What Bitcoin Did

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Innovating on Bitcoin with Steve Lee

Peter McCormack

Interview | Description | Timestamps | Show Notes

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Innovating on Bitcoin with Steve Lee - WBD483 Peter McCormack

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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.

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00:04:19: Introductions
00:05:12: Block's suite of businesses
00:13:30: Lightning Development Kit
00:15:38: Block's hardware wallet and multisig
00:23:37: Custodial versus non-custodial Bitcoin
00:26:11: Lightning wallets and the Lightning Network
00:31:43: Lightning integration with mobile phones
00:40:19: NFTs and their lack of decentralisation
00:49:23: Innovations in the Bitcoin space
00:52:10: Block chip production and an open mining ecosystem
01:01:46: ESG and zero-cost home mining
01:06:26: Centralisation of mining pools
01:10:15: TBD and tbDEX
01:16:06: Projects funded by Spiral, and the Summer of Bitcoin
01:18:31: Final comments

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