Square Crypto Hires Matt Corallo to Boost Bitcoin Development

Chaincode Labs alum and Blockstream co-founder Matt Corallo previously authored notable efficiency improvements such as the rust-lightning implementation, which makes it easier for users to build and interact with layers of the bitcoin network.

Corallo tweeted Tuesday that he’ll be joining the team to experiment with models for accelerating bitcoin development.

Square Crypto, the division of the publicly traded payments company that focuses exclusively on bitcoin, just hired one of the world’s most prolific bitcoin developers.

Corallo told CoinDesk he hopes to work with “a team that crosses the entire range of talent and type of experience” in order to address issues related to the bitcoin user experience for various use cases.

“It’s a little bit different than Chaincode or Blockstream research”, he said. “To work together on projects with a tightly knit team that are a little bit more focused. Hopefully take on bigger problems, and problems that cross more talent bases.”

This team, headed by former Google director Steve Lee, is still hiring for several positions. According to a tweet by Square founder Jack Dorsey, the team will need at least two more engineers and a designer to work full-time on open source contributions to bitcoin. Job listings reveal the San Francisco fintech company is seeking an additional operations lead as well.

In reference to the range of companies that now sponsor open-source development in the cryptocurrency space, from BitMex to the Zcash Foundation, Corallo added:

“I think things have improved greatly in terms of the breadth of different funders. … We’ve had an explosion in people that want to fund open source work in the space.”

Steemit to Automate Development Funding With New DAO

Steemit, a blockchain project that focuses on monetizing social media sites, has given details of a coming code upgrade that will usher in big economic changes.

Announced on Wednesday, the steem blockchain will undergo its 21st hard fork on Aug. 27 – one that will build in a new Worker Proposal System aimed to allow the blockchain to “fund its own development.”

The new system – set up as a decentralized autonomous organization, or DAO – will allow Steem users to publicly propose work they are willing to do in return for payment in the project’s native cryptocurrency, steem dollars (SBD). The Steem.DAO will provide a way for the platform’s users to vote on proposals, weighted by their stake in the platform.

Winning proposals will then be funded automatically via the blockchain. Steemit estimates the DAO will distribute from $1.5 million to $2 million per year.

Steemit said its DAO is similar to the failed Ethereum DAO – which was hacked for $60 million in 2016 due to a code bug – but stressed the Steem Proposal System “has none of the security vulnerabilities of the original DAO thanks to Steem’s application-specificity.”

Michael Vandeberg, senior blockchain engineer at Steemit, said the concept was proposed and ultimately developed by steem community member Blocktrades.

“This is a big step forward in the development of Steem. We look forward to more partnerships between Steemit and our community. The Steem Proposal System will help make that a reality”, Vandeberg said.

Launched in 2016, the project says it has already distributed over $100 million in cryptocurrency rewards, and claims to be “the most successful decentralized reward system in the world.”

Steemit has not been without its issues, however. Last November, the firm laid off almost 70 percent of its staff, citing the prolonged crypto bear market. Steemit CEO and founder Ned Scott said at the time: “There’s nothing that I want more now than to survive, to keep steemit.com operating, and keep the mission alive, to make great communities.”

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