The company co-founded and run by Jack Dorsey, Square, is changing its name.
The official announcement was made yesterday on Twitter, two days after Dorsey resigned as CEO of Twitter.
We’re changing our company name so we can give the full @Square brand to our Seller business. So now we need a name to tie @Square, @CashApp, @TIDAL, and @TBD54566975 together into one. That name is “Block.” Why? https://t.co/vVSKNnMUU3
— Square (@Square) December 1, 2021
Square changes name: the rebranding
The company’s new name will be Block, with a clear reference to the blockchain, and this new name will include not only the company that deals with online payments, but also the CashApp app, Tidal, and in particular the new semi-decentralized exchange tbDEX on which they have been working for some time now.
Square’s cryptocurrency team is also changing its name to Spiral BTC.
Oh! Obviously Square Crypto no longer makes sense, so the team is changing its name to Spiral (@spiralbtc). This rebrand reflects their focus on #bitcoin as it continues to grow like a spiral from a single point, encompassing more and more space until it touches everything.
— Square (@Square) December 1, 2021
Square’s projects
The official website states that Square Crypto was never considered the ideal name for this team.
They say they plan to double the number of developers working full-time on their various projects in 2022, including those based on the Lighting Network.
One of these is LDK, developed in collaboration with FOSS Lightning, and already adopted by Blue Wallet.
As a result, they are working on a Bitcoin Development Kit (BDK) that can enable development on LN without the need for on-chain knowledge and resources.
Another is the Bitcoin Design Guide, which is an open source document with UX-related best practices for the Bitcoin ecosystem.
Dorsey works on Bitcoin development
When Dorsey publicly announced his resignation from his role as Twitter CEO, many thought it was because he wanted to focus more on Bitcoin development. The name changes of Square and Square Crypto seem to confirm this assumption, as Dorsey is still the CEO of his second company.
The development potential opened up by LN is truly remarkable, especially after the Taproot update. For Bitcoin, a new era has indeed opened up based on higher levels of development that allow them to do much more, and to really bring BTC to the masses, as is happening in El Salvador.
Indeed, their state wallet, Chivo, only works and makes sense thanks to LN, because only in this way can transactions be immediate and above all extremely cheap. Suffice it to say that congestion on Bitcoin’s blockchain has reduced significantly, from the 450,000 transactions recorded on 5 February 2019 to the 121,000 recorded on 27 June this year.
While until a couple of years ago the number of transactions recorded daily on this blockchain ranged between 300,000 and 350,000, during 2021 it only rarely exceeded 300,000 daily transactions, despite a significant increase in the use of BTC.
Block and Spiral are serious candidates to become the absolute protagonists of this new era of Bitcoin in which BTC could literally reach the pockets of almost every citizen on planet Earth.
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