Jack Dorsey – founding member and current head of Twitter and Square – reportedly disclosed that Twitter is investing resources in a project that looks to come up with a social media-focused decentralized standard.
Specifically, on December 11, Dorsey took to Twitter to address a few specific issues, operations-wise, often encountered by social media platforms. These include straying far from content hosting, removal of recommendation algorithms used to navigate users’ attention, along with controversial and anger-stimulating topics, instead of contents that support civilized and knowledge-filled arguments.
“centralized enforcement of global policy to address abuse and misleading information is unlikely to scale over the long-term without placing far too much burden on people.” He moved on to mention the hardships faced by centralized solutions to the matters.
In conclusion, Dorsey suggested developing a new decentralized standard for social media, and that Twitter is taking charge in this, by investing extensive resources in a team, made up of 5 open source architects, engineers, and designers.
“It will take many years to develop a sound, scalable, and usable decentralized standard for social media that paves the path to solving the challenges listed above.”
Previously, Dorsey has invested directly in the crypto firm CoinList in the final funding round hosted by the company. Dorsey shared his remarks regarding the initiative, claiming “crypto needs a trustworthy platform for launching new projects. CoinList leads the industry in that role, and trading is a logical next step.”