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Thursday, December 2, 2021

Twitter sets up a crypto team to explore decentralized applications

Twitter is setting up a dedicated encryption team, which marks the latest move by CEO Jack Dorsey to embrace digital assets and decentralized applications and the growing community around them.

The social network has hired Tess Rinearson to lead the new Twitter encryption team and “to develop a future strategy for encryption on (and on) Twitter,” the company told the Financial Times.

Twitter Crypto aims to be the “center of excellence for all blockchain and web3 things,” it added, referring to the increasing number of decentralized applications running on public blockchains.

“We are exploring ways to integrate decentralized technology into our products and infrastructure,” Twitter said, adding that in the short term it is exploring ways to pay, people create content to earn cryptocurrency, and “social media Decentralization”.

Dorsey is a well-known Bitcoin enthusiast. After he successfully introduced Bitcoin support to Square, a payment company he also runs, two years ago, he has always expressed his desire to integrate digital assets into the future of Twitter.

In September, Twitter said it was launching a new tool that allows users to use Bitcoin to send other people tips about its content. It also stated that it is creating a feature to verify non-fungible tokens (NFT), this year’s popular digital collectibles, and some Twitter users using it as their profile picture.

Under the leadership of Parag Agrawal, Twitter’s chief technology officer, Rinearson’s mission is to oversee and strengthen these efforts. She has previously worked in crypto groups, such as Interchain, which focuses on developing open source decentralized technologies, and Interstellar, a decentralized crypto wallet and exchange.

The appointment comes at a time when Silicon Valley’s movement around web3 is gaining momentum, which aims to disrupt large technology companies that store user data on central servers and seek to monetize that data.

In contrast, in the web3 ecosystem, decentralized applications run on a public blockchain, which means that no party will collect data, and users can get token-based rewards through participation.

Several social platforms next to Twitter, such as Reddit and Discord, all hint that they are also exploring ways to integrate with decentralized applications and incorporate some concepts of web3 into their platforms.

Rinearson said: “Twitter gained encryption, and its early integration of Bitcoin prompts and NFT authentication proved this.” “To help people participate directly on Twitter in the promise of an ever-evolving decentralized Internet, there are many more Things need to be explored.”

Rinearson will also become part of Twitter’s Bluesky, an independent project funded by Twitter to find ways Decentralized social media especially. The working group is composed of Twitter employees and external experts, and is developing a single standard or protocol on which social platforms and other developers can build more tailor-made products to improve their interoperability.

Most importantly, developers may subsequently create a review algorithm or filter market, and there is a heated debate about how to review user-generated content. However, experts question whether such a system is likely to cannibalize Twitter’s existing advertising-driven business model.

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