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Twitter to Move Towards Decentralization, Blockchain & Bitcoin, Says Jack Dorsey

Twitter CEO Jack Dorsey has long been a vocal and huge proponent of cryptocurrency and blockchain. As the world shifts increasingly towards digital finance, Bitcoin in particular is the “global native currency for the Internet”, Dorsey mentioned in his interview with Reuters back on September 10. He affirmed his stance on Bitcoin at the Oslo Freedom Forum 2020, stating that Bitcoin and blockchain are the “future of Twitter”, according to a report by Forbes.

Bitcoin and blockchain is the key to ensuring that there is trust and security on the Internet, which is considered a “distrusted” space. The numerous data security and privacy breaches on major social media platforms including Twitter and Facebook are evidence enough that personal data stored online can never be completely safe. This comes after a large-scale hack on Twitter occurred in July, where accounts of multiple well-known personalities were taken over by hackers to send out tweets asking for Bitcoin transfers.

“Blockchain and bitcoin point to a future, and point to a world, where content exists forever, where it’s permanent, where it doesn’t go away, where it exists forever on every single node that’s connected to it,” Dorsey said.

Dorsey introduced a research team called Blue Sky which has been tasked with creating a set of social media standards based on the principles of decentralization, a public blockchain platform and also an open protocol for Twitter. The project is still in its infancy, with Dorsey still looking for talented personnel to join the team.

Cover Image Courtesy: Flickr – JD Lasica

You may also want to read: Unsurprisingly, Americans Are Not in Favour of a Digital USD

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