Despite its rather low popularity here in Germany, Twitter is one of the largest social media platforms in the world. In addition, its CEO Jack Dorsey is a well-known Bitcoin supporter and blockchain fan. So it is no wonder that Dorsey has developed the vision of a decentralized Twitter, as he now announced on Twitter, wherever else. A team is already being put together to create a uniform blockchain standard. The Twitter CEO rejects fears that Twitter would lose influence and the possibility of monetization.
Blockchain revolution reaches social media giant
Twitter wants to decentralize its company in the future and therefore bring it to the blockchain. Jack Dorsey himself said on Twitter that his company is putting together a team of 5 people to develop an “open and decentralized standard for social media”. Twitter itself will then use this standard for day-to-day business. According to Dorsey, there is still a lot of work to be done. However, the fundamental conditions are present with the blockchain.
Is this the end of Twitter as we know it?
The question arises whether this standard in the form of a protocol will use Twitter as a company. The creation of a new decentralized blockchain social media standard can weaken the power of Twitter’s platform and thus also its ability to monetize effectively.
Jack Dorsey sees it very differently. He argues much more that it is possible to have “healthier conversations” and “be more innovative than in the past”.
It will give us access to a much larger body of public conversation and will help focus our efforts on building open recommendation algorithms that promote healthy conversation and will force us to be much more innovative than in the past.