Jack Dorsey is head of Twitter and Square. He is also a major bull about Bitcoin and blockchain.
Source
Dorsey is taking things to another level by proposing an open source standard of which he hopes Twitter will be one of the early clients.
Twitter is funding a small independent team of up to five open source architects, engineers, and designers to develop an open and decentralized standard for social media. The goal is for Twitter to ultimately be a client of this standard. Twitter was so open early on that many saw its potential to be a decentralized internet standard, like SMTP (email protocol). For a variety of reasons, all reasonable at the time, we took a different path and increasingly centralized Twitter. But a lot’s changed over the year.
Social media has come under attacks for fake news and their loose security measures regarding data. The EU has implemented regulation that all social media sites need to adhere to.
Facebook dipped its toe into cryptocurrency earlier in the year with the announcement of the Libra. There were 100 companies that signed on to validate transactions although a few pulled out.
There was a lot of backlash against Facebook over the project. Many of the regulators feel that the Libra is a threat to the existing banking structure that will operate unregulated.
Dorsey's idea is to decentralize the entire social media by making it open source. This will move it to an entirely different realm since the needs of the users changed.
His solution also addresses the "siloed" mentality that took hold of the social media space. Although not mentioning it in these words, he understands how the proprietary algorithms only support that.
Second, the value of social media is shifting away from content hosting and removal, and towards recommendation algorithms directing one’s attention. Unfortunately, these algorithms are typically proprietary, and one can’t choose or build alternatives. Yet.
It sounds like Dorsey is looking to alter the future of social media. He realizes the issues that people are having with the present state of this industry. The advancement of technology is making it possible to start thinking about how all of this could impact things.
Why is this good for Twitter? It will allow us to access and contribute to a much larger corpus of public conversation, focus our efforts on building open recommendation algorithms which promote healthy conversation, and will force us to be far more innovative than in the past.
dailyhodl.com/2019/12/11/jack-dorsey-champions-decentralization-blockchain-and-bitcoin-outlines-quest-for-new-open-standard-for-twitter/
Over the last few years, the conversation around blockchain has led to more acceptance of open source projects. There will be resistance since so many companies are profitable using the "siloed" system.
The fact that a powerful player like Jack Dorsey is making a proposal like this while also funding it shows how change is taking place.
It might take some time for this to emerge but the wheels are in motion.
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Well written and thought out essay, which makes me think how will Twitter or Facebook change if they were decentralized? Plus is it possible to decentralize such entities. How would a decentralized Facebook or Twitter be different for the user and would users be paid for their content?
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I doubt Facebook has any plans to open up it's network. They try to monetise everything. I hope Twitter's open protocol is truly open. I suspect for most users they would continue using twitter as it is now and only power users and more technical users to change clients. At least I bet that is what Twitter is hping o they can still monetise most of their users.
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Reinventing the wheel and call in steem 2? 😂
He did mention that he would be open to working with established systems. Perhaps we should start poking him, tell him about Steem?
I'm glad that at least one social media giant sees how things can be made better with allowing the people to control their data. I hope this is implemented soon before users start leaving in droves. I may now wait on closing my twitter account. Im still leaving facebook though.
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It's interesting to see where it goes. Imagine one day waking up and earning from your tweets. Also - you could tweet anything without censorship, right?
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