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The 500 BTC Blind Trust to Foster Bitcoin Adoption, Btrust, Announces First Steps
It’s time for the Btrust to start making moves. And they did so by announcing their “to-do list” and “high level goals.” A month ago, Block CEO Jack Dorsey and rapper and entrepreneur Jay-Z announced the members of the board for their 500 BTC blind trust. Btrust’s purpose is to “make bitcoin the internet’s currency” and their field of action is Africa and India.
Kumusta Kalibutan
Kami naningkamot pag-ayo sa pag-set up sa ₿trust. Sa pagsugod, gibungkag namo ang among listahan sa mga buluhaton ngadto sa usa ka set sa taas nga lebel nga mga tumong.
Ang matag usa niini nga mga buluhaton nagkinahanglan og mainampingong paghunahuna. Mangayo kami og feedback gikan sa komunidad sa tagsa-tagsa nga mga butang sa umaabot nga mga semana!
— btrustteam (@btrustteam) January 11, 2022
Said members of the board took charge and recently showed the world what they’ve been working on since they did so. “Each of these tasks require careful thought. We’ll be requesting feedback from the community on individual items in the weeks to come!,” Btrust said in its inaugural Twitter thread. Before going through those tasks, though, let’s remember who those members are. At the time, NewsBTC reported:
“The blind trust’s board members are: Ojoma Ochai, Obi Nwosu, Abubakar Nur Khalil, and Carla Kirk-Cohen, the only South African of the bunch. By just casually looking at their Twitter feeds it becomes obvious that they’re all thoroughly dedicated to Bitcoin already.”
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In a recent interview with Blockworks, 22-years old Abubakar Nur Khalil said:
"Kini hinungdanon kaayo alang kanamo nga ipadayon kini nga transparent kutob sa mahimo," ingon niya. "Daghan kami nga makigsulti bahin sa proseso, among panghunahuna ug mga butang nga among buhaton nga nag-una pinaagi sa Twitter."
Ug mao nga ilang gibuhat. Atong susihon kung unsa ang hitsura sa proseso ug kung unsa ang buhaton sa Btrust sa umaabot nga mga bulan.
BTC price chart for 01/12/2022 on Coinbase | Source: BTC/USD on TradingView.com Btrust’s Guiding Principles And JurisdictionHuman Bitcoin’s lead, the first thing the Btrust will do is to establish “Genesis Principles.” In other words, “Btrust’s vision will be laid out in an immutable set of principles.” Everybody involved in the organization will follow them, and there will be the option of using soft-forks and hard-forks to resolve disagreements or to accommodate different visions.
There’s another caveat, “Boards are bound to act in accordance with the principles, but the implementation is their prerogative. This provides flexibility, while staying true to Btrust’s vision.” So far, so good. This all sounds very Bitcoiny.
2⃣ Implement Principles
Atong hisgotan kon unsaon nato pagpatuman ang matag usa sa mga prinsipyo sa atong trabaho.
Ang mga board kinahanglan nga molihok uyon sa mga prinsipyo, apan ang pagpatuman mao ang ilang katungod.
Naghatag kini og kadali, samtang nagpabilin nga matinud-anon sa panan-aw sa ₿trust.
— btrustteam (@btrustteam) January 11, 2022
The next step is crucial, “Entity and Jurisdiction.” Under what jurisdiction will the Btrust operate? What type of entity will they choose to be? “Btrust requires a formal entity to hire employees, contract the board and provide a legal system to hold representatives accountable.”
Kalabot niini, giingnan ni Nur Khalil ang Blockworks:
“We’re looking at starting with Africa initially, but then gradually expanding into other regions in the global South,” Nur Khalil said. “So that’s places like India as well. And then in general, with regards to the overall vision, we feel there’s so many disparities in some of these regions like Africa in terms of the actual amount of talented developers versus those of them that are actually working on Bitcoin. "
Kustodiya Ug KomunikasyonThis is a great opportunity to test out Bitcoin’s multisig superpowers. “We will work on a proposal outlining various custody solutions, with the end goal of safely taking custody of the 500 BTC.” Also, important for people out there looking for opportunities, Btrust will be hiring “a full time lead to manage daily operations.”
5⃣ Recruit a Lead
Once we’ve delivered 1⃣,2⃣ and 3⃣, we will be looking to hire a full time lead to manage daily operations of ₿trust.
This is one of the most important board responsibilities, and we’re looking forward to finding somebody to bring ₿tust's vision to life!
— btrustteam (@btrustteam) January 11, 2022
Last but not least, they’ll create some way of communicating with all of you. “We’re committed to building Btrust with input from the Bitcoin community. For now, we’ll be using twitter to communicate our progress, but it’s not scalable.” And they’ll raise funds to set up the organization. “We want to take our time to think about our approach to custody & company formation. This is a prerequisite for any investment. We’ll create a separate plan for how to cover any required set up funding.”
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Kalabot niini, giingnan ni Nur Khalil ang Blockworks:
"Ang among gipaningkamutan nga ma-optimize mao ang pagsulay sa paghimo sa mga butang nga hinay-hinay tungod kay adunay daghan ug dili lang kami motan-aw sa ekosistema ug maglabay lang og daghang salapi niini. Kinahanglan nga mag-amping pa kami kung unsa ang epekto. ”
Great work so far, Btrust. We at NewsBTC are looking forward to covering your next steps and seeing what the future brings for the organization, Bitcoin, Africa, and India.
Featured Image by EglantineUdry on Pixabay | Charts by TradingViewAng orihinal nga tinubdan: NewsBTC