Twitter wants to use blockchain for a decentralized standard

Twitter wants to use blockchain for a decentralized standard

Twitter wants to move its platform to the blockchain. The social media giant is putting together a team to develop an open, decentralized standard for social media. Jack Dorsey wants Twitter to be the first to use that standard.

Blue sky

Jack Dorsey is the CEO of Twitter and he announced on his platform that Twitter is financing a five-person team. This team is called Bluesky (blue sky) and will only focus on the development of a decentralized protocol.

Twitter is a small independent funding team or up to five open source architects, engineers, and designers to develop an open and decentralized standard for social media. The goal is for Twitter to ultimately be a client of this standard. ?

– jack ??? (@jack) December 11, 2019

Currently, the CTO (chief technological officer) of Twitter, Parag Agrawal, is looking for someone to lead the team. The team can go in two directions: either build on previously developed protocols such as Steem, or build one yourself.

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Although Dorsey does not literally say that he wants to use blockchain technology, he does hint at it.

Finally, new technologies have emerged to make a decentralized approach more viable. Blockchain points to a series of decentralized solutions for open and sustainable hosting, governance, and even monetization. Much work to be done, but the fundamentals are there.

– jack ??? (@jack) December 11, 2019

Threat or opportunity?

From a business perspective, traditional economists can see this as a threat to Twitter. You give power away and make it harder to earn money effectively because you can no longer exploit the monopoly on advertisements.

Dorsey thinks this is good, so Twitter can concentrate on innovation and healthy online conversations.

“It will enable us to access and contribute to a much wider range of public conversations, focusing our efforts on building open recommendation algorithms. These should promote healthy conversations. This also forces us to be much more innovative than in the past. “

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Sponsoring anonymous developers

This initiative fits in well with Dorsey’s strategy. He has been openly in favor of decentralization for years, and in particular bitcoin. He buys bitcoin for $ 10,000 a month, regardless of the exchange rate. And from the end of 2017 you can buy and sell bitcoin via its Cash App. They sell around $ 50 million in bitcoin every month.

In March, Dorsey Square launched Crypto, a project similar to Bluesky. Square Crypto is another team of five people working on full-time improvement of the bitcoin ecosystem. A nice development is that they also support anonymous bitcoin developers financially.

In a move that could never happen in any other space, we are supplying a grant to what looks at first glance like a hash function. Please welcome ZmnSCPxj to the small but growing family of Square Crypto grant recipients.

– Square Crypto (@sqcrypto) December 11, 2019

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