Jack Dorsey is developing into a poster kid for the cryptos. He opted to move to Africa to assist in building the BTC future. That was not long ago. And just one week later, he has tweeted about an epic announcement.
Jack Dorsey’s New Twitter Project
Dorsey talked to his followers in a 14-post tweetstorm. He informed the followers that Twitter has plans of funding a small independent agency. The team will come up with a decentralized and open standard for social media. In the end, Twitter has high hopes of becoming the main clients of this small organization.
Jack Dorsey stated that the independent team would be made up of designers, engineers, and open source architects. He has one main goal here. He hopes that Twitter will be the ultimate client for this particular standard.
The Main Problem With Social Media
Social media hubs have, of late, been under serious scrutiny. This is on their main role in the dissemination of harmful and misleading content. It also includes the entire algorithm that supports it. However, there are certain things that have triggered public outcry from both the regulators and users. They include the monetization methods, such as selling the users’ data.
Narrowing To The Main Issues
Dorsey laid out some of the challenges that most social media networks usually face. He first talked about the centralized enforcement of international policy. This is meant to address the misleading information and abuse. It is expected to scale for long without putting too much burden on users.
Dorsey also addressed the value of social media. It is currently moving away from content removal and hosting to recommendation algorithms directing an individual’s attention. But there is one unfortunate thing here. The algorithm is basically proprietary, and it is not easy to pick or build alternatives.
Blockchain As The Main Rescue
A blockchain-based social media outlet means one thing. The people will have full control. Currently, algorithms created by the central authorities control what is newsworthy and popular. Any news piece can go viral with open-sourced algorithms. Dorsey thinks this change might introduce healthy conversations on this social media platform.
Control Of Their Personal Data
Blockchain can also grant people control of their personal data. It will also give control of how it is used. This, in the end, will stop the social media gurus from selling data. Data selling and advertising companies will no longer be viable.
Companies will have to look for new ways of making money. There are some that have suggested switching to micro-payment models that will allow people to pay content creators peanuts. Twitter will not be the first company to try out this. But it might have the chance of creating decentralization.