Jack Dorsey is busy with his new company, Bluesky Social, as Elon Musk prepares to take over Twitter. You can find out everything you need here.
Jack Dorsey is working on a new social network while Elon Musk settles in as Twitter’s new owner.
Following his departure from Twitter’s board of directors in March 2022, the company’s co-founder has shifted his attention to Bluesky Social, a decentralized social network protocol.
And according to Dorsey, who recently noted that the app will be “a competitor to any company trying to own the underlying fundamentals for social media or the data of the people using it,” Bluesky will not be competing with Twitter in the traditional sense.
In a recent announcement, the company detailed its goals for the site, so users know what to anticipate from the latest social media platform.
A company tweeted on October 18 that “the World Wide Web wouldn’t have been much fun if it had been created without a browser,” referring to both the browser and the Authenticated Transfer (AT) protocol. And so, we’re also developing a social app we’re calling Bluesky.
A definition, please. Users of Bluesky will have full access to all of their social media platforms’ algorithmic features.
Algorithms “dictate what we see and who we can reach,” the Bluesky team wrote in a separate tweet. To feel safe in our digital communities, “we must have control over our algorithms.”
However, Bluesky has no plans to challenge Twitter. “The goal is for Twitter to ultimately be a client of this standard,” Dorsey wrote on Twitter on December 11.
After acquiring Twitter on October 27th, Musk has already made his mark on the company, with several high-ranking employees leaving (including current CEO Parag Agrawal).
The CEO of Tesla published an open letter hours before he was to take full control of Twitter, outlining his plans for the site. In a letter he published on the app on October 27th, he expressed concern that it would devolve into “a free-for-all hellscape, where anything can be said without consequences.”
He explained why he wanted to buy the app in the first place.
“The reason I acquired Twitter is that it is important to the future of civilization to have a common digital town square,” said Musk, explaining why he made the purchase. All I wanted to do was help the people of the world, who I care deeply about.
Jack Dorsey’s Bluesky Social App
Bluesky Social, the new app from Twitter co-founder Jack Dorsey, is currently in beta and will “soon” be released to the public.
The much-talked-about social media project is expected to compete with Twitter (TWTR) and other established players like Facebook (META), Instagram (FB), and Snapchat (SNAP) (SNAP).
Bluesky, the company behind the app, revealed its plans for the decentralized social network protocol that will power it on Tuesday.
Significantly, it promises that users, not corporations, will have access to and control over their data. This could have far-reaching consequences for the personal data economy.
Users will be able to transfer their account information between platforms thanks to the code in this app. Anyone with a Bluesky account will be able to sign in to any service that follows the new protocol. Therefore, they only need one account to access all of their preferred social media platforms.
After much fanfare, it has been revealed that the decentralized social media platform being developed with Twitter’s help will not be built on top of a blockchain.
Bluesky CEO Jay Graber said on Twitter on Thursday, “I’m confident in our decision to not put social media content on a blockchain.”
To which she elaborated: “You don’t have to use blockchain technology at all, and they don’t care if you do. In my opinion, it is not necessary to create a system that verifies the authenticity of your on-chain transactions and transactions.”
The New App Has The Potential To Upend The Global Data Economy, Which Is Worth Trillions
The multi-trillion dollar personal data economy could be drastically altered if users had the option to use social media sites without giving up control of their data.
The World Economic Forum (WEF) estimated in 2017 that the global data economy was worth $3tn (£2.65tn). In July 2022, Cambridge University released a policy report estimating the value of data-driven firms in the United States at more than $5 trillion.
The World Economic Forum estimates that 2.5 quintillion bytes of data are generated every day, with 90% of all data ever generated occurring within the last two years.
It’s no coincidence that Bluesky is making this move now when tensions are rising between the importance of data and people’s right to privacy and autonomy.
Data itself has no value, but it can be put to many good uses, such as in targeted advertising, manufacturing, and the innovations brought about by the Internet of Things and agriculture.
Recently, information sharing has become the focus of many companies operations.
Twitter’s Bluesky is a 2019 non-profit initiative that is currently conducting preliminary research.
Jack Dorsey, Twitter’s then-CEO, said after the company’s 2019 debut, “It will allow Twitter to access and contribute to a much larger corpus of public conversation, focus our efforts on building open recommendation algorithms which promote healthy conversation, and will force us to be far more innovative than we have been in the past.”
Twitter Under Elon Musk
Will Elon Musk, CEO of Tesla (TSLA), who is reportedly interested in purchasing Twitter, back Bluesky’s plans to turn it into a decentralized app?
Text messages sent between Dorsey and Musk during the latter’s attempt to acquire Twitter provides a glimpse into the philosophy behind Dorsey’s decentralized Bluesky project.
In documents made public last month as part of the ongoing litigation between Twitter and Musk, Dorsey is quoted as saying, “Twitter can’t have an advertising model.”
If Musk is successful in his $44 billion acquisition of Twitter, he has hinted at a new revenue model for the social media platform.
According to The New York Times, Musk expects advertising revenue on Twitter to drop from roughly 90% of total revenue in 2020 to 45% in 2021.
To compensate for the decline in advertising revenue, Twitter could expand its payments service and data licensing under a subscription model.
Dorsey warned Musk that “if Twitter has a centralized entity behind it, it will be attacked” in a now-public exchange of messages.
Perhaps Dorsey is alluding here to the growing support for decentralized web3 organizational models and his own regret at having taken Twitter public in 2013. The fact that it turned into a company, he said in August, is “the biggest issue and my biggest regret.”
I think it’s worth trying to move Twitter in a better direction and doing something new that’s decentralized,” Musk responded.
American Internet entrepreneur, programmer, and philanthropist Jack Patrick Dorsey (born November 19, 1976) is the co-founder and former chief executive officer of Twitter, Inc.
and the founder and chief executive officer of Block, Inc., a financial payments company. The American city of St. Louis, Missouri.
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