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Jack Dorsey’s Square Inc has announced plans to possibly develop an open-source hardware Bitcoin wallet; highlighting the Twitter CEO’s belief in the future of cryptocurrencies and digital payments.
In a thread to tweets, Dorsey noted that Square is investigating building a wallet with full intention to partner up with the community. Tweeting the possible plans before the company launches into any developments emphasises Dorsey’s desire to keep the project transparent. He noted that they want to kick things off “the right way”.
Square is considering making a hardware wallet for #bitcoin. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community. We want to kick off this thinking the right way: by sharing some of our guiding principles.
— jack (@jack) June 4, 2021
Convenience in assisted custody
Dorsey continued to note that the reason behind the wallet is that he wants to develop a wallet with full custodial integrity for the user. In response to Bitcoin’s decentralised nature, Dorsey seems to want to tap into the industry’s design regarding the users’ custody over their cryptocurrencies. However, the Square Inc CEO also offered that this process can be simplified to make the system most convenient for users. He noted:
“Custody doesn’t have to be all-or-nothing. We can probably simplify custody through ‘assisted self-custody.’ Assisted requires great product design: minimal setup time, relying on existing devices, and end-to-end reliability.”
He continued to point out that security in wallets is often faced with issues and threats that need considering before launching any product. Without pointing to any solution, necessarily, Dorsey noted the potential safety features that might need implementing before a launch.