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Jack Dorsey’s Block Inc Furthers Bitcoin Foray With New Hardware Wallet Called Bitkey

8Dec

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Technology

Jack Dorsey’s Block Inc Furthers Bitcoin Foray With New Hardware Wallet Called Bitkey

[ad_1] Block Inc. is offering a new hardware Bitcoin wallet as crypto advocate Jack Dorsey focuses the payments company formerly known as Square more on security and self-governance for the digital-asset sector. Called Bitkey, the wallet allows users to self-custody the cryptocurrency on a hardware device that resembles a USB thumb drive. While similar products have been available for a while, the majority of crypto assets are still held on trading platforms. Dorsey unveiled the San Francisco-based company's efforts to develop the new hardware wallet and a Bitcoin mining system in 2021, with the goal of decentralizing the Bitcoin network and making both safe storage and mining of the digital asset more accessible. Users of the wallet can connect with crypto exchanges and payment s...

Jack Dorsey’s Block to Tap Bitcoin Reserves for Lightning Network

[ad_1] Jack Dorsey's digital payment company Block Inc. said it will be using its own Bitcoin reserves to provide liquidity to Bitcoin's Lightning Network, a protocol meant to make transactions on the blockchain more efficient. TBD, the Bitcoin-focused unit of Block, plans to launch a so-called Lightning Service Provider named c=, hoping to reduce failed transactions on the Lightning Network stemming from a lack of liquidity. The Lightning Network, built on top of the Bitcoin blockchain, enables users to send and receive payments faster and for less money than processing a transaction directly on Bitcoin's blockchain. While Bitcoin is designed to be a permissionless peer-to-peer payment network, transactions confirmed directly on the blockchain can take as long as one hour befor...

Jack Dorsey’s Block Invests in Renewable Bitcoin Miner Gridless in Africa

[ad_1] Jack Dorsey’s Block Inc. is among the companies contributing to a funding round for a Bitcoin miner in Africa fired by renewable power. Jack Dorsey's Block Inc. is among the companies contributing to a funding round for a Bitcoin miner in Africa fired by renewable power. Digital payments firm Block and venture capital investor Stillmark have led a $2 million seed investment in Gridless, a miner that harnesses small-scale renewable energy grids in rural Africa, Block said in a Dec. 6 statement. Bitcoin mining is an energy-intensive process in which electricity-guzzling computers secure the digital-asset's blockchain by validating transaction data and unlocking tokens as a reward in return. Some studies estimate that the annual energy consumption involved exceeds the amount ...