Twitter Crypto: social network will have a division dedicated to cryptocurrencies

Twitter has established a team dedicated exclusively to encryption . Termed as “Twitter Crypto”, the division is described as a center of excellence for blockchain technology . The goal is to define strategies for the future of cryptography on Twitter.

To lead the team, Twitter hired software engineer Tess Rynearson, a professional with extensive experience in cryptocurrency startups, such as Interchain, Tender mint and Chain. Within Twitter’s hierarchical structure, she will be below the technology director, Parag Agrawal.

Action on three fronts will operate the Twitter Crypto

Initially, Twitter Crypto will operate on three fronts: the first is the use of cryptocurrencies to pay the social network’s content creators . Parallel to this, the division should explore how technologies that use blockchain can be an additional way of earning resources for creators.

For the third front, Twitter Crypto will not act alone, but in conjunction with another division of the company, Blue-sky . Together, the divisions will lead Twitter’s efforts to decentralize the social media market.
In a note, Twitter stated that there is an increasing interest in using decentralized applications to manage virtual goods and currencies. Therefore, Twitter Crypto’s focus will be on surpassing what is possible with identity , community and many other topics through cryptography.

No surprise

Twitter entering the crypto market with force isn’t exactly a surprise, as the company has been exploring this technology for some time. Recently, for example, Twitter started allowing its users to receive and send tips about Bitcoins .

Furthermore, the company’s CEO and founder, Jack Dorsey, is a well-known cryptocurrency enthusiast . Dorsey’s second company. Square, announced that he is set to build a Bitcoin hardware wallet and is considering building a Bitcoin mining system.

Twitter reports that Rynearson group is first focusing on three main areas of interest. It will first examine how the business can keep supporting cryptocurrency as a means of paying authors. In connection with that, it will examine how blockchain technology may generate an extra revenue stream for artists. Finally, it will spearhead the business’s attempts to decentralize social media with assistance from Blue-sky.