When it comes to the viability of cryptocurrencies like Bitcoin, you’ll get a whole host of responses from people saying that it’s either the technology of the future or a bigger grift than Star Citizen. And the truth is that both arguments are possibly right, with blockchain technology definitely being something which is still developing and has yet to realise its true potential whereas Bitcoin in its current implementation, is probably a bit of a flaky investment depending on your appetite for risk.
To Twitter CEO Jack Dorsey though, he believes it will shape the future of the company and is putting together a team, named BlueSky, to explore a way of standardising the technology to find a way that can help Twitter transition towards a decentralised platform. Something which he shared at the ongoing virtual Oslo Freedom Forum 2020 (and first reported by Business Insider):
Blockchain and bitcoin point to a future, and point to a world, where content exists forever, where it’s permanent, where it doesn’t go away, where it exists forever on every single node that’s connected to it..
Right now, we’re in the phase of finding a leader for it, but this a completely separate non-profit from the company. This group will be tasked with building a protocol that we can use and everyone else can use. You see this most fundamentally in Bitcoin and in blockchain. The keys will be more and more in the hands of the individual.
With Twitter recently facing a massive security breach, his is perhaps a way for the company to explore its content becoming more secure and perhaps giving people more privacy or control of their data. There are still a lot of questions around blockchain technology and so for this to work, the company would need to come up with a viable way of implementing the it in a way that can be satisfactorily regulated. It’s not a bad idea and even though I’m not a fan of Bitcoin itself, blockchain technology is rather fascinating and if used correctly, can certainly enhance internet security further.
Last Updated: October 1, 2020