Someone said if you're going to buy an alt coin, buy the one that has the potential to surpass Bitcoin.
Twitter is a multi billion dollar company, in this post I explore my thoughts about a Decentralized Twitter from the perspective of the mechanics of Hive Blockchain.
If Twitter was decentralized and built on a Blockchain perhaps few years ago, the world will be a very interesting place today.
Twitter makes billions of dollars in revenue yearly, its no wonder they are considered as Big Tech. In the last reported quarter, the number of global mDAU amounted to 187 million users. While this is massive, it is quite little compared to the global population of over 7 billion people.
Security
A decentralized Twitter will have the security of Hive Blockchain and except users are careless with the storage of their keys, their data will remain safe and immutable for life.
Censorship resistant
A decentralized Twitter will be censorship resistant, meaning that what happened to Trump or other content creators that at some point got suspended or outrightly kicked out of Twitter will be made impossible. A lot of people get decentralization wrong when it comes to rules, they think it promotes lawlessness and disorder.
Governance
A decentralized social media doesn't mean the absence of rules, it means rules are created by the community for the community, in contrast to one single entity or central body making up the rules.
Hive Blockchain implements a proof of stake voting mechanism, community members/users who own stake use their stake to vote the people called witnesses who secure the chain-confirm blocks-implement rules...
Distribution
Twitter generates billions in revenue yearly, if Twitter was operating with the Mechanics of Hive Blockchain, the revenue generated will be shared by all users based on the amount of stake they own. Some people will even make using Twitter their full time job.
Through the proof of stake voting mechanism, Hive users are able to distribute Hive tokens(the currency accepted for operation in the network) in form of rewards to other users thereby ensuring the spread of wealth.
Global Economy
A decentralized Twitter will empower a global economy of users transacting with each other with one singular currency in a fast and feeless, trustless and transparent currency. It will enable the establishment of decentralized online marketplaces run through smart contracts on Hive.
Anybody from anywhere will be able to participate in the economic activities and revenue sharing by simply being active by posting or through several other initiatives like curation and delegation etc.
I could definitely go on, as these barely only scratch the surface of the importance and benefits of Twitter on Hive Blockchain, the world of advertising would be revolutionalized, I'll explain that in another post.
After all these, will Twitter implement Hive blockchain technology? That is entirely unknown right now, perhaps if Jack and his cohorts who have been on the pursuit to create a censorship resistant social media platform eventually decide to quit bitching around and do what he actually says on Twitter,..
This will take time to build. We are in the process of interviewing and hiring folks, looking at both starting a standard from scratch or contributing to something that already exists. No matter the ultimate direction, we will do this work completely through public transparency
Source
Emphasis on "or contributing to something that already exists"....
Then maybe project Bluesky will stand a chance.
Anyway, all hope is not lost. You see all those highlighted points above, I'm not the only one who recognizes them, even Jack Dorsey knows it, which makes me see the guy in a different light, but thats another story,....there are quite a ton of people who also do and some are taking pragmatic steps to show it to the world as well but not through abstract ideas or vague plans, but through actual work and product.
Through many announcements of announcements, its been discovered that Leofinance aims to walk the walk rather than just talk, back in the day, the idea of Steemit was to revolutionalize platforms like Reddit, Medium and the likes through Steem blockchain technology, was it successful? Well it depends on what you see success as.
Success here might just be the evolution of Steem Blockchain/Steemit into Hive.blog and Hive Blockchain which makes that initial idea even better, more superior, enough to be successful,. Today, the aim is revolutionalizing Twitter with Hive blockchain technology, a Leofinance project.
Will it be successful? Perhaps it depends on your definition of what success is, about a year ago, the Leofinance project was kicked off and today if you're in crypto esp Hive and you don't know what Leofinance is you must be living under a stone. Maybe that's success for you, maybe success is the fact that the Leofinance team are go getters and such innovators that Leofinance keeps evolving and breaking boundaries....
Or maybe success is just the fact that there is a community of resilient, intelligent and innovative Web 3.0 savvy users on Leofinance comparable to no other community in the world committedy to take on the vision into realization heads on.
Irrespective, one thing is super sure, you don't want to be standing out side while finding an answer to that. Through several announcement of announcements we can see that there will be airdrop given Leo token holders for operating on the new microblogging platform.
Out of 10 Leofinance users, 5 will tell you they were late on getting into Leofinance at its inception and sorely regret it, I mean, who wouldn't. While Jack Dorsey, his cohorts and the rest of the world are spiralling into the search for a technology to create a decentralized microblogging/social media upon, Leofinance is already way ahead, by merging an existing community with the most advanced technology suited for the vision.
A "Twitter" on Hive Blockchain done right will make a huge impact on the world for generations to come,...ofcourse this will take several years of development to rich its full potential and massive adoption, surely, other factors can come in between to skyrocket the pace, but what we all know is great things take time and Rome wasn't built in a day. Baby steps right....in the right direction...
....You'd be shocked to see 1 Leo token valued at 50$.
What do you think?
Thank you for reading.
To read more about the announcement of announcements click here
@khaleelkazi/sjkvyxma
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