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During his tenure as the CEO of Twitter in 2019, Jack Dorsey drafted a plan to “build a decentralized and open standard for social media” that will probe into the elements of Web3 and crypto.
With a January “ecosystem review” of decentralized social apps, the proposition by Dorsey known as “bluesky” attracted attention in 2021. In addition to the appointment of Jay Graber, Zcash veteran developer as its lead.
Bluesky clarified on Twitter that it’s independent of the social media giant and has been operating as a limited liability company since February.
“The ‘public benefit’ part of our structure gives us the freedom to put our resources towards our mission without an obligation to return money to shareholders,” it tweeted. “The company is owned by the team itself, without any controlling stake held by Twitter.”
The company explained that their ‘public benefit’ aspect enables the freedom to use resources as they want without worrying about returning money to shareholders. The tweet further reads that the team itself owns the company, and Twitter holds no controlling stake.
Dorsey is still a board member at Bluesky. The company informed that it has around $13 million in funds that would be used for ensuring the independence and freedom to carry out R&D.
To be more clear, Bluesky is far away from the grip of the Tesla boss even though Musk has just given $44 billion to Twitter and intends to improve it —from minimizing content moderation and removing spam to potentially introducing crypto payments.
Bluesky is inspired by various crypto projects to create a Basic Attention Token which incentivizes Brave browser readers to watch ads. One among them is IPFS – a protocol that enables peer-to-peer file sharing.
While Dorsey is a Bitcoin maximalist, Musk is more deviated towards Dogecoin; however, at the time of purchase, he bought $1.5 billion in BTC for its books. He has been closely working with part-time developers of the blockchain to transform it into a payment network that outperforms Bitcoin.
However, Bluesky has made its aim clear by stating that it will “work towards our vision of a durable protocol for public conversation no matter what happens.”
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
