Jack Dorsey is a major Bitcoin maximilalist. He is now talking about the future of Twitter being tied to blockchain.
What does he mean by that?
In this video I discuss what Dorsey's options are and how I see this being a ruse. The fact is that he cannot give up control (or the profit stream that comes from it), thus his options are limited.
▶️ 3Speak
I'm a huge fan of Jack and Twitter.
The problem is he can't decentralise Twitter!
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Twitter on blockchain I would have never imagined but it makes sense now that the idea has bring brought up. I still hope of an alternative to it or at least to empower users and let them be able to earn beside having everything go to the big company.
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While jack claim so, it demands some more value to get attention. I am agree with him. Though I don't use Twitter so much, but I have become a fan of Twitter last few days. So it's a great news for me that my beloved blockchain technology is supposed to be the future destination of my recent social media attraction: Twitter.
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I love as Jack is a big advocate of the blockchain but what he said sounds more futuristic. Decentralizing twitter would not work as much as he wants it. He knows this himself though. What we should do as a community is support projects with great products already. One of which is Changenow.
Summary:
In this video, Task discusses Jack Dorsey's vision for Twitter to transition to a blockchain-based platform, particularly emphasizing Bitcoin and the challenges associated with this move. Task raises concerns about how Twitter's business model, which is reliant on advertising revenue, may hinder a full transition to a tokenized or decentralized system. He explores various possibilities including tokenizing Twitter without blockchain, using a permissioned blockchain, or opting for a decentralized blockchain. Overall, Task questions the feasibility of making Twitter operate on a Web 3.0 model due to the complexities involved in integrating blockchain technology and the resistance from shareholders.
Detailed Article:
Taskmaster4450's recent video delves into the intriguing prospect of Twitter's potential transition to a blockchain-based platform under the leadership of Jack Dorsey. The discussion primarily revolves around Dorsey's strong advocacy for Bitcoin and blockchain technology.
Taskmaster initially highlights Dorsey's belief that the future of Twitter lies in blockchain due to its perceived advantages in enhancing data security. Dorsey's admiration for Bitcoin as the best form of currency further underscores his proclivity towards blockchain technology.
Task then delves into the complexities of integrating blockchain into Twitter's current business model, noting that the platform's reliance on advertising revenue may pose significant challenges in adopting a tokenized or decentralized system. The analysis presents two potential approaches that Dorsey could consider: using a permissioned blockchain or opting for a decentralized blockchain.
The video articulates Task's skepticism regarding the practicality of implementing a decentralized blockchain for Twitter, especially in terms of effectively managing the transaction fees associated with utilizing Bitcoin. The limitations of Bitcoin's scalability are also brought into the spotlight, raising doubts about its ability to accommodate Twitter's extensive traffic volume.
Moreover, Task reflects on the dilemma arising from the conflicting interests between Twitter's shareholders, who benefit from the current advertising-driven revenue model, and the potential shift towards a tokenized ecosystem. The challenge lies in reconciling these divergent interests while exploring options for tokenizing Twitter or establishing a separate blockchain infrastructure.
Furthermore, Task probes into the notion of decentralization within Twitter's context, emphasizing the essential role of control in centralized entities like Twitter to uphold financial stability and appease stakeholders.
In conclusion, Taskmaster portrays a nuanced perspective on Dorsey's blockchain aspirations for Twitter, underscoring the intricate balance between technological innovation, financial imperatives, and stakeholder expectations. The analysis prompts viewers to contemplate the complexities surrounding Twitter's hypothetical transformation into a Web 3.0 entity and raises fundamental questions about the feasibility of such a transition.