal. In response, Dorsey said, "Block is a new name, but our goal of supporting the industry is the same. No matter how we grow or how we change, we will continue to develop tools to help improve the economy," said.

Money App (formerly Block Cash) is a mobile payment service developed by Block. The Cash app allows you to transfer money using the mobile app. As of September 2021, the Financial Services app had over 70 million users. Since January 2018, the Cash app supports the Bitcoin market.

Enter to buy bitcoins

Block purchased Bitcoin in October 2020 and February 2021. On October 10, 2020, the company purchased 4,709 Bitcoin worth up to $50 million, or almost 1% of the company's total assets at the 'era. On February 24, 2021, Block will again buy 3,318 Bitcoins for $170 million with an average value of $51,200. After the two markets merge, the value of one Bitcoin is around $27,407.

The company said in a statement that Crypto is a way to boost business and can provide a way for the world to join the global trade that follows the company's goal. “Bitcoin has the potential to become even more valuable in the future and we look forward to learning and engaging in ways to deepen its use,” said Amrita Ahuja, Chief Financial Officer of Block. , this investment is an important step. "

Indeed, in early 2019, Block Search Block Crypto, an independent group pledged to support the opening of the Bitcoin platform. Block announced the Crypto Open Patent Alliance (COPA), a non-profit organization dedicated to promoting the development of cryptocurrencies and opening access to patented crypto products. This change to support Crypto brought significant value to Block. Blocks allow users to access and store bitcoins using cash applications. Block's Bitcoin sales also increased from $516.5 million in 2019 to $4.75 billion last year.

L'application Cash de Block continue

Source: The Block

The news that Block will buy bitcoin was also suggested by Thaler. Thaler commented on Block News on Twitter, "Bitcoin is a very valuable asset and I have great respect for the Block team in their approach."

However, as Bitcoin saw declines in April and August, Bitcoin assets on the block list began to decline. On May 15, Block announced its Q1 2021 financials, and after closing the $20 million loss of its Bitcoin stake, Chief Financial Officer Amrita Ahuja said Block isn't good at the moment. He said he no longer intends to buy bitcoin. Additionally, he discussed the carbon footprint of the Bitcoin network, which he believes is an issue that needs to be addressed in the future.

Ahuja said the market value of bitcoin held by the block had risen to $472 million, but when the earnings report was released, bitcoin investment dropped by $20. lab. The $220 million spent on Bitcoin purchases represents 5% of the company's balance.

Bitcoin is very volatile today. Although the total discount is very good, the “roller coaster” price movement is not what the market expects and will affect the block price split. Bitcoin movement cannot make the entire block market invisible. In addition, Block is still in a rapid development phase today. The losses associated with the purchase of bitcoins are intolerable for the block. It also led to Block's comments on the earnings meeting after closing the loss that he no longer intended to buy Bitcoin.