Jack Dorsey, Square's CEO
Twitter funds small and independent teams that will develop an open and decentralized social media standard according to the latest announcements by the Twitter and Square CEO Jack Dorsey that we have in our crypto news.
The ultimate goal for Twitter is to become a client of this new standard. Dorsey described the plan in a tweet thread today and received strong support from Vitalik Buterin and Anthony Pompliano. In the early days of Twitter, the company could have potentially become a decentralized internet standard but it took another part towards greater centralization. However, in the current crypto climate, Twitter funds these small teams and suggesting that for twitter in the first place this could not have worked out because of four important changes:
The centralized enforcement of policy and address abuse and fake news cannot scale in the long run without placing a huge burden on manual monitoring. The social media value is rapidly changing from the content hosting and towards recommendation algorithms which are non-customizable. The current incentives promote content that usually causes controversy and outage rather than a healthy dialogue. The emergence of blockchain technology also makes a decentralized approach a better option right now.
Blockchain pointed to a series of decentralized solutions for durable hosting and governance but there is a lot of work to be done. The important thing is that the fundamentals are all here. Although the team will be funded by Twitter, the input will end there and the only direction provided is that the team should find a current decentralized standard to develop one or create one from scratch. The benefit to Twitter is that it will also be able to access and contribute to a better public conversation while focusing on innovation and developing recommendation algorithms.
Dorsey believes that the new standard will be developed openly and will not belong to any private corporation. The team will develop an open community around the project who will also consider the positive and negative consequences of the decisions. Whilst Dorsey accepts that it will take a few years to develop a scalable and usable decentralized social media standard, Twitter commits to working beyond that. The company indents to become a client of the standard itself.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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