Jack Dorsey's Adventure.. Why did the Twitter manager decide to leave his cryptocurrency trading platform?

Decades before Jack Dorsey became a tech giant with two CEO titles to his name and a staggering $12 billion net worth, the young St. Louis, Missouri native, was a modeling and barely aspiring designer. or a massage therapist.

(1) Now that Dorsey, 45, has resigned as CEO of Twitter, the bearded billionaire, with Western habits who tend to wear nose rings, tie-dyed shirts, hiking and strict fasting, will have plenty of time to pursue his passion. New: Bitcoin mining.

Cryptocurrency mania

Dorsey remains CEO of Square Inc, the highly successful financial payments company he co-founded in 2010. In recent years, Dorsey has used his large public platform to preach the benefits of cryptocurrencies, particularly bitcoin.

Dorsey has been a longtime fan of bitcoin, attributing his "passion" for the world's largest cryptocurrency to its function as "an essential internet technology that is not controlled or influenced by any individual or entity".

“If I hadn’t been on Square or Twitter, I would have been working on Bitcoin,” Dorsey told the audience at Bitcoin 2021, a massive conference that drew tens of thousands of crypto-nerds to Miami in June.

not sure anyone has heard but,

I resigned from Twitter pic.twitter.com/G5tUkSSxkl

— jack⚡️ (@jack) November 29, 2021

With Dorsey now abdicating his responsibilities at Twitter, many are keen to know what encryption tasks Square will choose to do next. The company launched bitcoin trading in 2018 through its "Cash App", which allows users to buy and sell bitcoin. In 2019, the company formed Square Crypto, an independent team dedicated to contributing to the open source bitcoin work, and just last year, Square launched the Cryptocurrency Open Patent Alliance, or COPA, a non-profit organization that aims to accumulate patents. To encourage encryption.

Then Square announced last July that it was on track to create a new company dedicated to building decentralized finance (DeFi) applications for bitcoin, which Dorsey described as an “open developer platform with the sole purpose of facilitating the creation of non-prudential and unauthorized financial services.” No centralization of services.

In October, Square's CEO reiterated that his company could jump into the bitcoin mining space, and earlier in November the company released a paper detailing plans to launch "tbDEX", its own decentralized exchange for buying and selling cryptocurrencies. .

Square is creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services.

Our primary focus is #Bitcoin.

Its name is TBD.

— jack⚡️ (@jack) July 15, 2021

The company is also building its own portfolio to “make bitcoin more popular.” Square has put bitcoin on its balance sheet, and the company has recorded a $351.7 million investment in bitcoin since September 30.

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Explaining these steps, Amrita Ahuja, Square’s chief financial officer, said in a statement, “We believe Bitcoin has the potential to become a more mainstream currency in the future,” adding that while the presence of cryptocurrencies grows, “this investment is a step in the That trip."

Such investments come at a critical time for the crypto industry, as Ahuja stresses that she does not believe that this space has been invested enough, commenting, “Crypto is the intersection of financial services and technology, and that is literally 60% of the economy.”

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A new era for Twitter

Following this news, Twitter's stock initially jumped by as much as 11%, before trading on it was halted by the New York Stock Exchange.

After resuming trading, the rise stabilized at 4.6%, while "Square" shares rose by 0.5%.

(5) Overall, the Twitter platform achieved strong profits in the “Covid-19” epidemic, which saw the company record the fastest revenue growth since 2014 according to “CNBC”, and pushed the company’s shares up 9% in extended trading.(8)

Dorsey emphasized that bitcoin will be a "big part" of the company's future, and that he sees opportunities to integrate cryptocurrency into existing Twitter products and services.

Earlier this year, Dorsey assured investors that bitcoin will be a "big part" of the company's future, and that he sees opportunities to integrate cryptocurrency into existing Twitter products and services, including commerce, subscriptions, and other new additions (6) such as the Twitter Tip Jar. and Super Follows, adding that he believes there are a lot of innovations beyond just currency, especially when we think about decentralizing social media and providing more economic incentives. (7)

As for the future of the decentralized platform, an initiative sponsored by Twitter called "bluesky" has been launched, aiming to build an "open, decentralized standard for social media" of which Twitter is just a part.

The bluesky researchers reveal that their initiative, which is still in its early stages, could fundamentally change the power dynamics on the social web.

Bluesky aims to build a permanent system that ultimately ensures that social media sites like Twitter have less central responsibility in determining which users and communities have a voice on the Internet.

Just like Bitcoin that does not depend on a central bank to control it, the decentralized social network protocol operates without a central administration, which means that Twitter will only control its own app built on “bluesky,” not the other apps on the protocol.

An open and independent system will allow everyone to view, search and interact with content across the entire (standard) system.

Some other social platforms such as Parler or Gab can theoretically rebuild their networks on bluesky, taking advantage of the advantages of the open protocol.

This system would also provide a meaningful measure against government censorship and protect the discourse of marginalized groups around the world.

Jack Dorsey's departure from Twitter seems to hold a lot for the platform's future.

But the whole thing is not without its risks, with many software developers skeptical about Twitter's motivation to create the "bluesky" protocol.

Shortly after Dorsey's initial 2019 announcement, Mastodon's official Twitter account posted a stinging critique, writing: "This is not an advertisement for reinventing the wheel, this is an advertisement for the creation of a protocol controlled by Twitter, as Google controls Android."

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However, the decentralization of power on the Internet is a major personal passion of Dorsey. At Twitter, he led the funding of the "BlueSky" project with the goal of enabling users of different social networks to communicate more easily with each other. Dorsey has also been an outspoken advocate of workplace decentralization, with Twitter being one of the first companies to announce leaving the option for employees to work from home indefinitely in the wake of the coronavirus pandemic. In addition, Dorsey discussed moving part-time to Africa as a way to "decentralize", although he has backed away from that plan as the Covid pandemic grows more serious. (9)

Conspiracy theories aside, it seems that Jack Dorsey's departure from Twitter holds a lot for the platform's future, and if that means one thing, it means that the future is decentralized.

Dorsey and his Bitcoin geeks say they won't stop before real power on the internet is in the hands of ordinary people just like you, not in the hands of central governments, and that's just the beginning.

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