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- It’s very much evident by now that Twitter’s Founder and CEO Jack Dorsey is very much into cryptocurrencies and similar decentralized technologies
- The social media firm has revealed on Wednesday that they’re putting up a collective to deal with everything crypto.
The name’s Twitter Crypto
Reports suggest that this crypto team – simply dubbed Twitter Crypto – is said to explore avenues in facilitating creators on their app to accept cryptocurrencies like bitcoin (BTC) or earn some extra cash. The social media company added that the team’s goal is to be a “center of excellence” for everything web3 and blockchain.
It was explained that this Twitter collective will be exploring chances for creator monetization, cryptocurrency payments, and the decentralization of social media.
Tess Rinearson is the engineer tasked by Twitter to spearhead the endeavor. She said that Twitter Crypto aims in pushing the boundaries “of what’s possible with identity, community, ownership and more.”
Such a move – despite both non-fungible token galleries and cryptocurrency payments being the most attainable in the short term – will be highlighting a wider push by Twitter towards social media getting decentralized. Further, this would enable networks to independently run on the blockchain, rather than being operated on servers that are hosted by businesses similar to that of Amazon Web Services (AWS). The thought of it is that decentralized networks will be providing their users more say over their privacy and data.
However, some researchers are expressing their concerns about how the decentralized systems would evaluate with inquiries about content moderation, most especially if it points to “extremist political content.”
Twitter Crypto x blueSky
Additionally, this Twitter Crypto platform will be working alongside bluesky which is an initiative sponsored by the social media company as this focuses on putting up what is called an “open decentralized standard for social media.” That said, there will be no social network that would take over the protocol of bluesky although it is sponsored by Dorsey’s social media platform.
It was revealed that it’s not just Twitter that is venturing into the world of crypto and blockchain technology. For the uninitiated, Jason Citron – Founder and CEO of the instant messaging platform Discord revealed in a tweet that it is working on an integration with the crypto wallet service MetaMask.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
