Twitter has begun to assemble a new team dedicated to decentralising the social media network and enabling blockchain-based solutions on the platform. The startup may begin by allowing customers to make crypto payments and sell NFTs.
Twitter has always been the epicentre of all cryptocurrency conversations. Take the number of times the price of a crypto coin or token has risen after Elon Musk tweeted about it as an example.
The social media company appears to recognise its relevance in the industry, as it has recently stated that it will work on crypto and blockchain solutions for the platform.
THE ANNOUNCEMENT FROM TWITTER ENGINEER
Tess Rinearson, the engineer who has joined Twitter to manage the company’s crypto initiatives, made the announcement in a new tweet.
Twitter’s new team will focus on the underlying solutions, such as blockchains and other decentralised technologies, rather than exclusively concentrating on cryptocurrencies.
The Twitter crypto team’s initial goal would be to look into how Twitter could be utilised to help the creators’ interest in decentralised apps.
These programmes can help people manage virtual products and currencies, which will help them support their business and communities. Rinearson wrote in her Twitter thread.
Though crypto payments and NFT galleries are the low-hanging fruit in the short term, this move by Twitter is part of a larger effort by the company to decentralise social media.
It will allow networks to run independently on the blockchain rather than on servers hosted by companies like Amazon Web Services (AWS).
Individual users will have more control over their data and privacy as a result of these decentralised networks, according to the theory.
Still, other experts are concerned about how these decentralised systems might deal with content moderation issues, particularly when it comes to extremist political information.
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