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

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It’s time for Btrust to start making moves. They did this by declaring a “to-do list” and “high-level goals”. A month ago, Jack Dorsey, CEO of Block, and rapper and entrepreneur Jay-Z announced their board members for their blind faith in the value of 500 BTC. The purpose of Btrust is to “make bitcoin the internet currency” and its field of operation is Africa and India.

Hello World

We have worked hard to set up ₿trust. To get started, we’ve broken down our to-do list into a set of high-level goals.

Each of these tasks requires careful thought. We’ll be asking for community feedback on individual items in the coming weeks!

– btrustteam (@btrustteam) Jan 11, 2022

Saeed’s board members took charge and recently showed the world what they’ve been working on since they did. Each of these tasks requires careful thought. We’ll be asking for community feedback on individual items in the coming weeks! Before doing these tasks, let us remember who these members are,” Btrust said in his inaugural Twitter thread. At the time, NewsBTC reported:

“The Blind Fund Board members are: Ujuma Ochai, Obi Nusu, Abubakar Nur Khalil, and Carla Kirk Cohen, the only South African in the group. Just by looking casually at their Twitter feeds, it becomes clear that they are all completely dedicated to Bitcoin indeed.” .

Related reading | South African man loses $900,000 worth of bitcoin after accidentally deleting his keys

In a recent interview with Blockworks, 22-year-old Abu Bakr Nour Khalil said:

“It is very important for us to maintain as much transparency as possible,” he said. “We’ll be communicating a lot about the process, our thinking and the things we’ll be doing going forward primarily through Twitter.”

And so they did. Let’s explore what this process looks like and what Btrust will be working on in the coming months.

BTC Price Chart for 01/12/2022 on Coinbase | Source: BTC/USD on
Petrost’s Guidelines and Jurisdiction

Following Bitcoin’s lead, the first thing Btrust will do is create the Principles of Composition. In other words, “Btrust’s vision will be set in a set of firm principles.” Everyone involved in the organization will follow them, and there will be the option of using soft-forks and hard-forks to resolve disagreements or accommodate different visions.

Another caveat, “Councils are obligated to act on the principles, but implementation is their remit. This provides flexibility, while staying true to Btrust’s vision.” So far so good. This all sounds very Bitcoiny.

2️⃣ Apply the principles

We will determine how we will implement each of the principles in our work.

Councils are obligated to act according to the principles, but implementation is in their purview.

This provides flexibility, while staying true to the vision of “trust”.

– btrustteam (@btrustteam) Jan 11, 2022

The next important step, “Entity and Jurisdiction.” Under what jurisdiction will Btrust operate? What type of entity would they choose? “Btrust requires a formal entity to hire staff, contract with the board of directors, and provide a legal system to hold representatives accountable.”

Regarding this, Noor Khalil told Blockworks:

“We are looking to start with Africa at first, and then gradually expand to other regions in the global south,” said Noor Khalil. “So these are places like India as well. And then overall, in terms of the overall view, we feel there are a lot of disparities in some of these regions like Africa in terms of the actual number of talented developers versus those who are actually working on Bitcoin.”

nursery and communication

This is a great opportunity to test Bitcoin’s multitasking superpowers. “We will work on a proposal that outlines different custody solutions, with the ultimate goal of safely taking charge of 500 BTC.” Also, important to people looking for opportunities, Btrust will hire a “full-time leader to manage day-to-day operations”.

5️⃣ Appointment of a leader

Once we deliver 1⃣, 2⃣ and 3⃣, we will be looking to hire a full-time lead to manage the day-to-day operations of The Trust.

This is one of the most important responsibilities of the Board of Directors, and we are looking forward to finding someone to bring ₿tust’s vision to life!

– btrustteam (@btrustteam) Jan 11, 2022

Last but not least, they will create some way to connect with you all. “We are committed to building Btrust with input from the Bitcoin community. For now, we will be using Twitter to report on our progress, but it is not scalable.” They will raise funds to create the organization. “We want to take our time to reflect on our approach to conservation and company formation. This is a prerequisite for any investment. We will create a separate plan for how we will cover any funding required.”

Related reading | Spiral BTC Launches Lightning Development Kit. Jack Dorsey doll promotes it

Regarding this, Noor Khalil told Blockworks:

“What we are trying to improve is trying to do things incrementally because there is a lot and we are not just going to look at the ecosystem and throw a bunch of money at it. We still have to be precise about what the impact is.”

Great work so far, Petert. We at NewsBTC look forward to covering your next steps and finding out what the future brings to the institution, Bitcoin, Africa and India.

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