Twitter has stepped up its game by planning to unveil its own decentralized digital currency after the digital form of money that is cryptocurrencies has reached a level playing field.

Highlights:

  • The launch of the crypto team is part of Twitter's commitment to decentralization

  • With the addition of NFT profiles, Twitter is igniting a new race with Facebook

  • Would You Rather Have A Tweet—Or A Crypto Coin? The difference between the two is becoming increasingly difficult to distinguish.

The launch of the crypto team is part of Twitter's commitment to decentralization

The Verge reported that Twitter has hired Tess Rinearson as its engineering lead to help determine the future of crypto at the company (and on Twitter).

Rinearson said on Twitter that the company would first look at how it could support creators' interest in decentralized apps for managing virtual goods and currencies as well as supporting their work and communities.

"In future projects, we will explore how ideas from the crypto community can help push the boundaries of what is possible with identity, community, ownership, and many other topics," she added.

According to Rinearson, her team will be collaborating with Bluesky, a non-profit initiative to create a decentralized social network standard.

Twitter said Richardson will work under Chief Technology Officer Parag Agrawal, and they will be part of an upcoming team focused on decentralizing social media.

Are they crypto punks, or are they just punking people?

With the continued fascination with NFTs like Crypto Punks and other digital collectibles and cryptocurrencies on Twitter's platforms, the company hopes to answer this question.

Earlier, Twitter announced the launch of a feature that allows users to verify ownership of NFTs. The service lets ether holders link their Twitter accounts with their ether wallets.

Afterward, users can display their Twitter profile pictures within a hexagonal frame containing their NFTs, which serves the same function as Twitter's blue checkmarks as a way of authenticating themselves. For now, verified NFTs are only available to iPhone users who subscribe to Twitter's premium subscription service, Twitter Blue. (Without a verification tool, it would be possible for a dozen people to use the same NFT as their profile pictures without anyone knowing who actually owns it.)

In a move that has much greater significance for Twitter, it is attempting to capitalize on founder Jack Dorsey's interest in cryptocurrency and turn it into a hotbed for crypto-related discussion, which is becoming one of the internet's favorite topics. This is the first public display of NFT profile pictures since Twitter formed a new unit, Twitter Crypto, which was designed to consider how it can incorporate blockchain technology into its business.

On Twitter, users can send money to creators through its Tips function, where they can send bitcoin.

Twitter's launch comes at a conspicuous time since The Financial Times reports today about Meta's own NFT plans, which are very similar to Twitter's. Meta, the company is formerly known as Facebook, is also reportedly seeking to provide a mechanism for creating NFTs and a marketplace, a move that would place the company in direct competition with a number of other NFT startup companies, most prominently OpenSea.

The company wants you to believe its sheer size-around 3 billion users on Facebook and Instagram will give it an edge over its competitors.

There is a bit of swampland I'd like to sell you if you buy that thinking unquestioningly: Facebook has tried to innovate by straight-up copycatting, a method that has nearly failed every time it has tried to do so.

reference: https://www.forbes.com/sites/abrambrown/2022/01/20/twitter-nfts-crypto-profile-pictures-facebook/?sh=7518e03927ea

https://www.business-standard.com/article/international/twitter-building-dedicated-crypto-team-to-focus-on-blockchain-121111101271_1.html

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