Twitter CEO Jack Dorsey has since lauded the concept of cryptocurrency, specifically, Bitcoin, and blockchain. How will this shape the platform’s future?
Twitter is a bigger digital universe than many might think. It does have a more direct concept than Facebook, and may not be suitable for all ages.
In fact, most people you see on the platform are the younger generation. Although, this social media network has been the home to many industries’ official announcement stage.
The gaming and tech industry, for one, is a huge user for Twitter. The platform has grown largely over the years and the future it holds may direct towards up and rising blockchain technology.
Confident on Bitcoin
Forbes recently reported about Dorsey’s fascination with Bitcoin, among all cryptocurrencies. He previously claimed that it is “probably the best.”
He believes in bitcoin‘s potential to possibly be the “world’s sole currency by 2030.”
Indeed enough, as the global market crumbles amid the ongoing pandemic, many have turned to the crypto market as a possible financial saving grace.
Dorsey spoke during the virtual Oslo Freedom Forum 2020. Forbes highlight what the CEO thought of decentralized blockchain technology as the future of Twitter.
“Blockchain and bitcoin point to a future, and point to a world, where content exists forever, where it’s permanent, where it doesn’t go away, where it exists forever on every single node that’s connected to it,” says Dorsey.
“The whole spirit of bitcoin, for instance, is to provide a trusted system in a distrusted environment, which is the internet.”
As many may have remembered, Twiter experienced one of the history’s massive hacking this year, which turned out to be a crypto scam.
Nonetheless, Dorsey still sees a future in blockchain, most especially with his nonprofit project Blue Sky.
Blue Sky to open Twitter’s blockchain opportunity
Dorsey is currently on the lookout for a team composing of “five architects, engineers, and designers.” The team will aim to establish a “public blockchain platform and open Twitter protocol.”
Dorsey’s initiative on the Blue Sky project was initially announced around December last year.
Twitter is funding a small independent team of 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
“The goal is for Twitter to ultimately be a client of this standard,” Forbes further quotes the Twitter CEO.
“[Blue Sky] is a completely separate nonprofit from the company [Twitter],” he said. “We’ll focus on becoming a client of it so we can build a compelling service and business where anyone can access and anyone can contribute.”
Social media platforms are great believers of the imminent decentralized blockchain technology. In fact, Facebook has already established Libra as a digital currency.
Featured image courtesy of JD Lasica/Wikimedia Commons