Twitter sets up a dedicated team to focus on cryptocurrency and decentralized applications – Featured Bitcoin news
Twitter has formed a team focused on “encryption, blockchain and other decentralized technologies-including and beyond cryptocurrencies.” Initially, the team will explore how to “support the growing interest of creators, use decentralized applications to manage virtual goods and currencies, and support their work and communities.”
Twitter will focus on encryption, blockchain and decentralized applications
Twitter has established a dedicated team focused on encryption led by Tess Rinearson.She explained on Wednesday, “The new team [is] Focus on encryption, blockchain and other decentralized technologies-including and beyond cryptocurrencies. “
We are exploring ways to incorporate decentralized technology into our products and infrastructure.
Initially, the company will explore payments, the way people create content to earn cryptocurrency, and “decentralization of social media.”
Rinearson emphasized that “Twitter truly’gets’ encryption”, referring to the company’s Bitcoin tip and non-fungible token (NFT) project. “But there is more to explore here,” she added.
“When I form the team, we will try to figure out what encryption can do for Twitter, and what Twitter can do for encryption,” she continued, detailing:
First, we will explore how to support creators’ growing interest in using decentralized applications [dapps] Manage virtual goods and currencies, and support their work and community.
In the future, the team will explore “how ideas from the crypto community can help us break through the possibilities of identity, community, ownership, etc.,” the head of the crypto department explained in detail.
Rinearson pointed out that her team will work closely with the Bluesky team to “help shape the future of decentralized social media.” Bluesky is a decentralized social network project funded by Twitter.
Twitter Crypto will support all these tasks and serve as the “center of excellence” for everything on the Twitter blockchain. We will recruit engineering and product positions.
The CEO of Twitter, Jack Dorsey, is a long-term supporter of Bitcoin.He recently stated that his other company, Square Inc., is focused on helping Bitcoin become Internet local currencyHe outlined some initiatives aimed at helping Bitcoin reach mainstream audiences while strengthening the network and ecosystem.
One of the initiatives, the cash app, generate Bitcoin revenue in the third quarter of 2021 was 1.82 billion U.S. dollars, and Bitcoin gross profit was 42 million U.S. dollars.
What do you think of Twitter’s plans for the new team? Let us know in the comments section below.
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