Twitter will have a blockchain-centric unit focused on working with crypto, Dapps, NFTs and other decentralized technologies.
The darling social network of all crypto enthusiasts, is set to boost the decentralized technology business and has created a dedicated crypto team focused on creating options for crypto, dapps, and DeFi.
Engineer Tess Rinearson will lead the team. Earlier than becoming a member of Twitter, Tess was concerned with the improvement of Tendermint Core, additionally working with Chain.com, the Interchain Basis, and Cosmos.
Hello Twitter Crypto
As Tess Rinearson explains in a thread, the staff will work within the space of cryptocurrencies, blockchain, and other decentralized technologies to create options that aren’t essentially related to the financial domain.
The team hopes to perfect the Bitcoin tipping platform and the announced proof-of-identity service through NFTs.
Further down the road, Rinearson plans to work on help for Dapps and different identity-oriented options, asset possession, and community building.
Under the name “Twitter Crypto,” the staff will be in command of dealing with every little thing Web 3.0 related, and though there is no job listing, Tess has opened her DMs for anybody interested in collaborating within the challenge to use.
Twitter Investors Are Not Impressed
Though the information may come as encouraging to cryptocurrency enthusiasts, the view seems to be very different from the camp of traditional investors.
TWTR shares have embarked on a steep decline, shedding practically 25% over a period of almost two weeks. The charts present the primary clear death cross since 2019 after a late October plunge knocked the inventory worth below the psychological support of $55.
Decentralization doesn’t seem to hype TWTR buyers. If the downtrend continues, $TWTR could touch the $50 help until a recovery proves the situation wrong and brings the inventory again into the $55-$60 price zone.
Working to Decentralize the Future
Twitter is probably the most crypto-friendly social network on the market. The corporate’s philosophy is in keeping with CEO Jack Dorsey’s imaginative and prescient that Bitcoin can turn out to be the forex of the web and blockchain technology can revolutionize the future of humanity.
To drive the event of this technology, it recently implemented functionality to send and obtain tips in Bitcoin through the Lightning Network. The initiative put Bitcoin in the identical league as different forms of payment such as Cash App, Patreon, and Venmo.
As well as, Twitter’s CEO recently launched the Bluesky initiative, which focused on decentralizing social networks.
Jack Dorsey envisions a future where the user can select what they see on social networks by picking their favorite suggestion algorithm, rather than counting on a single firm to control it.
The thought has been in improvement since 2019 however has not but been applied. If successful, Bluesky could impose itself for instance of a profitable social network globally, above different initiatives similar to Mastodon, Twitch, Minds, or Hive.