October 5, 2022

Twitter Announces a Team To Focus on Crypto, Dapps, NFTs and Blockchain Technology

3 min read

Twitter, the darling social network of all crypto lovers, is figured out to boost the decentralized innovation industry and has actually created a devoted crypto team focused on developing options for crypto, dapps, and DeFi.

Engineer Tess Rinearson will lead the group. Before joining Twitter, Tess was involved in the advancement of Tendermint Core, also dealing with Chain.com, the Interchain Foundation, and Cosmos.

Hi Twitter Crypto

As Tess Rinearson discusses in a thread, the team will operate in the area of cryptocurrencies, blockchain, and other decentralized innovations to create solutions that are not necessarily associated to the financial domain.

The team wants to perfect the Bitcoin tipping platform and the revealed proof-of-identity service via NFTs.

Even more down the roadway, Rinearson prepares to work on assistance for Dapps and other identity-oriented services, property ownership, and community structure.

Under the name “Twitter Crypto,” the group will supervise of handling whatever Web 3.0 associated, and although there is no task listing, Tess has opened her DMs for anyone thinking about participating in the job to use.

Twitter Investors Are Not Impressed

Although the news may come as motivating to cryptocurrency enthusiasts, the view seems very different from the camp of traditional investors.

Twitter shares have actually embarked on a steep decrease, losing nearly 25% over a period of almost 2 weeks. The charts reveal the first clear death cross since 2019 after a late October plunge knocked the stock cost listed below the psychological support of $55.

Price of Twitter Stocks. Source: Tradingview
Price of Twitter Stocks. Source: Tradingview Decentralization does not appear to buzz Twitter investors. If the sag continues, $TWTR might touch the $50 assistance unless a healing proves the scenario wrong and brings the stock back into the $55-$60 price zone.

Working to Decentralize the Future

Twitter is most likely the most crypto-friendly social media network out there. The company’s viewpoint is in line with CEO Jack Dorsey’s vision that Bitcoin can become the currency of the web and blockchain technology can change the future of humankind.

To drive the advancement of this technology, it just recently implemented a functionality to send and receive tips in Bitcoin through the Lightning Network. The initiative put Bitcoin in the same league as other forms of payment such as Cash App, Patreon, and Venmo.

In addition, Twitter’s CEO just recently introduced the Bluesky effort, which focused on decentralizing socials media.

Jack Dorsey envisions a future where the user can select what they see on social media networks by selecting their preferred suggestion algorithm, instead of counting on a single company to manage it.

The concept has remained in development since 2019 but has not yet been executed. If successful, Bluesky might enforce itself as an example of a successful social media network globally, above other initiatives such as Mastodon, Twetch, Minds, or Hive.