It was a hot piece of news around San Francisco when Jack Dorsey who is holding the position of Twitter CEO, have to explain in public the issue of deleting Donald J. Trump’s account. By using his social media platform. He was surprised to know that a new technology inspired by cryptocurrency Bitcoin would be an ideal solution to this problem.
It is also noteworthy that at the same time both YouTube and Facebook came into action and banned tens of thousands of Mr. Trump supporters and whites. Most of those banned users adopted alternative programs like LBRY, Minds, and Sessions. All these platforms have one thing in common as they are all inspired by Bitcoin design. Become a Bitcoin Billionaire by investing in Bitcoin.
Tech Giants struggling hard to Device a System Like Bitcoin
These two advancements were a result of the tiring efforts of The two technologists, investors, and everyday users. They were successful to bring forward a system resembling the Internet’s key building blocks. But this new system was more difficult for tech giants like Facebook and Google.
These technologists are specifically focussed on new technological ideas introduced by Bitcoin, a cryptocurrency established on the simplest designed online network intending to decentralize power.
As compared to other crypto coins, Bitcoin is an organized coin that is created and operated by a wide and diverse network of computers. It has no authority over any central bank or financial institution. It’ works just like Wikipedia which allows its users to edit data to help others. This basic technology is called a blockchain and it includes a common ledger used to keep the record of Bitcoins.
Bitcoin system- Main attraction to Social Media Networks
So by looking at this system of Bitcoin cryptocurrency, several companies are planning to use social media networks to create social media networks, store online content, and manage websites.
And all these things they want to do by using blockchain and similar technologies without any responsible authority. This would enable them to make their social media system a more complex one making it nearly impossible for any government or company to block accounts or delete content.
All these experiences are new and relevant when we see the latest advancements introduced by the largest technology companies. Jeremy Kauffman, who is the founder of LBRY, providing a decentralized service for streaming videos says that when you agree with clear decisions, it does not mean that these decisions are good in general.
This opens new doors for upcoming challenges. Dozens of startups are ow offering alternatives to Facebook, Twitter, YouTube, and Amazon web hosting services.
And surprisingly enough all of these are on decentralized networks and shared ledgers. Also, they are successful in grabbing millions of new users in the last few weeks, according to information company SimilarWeb.
The information scientist and author Emmy Bevensei calls it to be the biggest wave ever. He explains in detail discussed in place communities, how these evolving technologies can affect the world on a very large scale.
Blockchain Based Projects
Bitcoin appeared in 2009 with the basic idea to allow everyone to open a digital bank account and keep money free from the influence of any government’s regulation. Initially, it was successful to gain attention among the people who want to pay for illegal drugs.
With it, onward price hike, more and more people in Silicon Valley started to look at it due to its unusual technical features based on cryptocurrency. Even some people started to claim it to be the best fit technology sufficient to redesign everything from product tracking to online games.
Last year, a project named Arweave which was purely blockchain-based was introduced equipped with a system to permanently store and display website data and documents. This data included all the details from the protests in Hong Kong to the agitation of the Chinese government.
Mr. Dorsey has been a big supporter of this new trend and he has expressed his deep interest in this system in a discussion on Twitter about the promise of decentralized social media and promoted Bitcoin through another company. He is also apart of the management at Square, a financial technology provider.
The creator of the signal is Moxie Marlinspike has expressed his point of view saying that blockchains are not the best fit substitution for the ones desiring to have the power of Big Tech.
We see that several people have picked the choice of being a member of encrypted messaging programs like Signal and Telegram, which do not need to be blocked.
But it is also true that it has made it difficult to introduce a platform with good software. Despite all this scenario, we have seen a visible hype for decentralized systems over the past month. A blockchain-based system known as IPFS started to incorporate software to make web content more reliable and to block sites.