Twitter CEO Jack Dorsey backs Bitcoin and blockchain technology as the future of microblogging site; Details

By: |
September 29, 2020 3:39 PM

Dorsey has been a vocal advocate of cryptocurrency for a long time, and his microblogging site is considering bringing in a feature allowing users to tip each other using Bitcoin.

Dorsey has been a vocal advocate of cryptocurrency for a long time.Dorsey has been a vocal advocate of cryptocurrency for a long time.

Blockchain Technology: Twitter CEO backs blockchain technology for microblogging site’s security! CEO of Twitter and Square, Jack Dorsey has reasserted his stand that in order to keep his social media platform more secure from hackers, Bitcoin and blockchain technology is the future. Last year, he had announced a Bluesky, a non-profit platform for the development of a decentralised and open social media standard. During the Oslo Freedom Forum 2020, held virtually, Dorsey last Friday said that Bitcoin and blockchain indicate a world where content would live forever, adding that they were not in a content hosting business anymore, but rather in the discovery business.

Dorsey’s expectations from Bluesky is of the creation of an open Twitter protocol that would also invite contributions from users, as well as allow users to access data from. This would be different from a centralised service where the content is hosted by a social media platform on its website. He also asserted that Bluesky is an entirely separate entity from Twitter, with the former being a non-profit platform and the second one being a company.

He added that the focus was on creation of a service and business where the content can be accessed by anyone, and everyone would be allowed to make contributions as well. This, he said, could “most fundamentally” be seen in the cases of Bitcoin and blockchain, where the control is handed to the customers more and more.

He further said that he was of the view that security could never be perfected, and the developers were in a continuous race to be multiple steps ahead of the hackers.

He asserted that the entire purpose of Bitcoin was to provide a system that could be trusted in an environment that is largely distrusted, i.e., the internet. These technologies, he said, will bring new capabilities to the developers where the same can be brought to an internal level, providing users as well as developers with more peace of mind.

Dorsey has been a vocal advocate of cryptocurrency for a long time, and his microblogging site is considering bringing in a feature allowing users to tip each other using Bitcoin, which Dorsey believes will be the currency of the internet one day.

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