The CEO Of Twitter, Jack Dorsey claims that BTC and blockchain are the future of the social media giant platform so let’s see how is that in our today’s bitcoin news.
Twitter chief Jack Dorsey claims BTC and blockchain are the next best thing for Twitter, describing the novel technology as the future of the microblogging platform. During his appearance at the Oslo Freedom Forum 2020 he remarked:
“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”
According to the Twitter CEO, Bitcoin builds upon the foundational ethos of the internet which is creating a trustless and distributed ecosystem so if the emergence of the internet eliminated information friction is a decent argument that could be made for BTC being able to remove economic and monetary frictions. For Dorsey, the goal is for twitter to be able to transition to a public blockchain which will make the popular microblogging service an open protocol. Commenting on these plans he added:
“We’ll focus on becoming a client of it [the planned blockchain] so we can build a compelling service and business where anyone can access and anyone can contribute.”
A move towards the open Twitter idea is keeping with Dorsey’s recent activities by ensuring easier access to technology. Dorsey’s financial services company square established a non-profit organization recently that will fight off patent trolls. Dorsey’s endorsement of the possible twitter migration to a blockchain-based framework came as the company looks to revamp its security protocol. The hackers managed to take over control over high-profile Twitter accounts to an engineer scam so now the platform aims for more robust security measures.
The Twitter CEO was quite vocal about Bitcoin is not a new occurrence. He is known to hold positive sentiments about the biggest crypto by market cap. While Dorsey is a strong Bitcoin proponent, It remains to be seen whether he will invest in the company’s funds in it. Microstrategy bought $250 million worth of BTC for example, which made BTC the main reserve of the company. Shortly after the first purchase, the company bought an additional $175 million worth of BTC which made the company stash full with 38,250 bitcoins.
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