Jack Dorsey, CEO, and co-founder of Twitter posted a series of updates on Twitter yesterday announcing his intention to turn the social media platform into a completely decentralized platform. He said he is funding an independent team of five open-source architects, engineers, and designers to develop open and decentralized standards for social media.
The CEO said,
“Twitter opened so early that many people saw the possibility of it becoming a decentralized Internet standard like SMTP (email protocol). For various reasons, we took a different approach at all reasonable circumstances at the time. Approach, and gradually focused Twitter. However, many changes have occurred over the years. “
He further stated that the team is expected to not only set standards for decentralization but also build an open-source community around decentralization, which includes companies, researchers and civil society leaders who can provide expertise on negative and positive consequences.
Called “Blue Sky“, the team will be led directly by the company’s chief technology officer, Parag Agrawal. The team will have all the freedom needed to create decentralized standards from scratch or build on top of existing standards. Discretion is entirely up to the team, not Twitter Inc.
With the emergence of new technologies such as blockchain, making decentralization more feasible, and creating a series of decentralized solutions for open and durable hosting, governance, and monetization, the foundation of social media companies already exists.
Jack further tweeted to say,
“It won’t happen overnight. It will take many years to develop a robust, scalable, and usable decentralized standard for social media, which will pave the way for solving the above challenges. Our commitment is to provide funding to support this beyond. “
To make a parallel reference to the plan, Jack cited the example of Square, another startup he founded and owned, which claims to provide tools and solutions for “almost everything”. Square is currently working on a decentralized standard for Bitcoin in the cryptocurrency space.