Innovating on Bitcoin with Steve Lee - WBD483

Steve Lee is Lead at Spiral, a subsidiary of Block. In this
interview, we discuss how Spiral is enabling lightning
integration, Block’s aim to create an open Bitcoin mining
ecosystem, a vision of zero cost decentralized Bitcoin mining,
and inspiring open-source Bitcoin projects.


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The orange pilling of Jack Dorsey was a hugely consequential
event, affecting the evolution of his business plans and Bitcoin.
Jack and his team believe Bitcoin is the best money, and they
want to help it spread. As a result, Block has developed a
symbiotic mission: it seeks to nurture Bitcoin, strengthen its
development, and enable its wider adoption.


This is where Spiral comes in. It is a non-profit subsidiary of
Block that builds and funds free, open-source projects. Amongst
other important enterprises, Spiral has developed the Lightning
Development Kit, which enables Lightning integration with Bitcoin
wallets.


Block’s ethos is rooted in an appreciation of how unique this
situation is: the creation of a new version of money that is free
from centralized control may never be repeated. Protecting and
enhancing Bitcoins decentralization and privacy are therefore
core objectives.


That is why, for example, Block is developing a hardware wallet
that combines security that doesn’t depend on trusted servers;
decentralized user-friendly custody for the masses.


That is also why Block is planning to develop and make available
for sale ASIC chips (with data sheets). Whilst Block is also
developing Bitcoin mining rigs, the provision of dedicated chips
opens up the whole mining rig industry for innovation and
competition.


These efforts are crucial and enable all of the exciting
expansions of Bitcoins utility to continue. This includes Steve
Lee’s vision of zero cost decentralized Bitcoin mining. This is
surely the most inspiring industry in the world.