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Twitter is all set to adopt blockchain technology as a full-fledged solution in its ecosystem. The globally reputed social media giant has created an expert team of five persons that will put in their efforts to channelize an open, decentralized social media standard branded as Bluesky, announced Twitter and Square CEO Jack Dorsey.
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
According to the latest reports, Parag Agrawal, who serves as the CTO of Twitter, is currently looking for the perfect leader who could bring success to the initiative by managing operations in the best possible way. The Bluesky expert team is contemplating to either adopt and work on an existing decentralized social media standard solution like Steem or design one standard module for the platform on its own from scratch.
“Finally, new technologies have emerged to make a decentralized approach more viable. Blockchain points to a series of decentralized solutions for open and durable hosting, governance, and even monetization. Much work to be done, but the fundamentals are there,” read Jack Dorsey’s tweet.
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The reports suggest that the newly-constituted team will infuse a blockchain component into the highly anticipated project, similar to the technology that supports reputed cryptocurrencies like Bitcoin and Ethereum.
Interestingly, this revolutionary decision has raised a confusing situation as to whether the protocol will bring benefits for Twitter as a business entity still remains a doubtful scenario. The formulation of a new decentralized social media protocol is likely to take away the power from Twitter’s platform along with its proficiency to monetize efficiently.
In response to such doubts, Dorsey stated that the new media standard would render the socializing platform with potential chances to lay emphasis on innovation and lead to better online disclosure.
“It will allow us to access and contribute to a much larger corpus of public conversation, focus our efforts on building open recommendation algorithms which promote healthy conversation, and will force us to be far more innovative than in the past,” said the spearhead.
Dorsey has always shown an interest in lending support to decentralization-pegged initiatives. In 2017, Square allowed trading in Bitcoin through a mobile app, Cash App. In the third quarter of 2018, Square witnessed the sale of nearly $50 million in Bitcoin per month.
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This year in March, Dorsey launched Square Crypto, which works as a five-person group that focuses efforts to improve the Bitcoin ecosystem on Twitter.
