Twitter CEO Jack Dorsey has expressed his interest in cryptocurrencies and he has been a vocal supporter. In fact, if you take a look at his Twitter profile bio, you will see the hashtag #Bitcoin. He is also the CEO of payments app ‘Square’ which holds Bitcoin in its balance sheet. Therefore, it isn’t much of a surprise that he has now set up a dedicated crypto team to develop decentralised apps on Twitter.
The new team will be known as “Twitter crypto” and they will handle ‘all things blockchain’. The company has hired Tess Rinearson as the team lead of engineering. She stated that the goals will include adding crypto payments, greater opportunities for creators with NFTs and decentralizing social media as part of a broader push toward Web 3.0. This would allow networks to run on the blockchain instead of being hosted on a centralised server. Users would get more control over data and privacy, but there would be concerns over how to moderate this. Social media networks have already come under attack for allowing hateful content and fake news to remain on their platforms.
This could be the start of social networks exploring decentralisation, and others such as Discord and Reddit have already shown interest. Accepting crypto payments and integrating NFT galleries may just be the start of the blockchain revolution set to take place. There are likely to be bumps on the road, but it could revolutionize the way we think about social media and the concept of online communities in general.