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Square To Battle Climate Change; $10M Allocated For Firms That Aid Greener Bitcoin Mining

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Prominent cryptocurrency platform, Square has been making headlines following an array of developments. Jack Dorsey’s interest in crypto was transformed into reality with notable payments platform, Square. Once again, Dorsey’s Square platform had made it to the headlines following its recent development in the field of crypto.

Square To Aid War Against Climate Change

CEO and Founder of prominent social media platform, Twitter, Jack Dorsey seems to be embracing his philanthropic side. Recently, Square rolled out a non-profit crypto platform, Cryptocurrency Open Patent Alliance [COPA] that stops firms from hiding away their crypto innovations in patents. Now, Square seems to be taking an interest in the battle against climate change.

While everyone across the globe has been fighting climate change, Square has revealed in a recent blog post that this will soon be part of this engagement. The blog post pointed out that Square was rolling out the “Bitcoin Clean Energy Investment Initiative”. With this initiative, the platform hopes to offer aid to firms that fuel the adoption as well as the effectiveness of renewables across the Bitcoin sphere. To carry this initiative out in full force, Square had reportedly joined hands with a prominent platform that has been fending off climate change, Watershed.

Square has allocated a total of $10 million as part of the initiative. Speaking about the same, Jack Dorsey said,

“We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally.”

The payments giant is aiming at achieving a net-zero carbon target. This would further be accomplished by depreciating the carbon footprint along with the scaling of a verified carbon removal portfolio. This portfolio will be rolled out into the market in the Q1 of 2021.

The initiative is said to extend support to platforms that incorporate green energy tech into their Bitcoin mining protocols. Additionally, the stimulation of clean power is also one of the goals of the initiative. With all of the aforementioned, Square with its Scope 3 emissions intends to transform into a net-zero carbon for operations by 2030.

Dorsey added,

“Published estimates indicate bitcoin already consumes a significant amount of clean energy, and we hope that Square’s investment initiative will accelerate this conversion to renewable energy.”

Square’s Non-Profit Crypto Platform Onboards Coinbase As Founding Member

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Several social media platforms have expressed their interest in crypto. With Square, Jack Dorsey the CEO of Twitter has time and again revealed his interest in crypto. Apart from being an advocate of Bitcoin throughout the years, Dorsey’s Square platform rolled out a consortium that bolstered the access of crypto via a collaborative patent library. This initiative seems to have garnered increased attention from the crypto industry, as a major player recently announced its entry into the consortium.

Square’s COPA Welcomes An Array Of Members

Back in September this year, Jack Dorsey’s payments company, Square announced the launch of Cryptocurrency Open Patent Alliance [COPA]. Dorsey rolled out this platform with an intention of preventing firms from hiding away crypto-related innovations in patents. This non-profit crypto consortium has bagged over 18 companies to aid the growth of crypto. In its most recent announcement, COPA revealed that companies including Satoshi Labs, Kraken, Blockstream, Transparent Systems, Protocol Labs, Blockstack, Foundation Devices, ARK.io, Blockchain Commons, Carnes Validadas, Request Network, Horizontal Systems, VerifyChain, Cloudeya Ltd., Mercury Cash, and Bithyve had joined the initiative.

San-Francisco’s Coinbase, however, has joined Square as one of the founding board members of COPA. The Senior Counsel at Coinbase who is also a COPA Board Member, Brittany Cuthbert commented on Coinbase’s latest move and said,

“As the crypto economy continues to grow, we believe it is important to help empower all projects building towards an open financial system. We look forward to working alongside the members of COPA to create a foundational patent shield for our industry.”

Back in September, when COPA was launched, the platform urged the members of the crypto community to join the initiative as it would limit them from offensively asserting their patents against one and other. Square’s initiative would come off as highly beneficial to the crypto industry as the adoption and value of the crypto market have been going about in full swing.

All the aforementioned platforms that are now part of the initiative have pledged to refrain from using their crypto patents against anyone. However, defensive reasons are struck out from the pledge. Kirupa Pushparaj, the Head of IP at Square, Inc also suggested that the platform was excited and thrilled about the reaction of the community as they go on to onboard more members.

Square Crypto Funds “The Eye of Satoshi” Bitcoin Lightning Network Watchtower

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Square Crypto has been dispensing out grants to developers working on free, open source projects that underpin the future burgeoning of both the Bitcoin and Lightning networks. This time around, its latest allocation went to a watchtower service for the Bitcoin Lightning.

The digital currency creation division of Jack Dorsey’s Square payments company, Square Crypto, has offered to sponsor the Eye of Satoshi, a Lightning Network watchtower that keeps track of blockchain transactions to shield the users on the layer-two scaling solution.

The Eye of Satoshi watchtower comes from the Spanish developer Talaia. Watchtowers were introduced to the Lightning Network back in 2019 to act as a reserve service option for tracking blockchain transactions when your Lightning software is inactive. Indeed, with the Eye of Satoshi observing, it is impossible for peers to block the channel and grab your crypto.

“If your Lightning Network software is ‘offline’—as in it isn’t actively monitoring the blockchain—you need a third-party that can keep watch for you. This could be because you’re running a lightweight wallet, aren’t actively using your wallet, or your Lightning Network node crashes. This is what watchtowers do.” highlighted Square Crypto on Twitter.

Square Crypto highlights the benefits of having watchtowers in place

Currently, Talaia operates on C-Lightning and will also work with different Lightning Network enactments. Additionally, Square Crypto noted that there will be several advantages of the Eye of Satoshi than just keeping an eye on blockchain transactions. According to the funding firm, the watchtower protects the network’s users from some type of attacks.

Square Crypto is an arm of major Fintech firm Square, founded and run by the also CEO of Twitter, Jack Dorsey. Dorsey is famous in the cryptocurrency industry for his support for Bitcoin. Moreover, Dorsey is not only an oral supporter of Bitcoin but he also practically purchases a full Bitcoin every week, utilizing Square Cash App. Furthermore, the Twitter CEO has also set up a task force at the social media giants to develop a decentralized version of Twitter.