Are You a Bitcoin Enthusiast? You Might Qualify for These Grants
- Author: Chris Remington
- Posted: 2024-10-28
As the currency has exploded in popularity, many people have become interested in working on the technologies surrounding it. For example, users must have a "wallet" to store the coins they mine or buy; these are often made by open-source developers. The community has historically relied on charitable software developers to make the programs that power Bitcoin. However, this grant aims to let these developers literally quit their day jobs and do what they love full-time, instead.
Note that these grants are only applicable to those who are interested in developing software. If you don't wish to work on software, you should likely look elsewhere for grants.
Who's Behind the Grant?
Jack Dorsey, the founder of Twitter, owns another company called Square Crypto. The company is known for giving developers grants in exchange for their work. However, the program has been behind closed doors until now.
Starting March 4, 2020, the company has opened up the grant to anyone who is interested and qualifies. So, what qualifies?
First, either an individual or group of individuals may apply. However, everyone involved must improve one of the following aspects of Bitcoin: privacy, user experience, security, or something that it currently lacks (but still must be approved by Square Crypto).
The other main requirement is that the developers are all in good standing with the Bitcoin community. This means that you must not be known for doing something malicious with respect to Bitcoin, such as exploiting the blockchain, trolling prominent forums, or other similar things.
How Do I Know if I Qualify?
First, you'll need to come up with an idea that fits the criteria discussed above. The Square Crypto website lists many examples of approved projects. These range from simple wallet improvements to fixes of major security flaws. Square Crypto, of course, will ultimately be the arbiter of whether your idea qualifies. However, if they deny your request, they do promise to not "steal" your idea and implement it themselves.
If you have taken a look at existing grants and believe your idea will fit in, you will need to send an email or message to Square Crypto. You must include a detailed description of everything you will do. Essentially, this is a business plan. You'll need to explain how you will implement what you're coding, why it is important, and how it will benefit the Bitcoin community.
If Square Crypto likes your idea, they will get in touch with you. At this point, they will do additional screening to ensure that your identity is indeed what you said it was. They may require a technical assessment if you don't have any work readily available online for them to view. If you already have done similar work, it's recommended that you put it up on a public GitHub account.
How Much Are These Grants?
Unfortunately, Square Crypto has not disclosed the minimum or maximum users may receive for projects. It logically follows that simpler projects will warrant lower grants. For example, if your project only takes a few days, it's unlikely to be above $1,000. However, before the program went public, two developers each received a $100,000 grant for implementing significant fixes to make the platform safer to use for everyone.
The only way to ultimately know how much the grant is would be to apply for it and wait for a response. Remember that this is a very competitive program, and while Square Crypto has employees on it 24/7, it could take awhile for them to fully review your application and reply to it.
Is It Worth Applying?
Remember, any Bitcoin project will be quite an undertaking. If you're living paycheck-to-paycheck, it would be unwise to devote all your time to this project. On the other hand, if this is a hobby for you, and you're between jobs, this could be the perfect opportunity for you!
