BigTech firms see bitcoin as an empowering technology since the social media giants are no longer opposing the huge power bitcoin has. They are even embracing it more than ever and want to solve the problems of the decentralized internet and give people the power so let’s find out more about it in the latest bitcoin news.
Since bitcoin was created, many of the BigTech firms and financial giants saw Bitcoin and its blockchain technology as a major threat. Inevitably, the concept of decentralized internet boosted by Satoshi Nakamoto is now increasingly leading technological innovation in all over the industry fields and financial sectors. For example, social media giants such as Twitter and Facebook are no longer fighting the advent of crypto and the idea of decentralization but they started embracing it.
According to Nathaniel Popper who is the author of Digital gold: A History Of Bitcoin, all of these social media giants now intend to use the decentralization to overcome some of the industries’ challenges as Popper writes:
‘’A decentralized internet was hailed as a way to dethrone Twitter and Facebook. But to the tech giants, the idea could unload some of their burdens’’
Earlier in December, Twitter and Square CEO Jack Dorsey noted in a Twitter thread that the new challenges and centralized solutions failed to meet. One of the main issues that Dorsey pointed out is how to deal with the problematic and fake news effectively and he concluded:
‘’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.’’
Believing that Bitcoin will become the digital currency of the internet, Dorsey launched his own division to develop decentralized standards for social media. On the other hand, Mark Zuckerberg, Facebook’s CEO is under strong pressure to be a bigger watchdog and to prevent the spreading of false stories on his social media platform and he has focused more on the creation of his crypto project Libra.
However, in order to combat fake news, Facebook owns Instagram and is now expanding its fact-checking program to other platforms. This program uses the fact-checking organizations from all around the world to identify and rate the misinformation on Instagram and platforms similar to it. There’s little information as to whether Facebook plans to use the permissionless blockchain to solve the biggest challenges.
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