Twitter is Going Decentralized with Blockchain

Twitter wants to move its platform onto the blockchain. The social media giant is putting together a team to develop an open, decentralized standard for social media, with Twitter as one of its first clients, announced CEO Jack Dorsey.

Jack Dorsey, the idiosyncratic CEO of Twitter and Square, announced that Twitter is funding a five-person team to work on a decentralized social media standard, dubbed Bluesky. TWTR is up 2.2% on the news.

Currently, Twitter’s CTO, Parag Agrawal, is in the process of searching for someone to lead the initiative. The Bluesky team plans to either work on an existing decentralized social media standard, like Steem (a predecessor to EOS), or create one from scratch. “That’s the only direction we at Twitter, Inc. will provide,” added Dorsey.

It’s likely the Bluesky team will find or incorporate a blockchain component into the project, the same technology that powers cryptocurrencies like Bitcoin and Ethereum.

There are questions as to whether this protocol will benefit Twitter as a business. Creating a new decentralized social media standard may shift power away from Twitter’s platform, and with it the ability to effectively monetize.

Dorsey argues, however, that this instead would allow the social media giant to focus on innovation and engender healthier online discourse.

It will allow us to access and contribute to a much…

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