Elon Musk’s Twitter Deal to set the Stage for Decentralized Social Media
There have been plenty of speculations about the future of Twitter ever since Elon Musk announced his high-profile acquisition of the microblogging platform. The $44 billion Musk takeover indicates a whole lot of paradigm changes, most notably the involvement of cryptocurrencies.
Elon Musk, who co-founded PayPal in 1998, one of the earliest and most successful digital payment companies, has been keen on technology such as cryptocurrencies, which don’t require a centralized third-party processor.
As Bitcoin is breaking boundaries all across, the Twitter acquisition may witness a far more significant involvement of Crypto and Blockchain technology in the days to come.
For the last few years, there have been calls to initiate an open, decentralized standard for social media. In the Jack Dorsey era of Twitter, Bluesky was frequently mentioned, a digital initiative enabling Twitter to seamlessly decide that users and communities have their voice and rights with a less centralized perspective.
In other words, there are apprehensions that the Musk era will witness democratized moderation techniques, avoiding digital radicalization. The digital world powered by crypto, NFTs, the metaverse, and GameFi, aka Web3, can be a powerful tool to usher in new ways of owning content, monetizing it, and correlating with the content, making the crypto Twitter space essentially an upgraded one. It will enable Twitter to be used as a public Blockchain like a public database.
The role of Blockchain technology is going to play a pivotal role in this context. Blockchains help to solve the issue of digital censorship. In such a network, no netizen has to know or trust another. Each digital user has a copy of the same data, operating like a distributed digital ledger.
The modus operandi is simple, once a user’s digital ledger is altered or corrupted, other users will reject it outright. In the case of Twitter, the tweets are stored in the digital ledger. But a decentralized Blockchain shouldn’t be confused with a distributed Blockchain.
A decentralized social network protocol works or operates without any central governance or interference. The open and independent structure will enable the tweeple to see, search, tweet, and interact across the entire standard without any hassle. In other words, the entire decision of which accounts and networks are blocked from accessing will depend on the digital protocol enabled by Blockchain technology. All in all, the voice of the marginalized will not be compromised or censored by the platform.