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Twitter Founder Reveals How Bitcoin and Blockchain Technology Will Renew Their Business

Posted on November 7, 2022 by admin

Twitter Founder Reveals How Bitcoin and Blockchain Technology Will Renew Their Business

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Answer Twitter Founder Reveals How Bitcoin and Blockchain Technology Will Renew Their Business

In December of last year, Jack Dorsey, the founder and CEO of Twitter, told that a new initiative was being developed called “Blue Sky” aimed at creating a decentralized standard for social media in general, including the Twitter platform.

This is what we previously discussed in a previous article on the Arab Bitcoin website entitled:

“Twitter” intends to shift to decentralization … by creating a parallel project aimed at achieving this

There haven’t been many concrete details since then.

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

Read:Three Arrows Capital liquidators seek subpoenas for company founders

– Jack (@jack) December 11, 2019

But Dorsey, a well-known Bitcoin enthusiast, provided more information about the new platform through a recent video interview related to freedom forum Yesterday, in Oslo of the Human Rights Foundation.

He told Dorsey that the Blue Sky platform is separate from Twitter, and is about something more than just Twitter, and work on it is still in its early days.

He explained:

This is a non-profit organization completely separate from Twitter.

This group will be tasked with building a protocol that we can use, but that anyone else can use as well.

And then we’ll really focus on becoming a customer of that service, so we can build a compelling service and business on top of a much larger group of conversations that anyone can access and that anyone can contribute to.

Dorsey also talked about the early days of decentralized protocols and projects such as “Usenet” and “Internet Relay Chat” and told about them by saying:

It had a highly decentralized character, and the problem of discovering its content was eventually solved by central entities such as Google, Facebook and Twitter themselves.

Read:Find out the amount and value of cryptocurrencies seized by the US Cybercrime Unit in 2021

Now with blockchain technology, we see an opportunity to pair a decentralized approach with better discovery tools.

He added:

Blockchain technology and bitcoin refer to the future, and refer to a world in which content is forever, where it is always there, where it does not disappear for its connection and forever with every node connected to it.

What that means is that the functionality of content hosting is disappearing.

The mission of discovery is the most important thing, and we had to really think about what that means for us as a company.

Meaning we’re no longer in the content hosting business, we’re in the discovery business.

And “Dorsey” explained that it will help, in a way, Twitter to return to the spirit of innovation, as his statement on this point was as follows:

We want to go back to that, and we want to help the world get back to that too.

It seems that Blue Sky still needs to hire a team, with Dorsey stating in this regard:

We’re going to hire five engineers and some people to start building Twitter as a protocol on the new platform, and the team still needs a leader.

Read:$1.7 million worth of Ethereum stolen from OpenSea users

Parag Agrawal was originally announced as the project’s lead and CTO but perhaps as the initiative evolved and formed as a separate non-profit organization, he is now a dedicated leader for Twitter.

In conclusion, it can be said that “Dorsey” seems committed to the program and sees a great vision for the “Blue Sky” project, but it is not yet known how quickly the project is being developed, nor is it known when it will be launched.

As Dorsey said:

We need to become clients of something much bigger than ourselves.

We need to empower people to contribute to the public blockchain, and we need to empower people from that public blockchain as well.

If we can do that, that’s a really powerful thing, and something that I think brings back the power and the original purpose of what the Internet could be.

Read also:

Five social media platforms built on the blockchain expected to be launched in 2020

Why will decentralization be the future of social media?


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