Twitter needs blockchain for safety and privacy

Andrey Costello
Jul 20, 2020 · 2 min read

The recent Twitter hack shows us that centralized infrastructure is still vulnerable, but blockchain can change the paradigm.

Twitter should be decentralized — its the only way to avoid future problems with hackers, similar to what happened last week.

Hacking Twitter accounts of prominent politicians, entrepreneurs and corporations, most of whom are U.S. citizens, is a federal crime. The FBI is already investigating incident, that happened last week. Twitter CEO, Jack Dorsey, has been called to the Senate to testify.

Congressmen are concerned about the demonstrated massive discredit of politicians’ accounts and the possibility of false publications that affect public opinion. The upcoming U.S. presidential election is forcing lawmakers to take emergency action against all social networks, which will be a huge expense for their business. This will prevent Dorsey from fulfilling the promises he made to shareholders that allowed him to remain as CEO of Twitter.

The company has not yet published the reasons for the hack, but Motherboard news site claims that the intruders bribed the official by gaining access to internal account management tools. If this information is confirmed, Twitter users are at risk of losing their personal data and private correspondence.

The information was the primary target of the attack, and Bitcoin’s transfer requests were a distraction. They could not justify the cost of hacking Twitter, but still brought the attackers 375 transactions worth $120 000 (12.86 BTC). Now these funds are tracked by CipherTrace and ChainAnalysis.

The Twitter hack led to an absolute historical record of mentions of the cryptocurrency in social networks in 24 hours. Bitcoin was directly mentioned in 96% of posts, while the other 4% indirectly mentioned digital currencies. Users published 550 thousand posts that affected the platforms: Reddit, YouTube, Medium, Facebook and of course Twitter.

Analysts admit that it was the best marketing company in the history of cryptocurrencies. Hackers also made a clear contribution to future decentralization of social networks. Lawmakers were given an example of how dangerous centralized control over accounts can be. Blockchain is the only possibility to give keys and access to accounts, directly in the hands of users. Decentralization of social networks can become a legislative norm.

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Andrey Costello

Written by

Bitcoin-maximalist. Optimistic family man and miner with six years of age. I write about complicated things from the future for people of our days.

All about cloud Bitcoin mining — Hashmart Blog

Cloud Bitcoin Mining with Hashmart.io — it is a convenient, easy and reliable way to earn Bitcoin and multiply your investments regularly. Here you can find everything about cloud mining and cryptocurrencies. Join the Hashmart.io Miners Club — we know how to get Bitcoin!