Twitter forms an encryption department, social giants collectively embrace the encryption field

According to a report in the Financial Times, the global social platform giant Twitter is forming a new department called “Twitter Crypto”, which focuses on encryption, blockchain and other decentralized technologies, and has hired Tess Lenilsen (Tess Rinearson) served as the head of the encryption department.

Lenilson also revealed on Twitter the key plans the crypto team will focus on in the near future. First, they will develop decentralized applications (DApps) for creators to manage virtual goods, cryptocurrencies, and fan support communities. Second, Lenilson also hinted that the team will use encryption to enhance the identity, community, and ownership on Twitter. 

In addition, Lenilson also pointed out that her team will work with Twitter’s decentralized social network project BlueSky to “help shape the future of decentralized social media.” 

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Twitter has long supported cryptocurrencies

Twitter CEO Jack Dorsey (Jack Dorsey) has always been a staunch supporter of Bitcoin , and his other company, Square, one of the world’s largest payment processors, has made big bets in the crypto field. According to the investigation, Square currently holds 8,027 Bitcoins, which is equivalent to USD 500 million at the time of writing at the price of USD 64,500. Square’s Cash App allows users to buy and sell Bitcoin. According to the company’s financial report, Square’s Bitcoin service revenue in the first quarter of this year was 3.5 billion U.S. dollars, and the second quarter’s Bitcoin revenue was 2.7 billion U.S. dollars. However, affected by the decline in the crypto market, the Bitcoin service in the third quarter only brought in $1.76 billion in revenue for Square. Nevertheless, Square is still actively exploring Bitcoin-based decentralized exchanges, hardware wallets, custodial services, and mining systems.

Bitcoin reminds Dorsey of the “early Internet” . He said with Tesla CEO Elon Musk at the “B-Word” conference in July this year : “Bitcoin has deep principles. It is strange and always evolving. It reminds me of The Internet as a child.” Dorsey ultimately hopes that Bitcoin can create or help create “world peace.”

In the second quarter earnings conference of Twitter in the same month, Dorsey stated that Bitcoin is the “best candidate” for becoming the “native currency” of the Internet, which will mean that “people and companies can trade freely anywhere on the planet. Goods and services.”

“I think Bitcoin is an important part of our future. Bitcoin has many innovations beyond being a currency, especially when we consider decentralized social media and provide more economic incentives. So I think this is very important for Twitter Important, we will continue to focus on this area and actively invest in it,” he added.

In September, Twitter introduced a feature that can change the world-Bitcoin tipping. On September 24, Twitter announced the launch of a “tip” tipping service to its 300 million active users, allowing users to send or receive bitcoins by sharing their wallet addresses or using the integrated “Strik” wallet, and tipping bitcoins to people they like. currency. But most importantly, Twitter also announced that it will allow users to use their Bitcoin wallets to connect to the NFT associated with Twitter’s identity.

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The integration of Bitcoin and Twitter also means that Twitter has accomplished something that other technology giants cannot currently do: building a borderless payment system in applications.

What are the other social giants doing?

Facebook

As a “global social giant”, Facebook regards Metaverse as the future, and through rebranding, the parent company is renamed Meta (abbreviation of Metaverse, that is, Metaverse), making the company’s positioning more clear-fully betting on Yuan The cosmic circuit. Highlights include potential 3D social interactions, the ability to work in the meta-universe, and the way NFTs can be used to represent collectibles and avatars. For example, concerts can be held online, users can join online by wearing AR glasses, and after the event is over, they can also use their digital identities to purchase NFT merchandise around the concert. 

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It is worth noting that blockchain technology, cryptocurrency and NFT will become an important part of the meta universe. In addition to Facebook, Nvidia, Microsoft, Amazon and other technology companies are also actively exploring and deploying the meta universe.

Reddit

Reddit is a platform that integrates entertainment, social networking and news. Users can post text or links on the platform. At present, Reddit, which has 300 million monthly active users, is moving closer to “Tokenization” and Web3.0, and will cater to the crypto community with a new look of decentralization and communityization. The Reddit encryption team stated that the first thing to do is to convert Karma points into tokens. (Karma is the points that users get when their posts and comments on Reddit are liked by members)

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“Everything will be permissionless, open source and decentralized, just like encryption. I can’t wait to wait for it to land on the mainnet to see how the DAO is formed, how to manage it, and what DeFi, NFT application.”

Currently, Reddit has tested 2 community points on the Ethereum Rinkeby testnet and Arbitrum network. These 2 communities have a total of 80,000 users (sr/cryptocurrency and r/FortNiteBR).

Discord

Discord is a real-time chat software designed specifically for the community, mainly for gamers, educators and business people. Users can interact with each other through information, pictures, videos and audio in the chat channel of the software. Since the explosion of the crypto market, Discord has gradually become a hotbed of the crypto industry community. Like Reddit, Discord will also cater to the crypto community by transitioning to Web 3.0.

In August of this year, Discord released a user survey to evaluate the community’s response to NFT and solicit users’ opinions on NFT and the encryption issues that Discord can solve. Earlier this week, the venture capital firm of Reddit co-founder Alexis Ohanian (Alexis Ohanian) announced a partnership with Solana Labs’ venture capital firm to invest $100 million in decentralization Social projects. “In the early stages of Web3, we are at a critical turning point.”

The social platform with 150 million active users this month may be integrated with the Ethereum blockchain . On November 9, Jason Citron, the founder of Discord, posted a screenshot on Twitter. In the screenshot, we can see that Discord will support MetaMask and WalletConnect. This will allow users to connect to Ethereum on Discord, enabling users to send tokens to each other as easily as sending messages, and for groups of certain encrypted projects, this will promote Token airdrops.

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However, this has also been strongly opposed by some long-time Discord users, who believe that the encryption industry is full of scams. Many users are threatening to cancel their Nitro subscription, which is Discord’s paid premium service and the company’s main source of income.

Is actually heading to Web3.0

Scott Lewis, co-founder of DeFi Pulse, believes: “It makes perfect sense for Discord to integrate Ethereum because the lack of Web3.0 user authentication is a major vulnerability exploited by scammers on its platform.” People can easily pretend to be those who are not there. Celebrities on Discord (this is also a long-standing issue for Telegram).

Santiago Santos, a well-known angel investor, said that he is most optimistic about Twitter’s efforts: “I think NFT really resonates. If Twitter builds the best NFT authentication process, they may open it to other websites. So In the future, Twitter will become the infrastructure of Web3.0.”

However, from the perspective of Web3.0, these companies will inevitably “tokenize” and decentralize power to community users for DAO governance. Some people are skeptical that these social companies that have grown up “need tokens”. They already have a large number of users. Can tokens increase user stickiness? Are these controlling companies willing to share control through DAO, and will they give users a lot of power from the company?

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Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/twitter-forms-an-encryption-department-social-giants-collectively-embrace-the-encryption-field/
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