Jack Dorsey Believes Bitcoin Will Drive ‘World Peace’ And ‘Power Abundance’

In a recent interview, Jack Dorsey and Luke Dashjer shared their insights on the current state and future of Bitcoin.

The interview also shed light on Ocean Mining's innovative efforts to combat the centralization of mining pools.

The journey and future of Bitcoin

When asked about his overall understanding of Bitcoin's journey so far, Dashjir said that Bitcoin has gone from a “toy project” to serious business in recent years. Dorsey echoed this sentiment, saying that Bitcoin is becoming stronger and more beautiful through experimentation and testing. He appreciated the ability of the society to address new threats deliberately and thoughtfully.

Dorsey shares his grand vision for Bitcoin's impact on humanity. BTC believes it can contribute to “world peace” and “energy abundance”. The discussion then turned to the Bitcoin mining landscape. Dashjar described the situation as “very scary”, explaining that there are basically 11 elements that determine what happens on the blockchain.

Mining pools that act as banks risk censorship due to regulatory oversight. Asked if this was a cause for concern, Dashjir responded positively. Dorsey added that the incentives in the system make it challenging to abandon centralization, decentralize these entities and eliminate single points of failure.

A solution to the centralization of ocean mining

According to Dorsey, the ocean provides a solution to this failure point. He emphasized the ongoing anti-centralist struggle by identifying the incentive structure that tilted toward central control. Ocean Mining strives to re-decentralize mining, allowing individual miners to create blocks instead of relying on a few pools. This is consistent with the long-term goal of using stratum v2 to solve these problems.

Dashjar further explained that Ocean's approach involves making the mining process more transparent, non-custodial and with zero fees, allowing miners to actively participate in the decision-making process.

Dorsey shared insights on the potential of Bitcoin mining in Africa and the developing world. He highlighted initiatives such as Gridless, which uses natural energy sources in mining operations and provides electricity to villages.

He also addressed misconceptions about mining, emphasized the importance of creating blocks, and defended Bitcoin's power consumption, emphasizing its societal value. The interview ended with Dashjir reminding users of the importance of running full nodes for security reasons. Dorsey emphasized the need for more leveraged cases, particularly in remittances and store of value.