Elon Musk, Twitter, Dogecoin, Bluesky, and the Decentralized Social Media Race - Decrypt

Elon really did it. The gleeful jester king of Crypto Twitter—whose tweets about Dogecoin have repeatedly moved the rate, whose July 2018 “pedo male” tweet about a British cave diver landed him in court docket for defamation (he won), whose August 2018 “funding secured” tweet led to securities fraud expenses from the SEC ($20 million fine)—now owns the company.

When this story began 6 months back (!) with Musk’s original $44 billion provide, I wrote, “Musk likely will never get to obtain Twitter. But crypto advocates need to be cheering him on if they want to see Twitter at any time really embrace crypto equipment .” I was erroneous on the initially rely the second is still unanswered, but is heating up quickly.

Musk at first mentioned, equally publicly and in private (since-leaked) textual content messages, that he aimed to set Twitter on-chain and make it open-source, settle for Dogecoin for payments for Twitter products and services, and go soon after crypto spam bots.

But then, in texts with a agent for FTX CEO Sam Bankman-Fried, Musk wrote, “Blockchain Twitter is not doable. The bandwidth and latency specifications can’t be supported by a peer to peer network, except if individuals ‘peers’ are unquestionably gigantic , therefore defeating the goal of a decentralized network.”

And nonetheless! Binance, the biggest crypto trade in the world, backed Musk’s ultimate obtain to the tune of $500 million, and is “producing an internal team to concentrate on approaches that blockchain and crypto could be helpful to Twitter,” the corporation instructed Decrypt on Friday. Binance thinks it has Musk’s ear.

Regardless of your impression of Musk, any person who believes in the potential viability of crypto and blockchain methods and would like to see much more mass adoption should be enthusiastic to see what takes place next.

Twitter end users who are loudly railing against his possession and threatening to leave will typically not depart. The irony is that if they do, quite a few of their other options also now have a crypto link.

Facebook is so dedicated to the metaverse it renamed its organization Meta, and even after its metaverse division Reality Labs dropped $3.6 billion in Q3, sending the inventory plummet additional than 25%, it should double down on the method. It is unclear how considerably Meta’s metaverse will make use of crypto and blockchain, but recall that the corporation currently tried out to produce its own cryptocurrency when prior to.

Jack Dorsey, obviously a confidante of Musk who may well counsel him on what to do at Twitter, has departed Twitter to focus on Block, previously Sq., which, like Facebook, was so intent on publicly proving its dedication to a new area of ​​tech that it transformed its corporate name. But Dorsey’s separate “decentralized social media” effort and hard work Bluesky—birthed inside of Twitter and now independent—has just introduced a world-wide-web website for its AT Protocol (it stands for Authenticated Transportation) and opened the waitlist for its Bluesky app, which the staff frames as a “browser” for accessing the AT Protocol.

Bluesky is pursuing Dorsey’s eyesight of placing Twitter on to a protocol—just do not phone it blockchain (or World wide web3, because Dorsey will not believe that in that).

Even Kanye West is in the blend with Parler, the suitable-wing social media application he is shopping for. Parler introduced an NFT market in March termed DeepRedSky that debuted with a Trump NFT collection. Kanye himself has praised Bitcoin and was just lately spotted donning a Satoshi Nakamoto cap.

Discord backed absent from crypto wallet integration because of to outrage from avid gamers, but continues to be the most preferred house for DAOs, the crypto companies that operate on group voting.

Mastodon, a “decentralized social media platform” launched in 2016 that uses a network of open up-source servers, acquired 30,000 new signups on the day Musk acquired Twitter.

Even while some of these apps I’ve stated would say they have absolutely nothing to do with crypto, it truly is striking that so many social media platforms are hunting at making use of decentralization, the utopian rallying cry of the crypto business, to increase their UX or foster free speech.

I initially wrote about Bitcoin in 2011, and what excited me most again then was the likelihood of employing crypto to pay back for a paywalled information posting, without having the friction of getting into your credit rating card details and subscribing for a entire yr. In a related vein: What if the “killer app” for crypto and blockchain finishes up remaining a far better social media city square?

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