Jack Dorsey, CEO of Twitter, is on file as a Bitcoin fan. As such he’s additionally a fan of Lightning Network and on June 11 he tweeted that “it is only a matter of time” to combine the Lightning Network into Twitter.
For extra on Lightning Network, see our 4-part sequence.
This is a radical stance for the CEO of a publicly traded social media enterprise with a market cap over $50 billion and the implications are important.
Twitter, a centralized system, and Bitcoin, a decentralized system, would make odd bedfellows. Which brings us to Bluesky, Twitter’s decentralized social community undertaking which Jack Dorsey has billed as a “standard for the public conversation layer of the internet.”
This is a basically completely different method from Mark Zuckerberg and Facebook Diem:
- coopting Bitcoin reasonably than creating a company foreign money.
- making a decentralized social community reasonably counting on centralized governance.
There are two potential takes on this:
Either, unfavourable = two large desires – Lightning Network and Bluesky – don’t make actuality.
Or, constructive = Twitter are on track they usually know learn how to get there.
My take is constructive. Re the unfavourable, we will have to attend and see in the event that they execute effectively.
Bluesky at present seems to be like a mashup of three well-known decentralized programs:
- ActivityPub, which powers the social community Mastodon
- XMPP, the messaging commonplace which powers WhatsApp
- Solid, a decentralization undertaking led by World Wide Web creator Sir Tim Berners-Lee.
Imagine in the event that they pull this off. Creators will transfer to Bluesky as they don’t just like the management and costs of centralised programs. Then Twitter monetise through funds over Lightning Network.
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