The 500 BTC Blind Trust to Foster Bitcoin Adoption, Btrust, Announces First Steps

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Aso Lulu, Ianuari 12, 2022 5:29 AM

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. 

Talofa Lalolagi

Sa matou galulue malosi i le fa'atulagaina o le ₿fa'alagolago. Ina ia amata, ua matou vaevaeina la matou lisi o mea e fai i se seti o sini maualuga.

O nei galuega taitasi e manaomia ai le mafaufau toto'a. O le a matou talosagaina faʻamatalaga mai le alalafaga i mea taʻitasi i vaiaso a sau!

— 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.”

Related Reading | South African Man Loses $900,000 Worth Of Bitcoin After Accidentally Deleting Keys

In a recent interview with Blockworks, 22-years old Abubakar Nur Khalil said:

"E matua taua tele mo i matou le tausia i le manino e mafai ai," o lana tala lea. "O le a tele a matou fesoʻotaʻiga e uiga i le faagasologa, o matou mafaufauga ma mea o le a matou faia e faʻaauau i luga o le Twitter."

Ma sa faapena foi ona latou faia. Se'i o tatou su'esu'e pe fa'apefea lena fa'agasologa ma mea o le a fa'atino e le Btrust i masina a sau.

nei 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

O le a tatou fa'avasegaina le auala o le a tatou fa'atinoina ai ta'iala ta'itasi i la tatou galuega.

E noatia Komiti Fa'atonu e galulue e tusa ai ma fa'avae, ae o le fa'atinoga o la latou aia tatau.

E maua ai le fetuutuuna'i, a'o tumau faamaoni i le va'aiga a le ₿trust.

— btrustteam (@btrustteam) January 11, 2022

O le isi laasaga e taua tele, "Entity and Jurisdiction." O le a le pule a le Btrust e galue ai? O le a le ituaiga faalapotopotoga latou te filifili e avea ai? "E manaʻomia e le Btrust se faʻalapotopotoga aloaia e faʻafaigaluegaina tagata faigaluega, faʻakonekarate le komiti faʻafoe ma tuʻuina atu se faiga faʻaletulafono e faʻamautu ai sui." 

E tusa ai ma lenei mea, na taʻu atu e Nur Khalil i 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. "

This 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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E tusa ai ma lenei mea, na taʻu atu e Nur Khalil i Blockworks:

"O le mea o loʻo matou taumafai e faʻamalieina o le taumafai lea e faʻasolosolo mea aua e tele ma o le a le naʻo le vaʻavaʻai i le siosiomaga faʻanatura ae naʻo le lafoina o le tele o tupe. E tatau lava ona tatou vaʻavaʻai totoʻa pe o le a le aʻafiaga."

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.

Punavai autu: NewsBTC