Twitter, the beloved social network of all crypto lovers, is committed to advancing the decentralised technology industry and has established a dedicated crypto team focused on building solutions for cryptocurrency, decentralised applications, and DeFi.
Tess Rinearson, an engineer, will lead the team. Tess worked on the development of Tendermint Core prior to joining Twitter, as well as with Chain.com, the Interchain Foundation, and Cosmos.
As Tess Rinearson describes in a thread, the team will focus on cryptocurrencies, blockchain, and other decentralised technologies in order to develop solutions that are not necessarily financial in nature.
The team intends to improve the Bitcoin tipping platform and the previously announced NFT-based proof-of-identity service. Rinearson intends to work on support for Dapps and other identity-based solutions, asset ownership, and community building in the future.
The team will be called “Twitter Crypto,” and while there is no job listing, Tess has opened her DMs to anyone interested in joining the initiative.
While the news may be promising for cryptocurrency aficionados, the attitude of traditional investors appears to be quite different.
Twitter’s stock has begun a precipitous drop, shedding about 25% in less than two weeks. The charts indicate the first unambiguous death cross since 2019, following a late October collapse that took the market below the psychological support level of $55.
Decentralization does not appear to be a selling point for Twitter investors. If the slump continues, TWTR may test the $50 support level, unless a recovery reintroduces the stock to the $55-$60 price zone.
Twitter is likely the most crypto-friendly social media platform available. The company’s ideology is consistent with CEO Jack Dorsey’s aim for Bitcoin to become the internet’s money and blockchain technology to alter humanity’s future.
To help accelerate the development of this technology, it just added the ability to give and receive Bitcoin tips via the Lightning Network. The campaign elevated Bitcoin to the level of other payment methods such as Cash App, Patreon, and Venmo.
Additionally, Twitter’s CEO recently announced the launch of the Bluesky program, which is aimed at decentralizing social networks.
Jack Dorsey sees a future in which users may curate their social media experience by selecting their preferred recommendation algorithm, rather than depending on a single firm to do it.
Since 2019, the concept has been in development but has not yet been executed. If successful, Bluesky might supplant previous initiatives such as Mastodon, Twitch, Minds, or Hive as a model of a successful social network on a global scale.
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