Twitter is launching a new section called Twitter Crypto. Tess Rinearson has been hired as a team engineer and leader to set a strategy for the future of crypto on Twitter.
According to Rinearson, they intend to explore first and foremost how they can support the growing interest among creators. Moreover, they intend to use decentralized applications to manage virtual goods and currencies. Furthermore, the company determines that the team will work closely with Bluesky. It is an organization funded by Twitter to set the standard for a decentralized social network.
Tess will work with Parag Agrawal, Chief Technology Officer at Twitter. Their hired team will help Twitter implement the right plans in this regard.
The company says developers have a growing interest in using decentralized apps to manage virtual currencies and commodities. Rinearson will focus on these issues. Tess will explore how it will be possible to implement ideas derived from crypto and overcome obstacles.
It is worth noting that Twitter’s interest in crypto and other decentralized technologies is not surprising. The company has consistently expressed goodwill towards these processes. As a result, Twitter today wants to be the best hub for blockchain and Web3.
In the first phase, the team intends to explore crypto payments, creator monetization capabilities, and aspects of social media decentralization.
Twitter and Other Social Media Platforms
This step is crucial for the crypto space. Hence, Twitter will give a broader impetus to the process of decentralizing social media. This will allow networks to operate independently on the blockchain rather than on servers owned by businesses.
The idea is that these decentralized networks will be more secure in terms of data and privacy. Nevertheless, some researchers are still concerned about how well-decentralized systems evaluate content moderation issues, especially when it comes to political content.
Bluesky, which will be directly involved in this process, aims to set as open a standard as possible for social media. Like no other bank controls cryptocurrencies. There will be no social network that controls the Bluesky protocol, including Twitter.
However, Twitter is not the only social platform exploring blockchain technology. This week, Discord founder Jason Citron tweeted that he is working on integration with Discord MetaMask. Moreover, Reddit has hired engineers for the NFT platform.
We wonder how successful Twitter attempts will be. The expectations are quite high. Therefore, the crypto industry is looking forward to changes that will have a positive impact on the future.