Twitter has always been a hive of activity when it comes to conversations around cryptocurrency. If you’re looking for an example, just consider how many times the price of a cryptocurrency coin or token has increased after Elon Musk tweeted about it. It appears that the social media company recognizes the significance of its position in the field, as it has now committed to developing cryptocurrency and blockchain solutions for the platform.
A fresh tweet from Tess Rinearson, the developer who has recently joined Twitter to manage the company’s crypto initiatives, makes the announcement official. Rather than concentrating just on cryptocurrencies, Twitter’s new team will work on the underlying technology, which will include blockchains and other decentralized systems.
On Wednesday, Rinearson wrote, “As I put together the team, we’ll be figuring out what cryptocurrency can do for Twitter, as well as what Twitter can do for crypto.”
As a starting point, Twitter’s crypto team will look at ways in which the social media platform might be leveraged to encourage the creators’ interest in decentralized applications. It is possible to handle virtual commodities and currencies via the use of these applications, which will eventually benefit their business and communities.
According to Rinearson’s Twitter thread, the team will continue to collaborate with the community in order to develop answers for issues such as “identity, community, ownership, and more.” It is possible to decentralize Twitter itself, i.e. to host it on a blockchain network rather than on servers from other providers such as Amazon Web Services. This is an intriguing concept. Twitter’s “decentralized” social media platform will allow the company to keep one step ahead of the competition in the long run.
All of these efforts will be carried out by the Twitter Crypto team in partnership with bluesky, a new programe supported by Twitter that is just getting started. Naturally, if Twitter intends to pursue this road, it will be a long-term objective. For the time being, it is believed that the social media company would begin its crypto adventure with an option for Bitcoin (or other cryptocurrency) payments or NFT sales for content providers.
Rinearson tweets that Twitter will be looking for positions in engineering and product management in connection with this initiative. As a result, the team building process has begun, with a tentative plan of action in place for the time being.
Although Twitter’s move in this manner is more of a boon to the cryptocurrency world than it is to Twitter as a social media platform, the decision is nevertheless significant. Because Twitter is one of the world’s leading technological companies, its confidence in blockchain and cryptocurrencies lends crypto the credibility it desperately needs in a world where the validity of cryptocurrencies is still being questioned in many areas of the world.
In terms of how Twitter will adopt the technology, we will have to wait and see what the company has in store.
