Among other things, Bluesky has explained that Elon Musk taking over Twitter does not affect its operation or independence.
Decentralized Twitter Inc (NYSE: TWTR) project Bluesky remains unaffected by Twitter’s recent decision to sell to Elon Musk. The Twitter-funded social media project explained that it has been independently operating as a public benefit limited liability company since February. Bluesky took to Twitter to issue a statement on its official handle starting out saying:
“Given the surge of interest in Twitter’s future, we thought this would be a good time to clarify the relationship between Bluesky and Twitter.”
The project, which seeks to rebuild how social media companies operate, followed up with a long sequence of explanatory notes.
“The “public benefit” part of our structure gives us the freedom to put our resources towards our mission without an obligation to return money to shareholders. The company is owned by the team itself, without any controlling stake held by Twitter,” it reads in part.
Furthermore, Bluesky also clarified its funding aspect as well its internal structure, saying:
“Bluesky has received $13 million to ensure we have the freedom and independence to get started on R&D. Former Twitter CEO is on our board, & a former Twitter security engineer has joined the team.”
Bluesky Seemingly Beyond Musk’s Reach Despite Twitter Ownership
Bluesky’s demonstrated independence status makes it somewhat extraneous to Musk’s immediate plans to “revamp” Twitter. Tesla Inc (NASDAQ: TSLA) CEO already stated that upon purchase of the social media giant, he would take it private. In addition, Musk also intends to promote “free speech” and minimize content moderation on Twitter. Also, the outspoken billionaire businessman suggested that he might introduce crypto payments, such as Dogecoin (DOGE), to the microblogging platform.
Initiated in 2019 by then Twitter CEO Jack Dorsey, Bluesky gained momentum in 2021 with a helping hand from two key developments. The first was in January, an ecosystem review of decentralized metaverse social apps serving crypto and Web3. Dorsey had envisioned Bluesky as an “open and decentralized standard for social media”. The second development that facilitated Bluesky’s agenda was the August 2021 appointment of former Zcash core developer Jay Graber as its lead.
Since its inception, Bluesky has borrowed inspiration from several crypto projects. These include IPFS, a protocol that allows for peer-to-peer file sharing, as well as the Basic Attention Token that incentivizes Brave browser users to watch ads.
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Dorsey has since stepped down from his executive position at Twitter. The co-founder of the social media giant now spends his time leading payments platform Block, formerly called Square. As a Bitcoin (BTC) devotee, Dorsey has also overseen Cash App’s incorporation of BTC purchases and approved a BTC-focused decentralized exchange. In addition, the billionaire American internet entrepreneur is also working on the development of Bitcoin mining rigs.
In the buildup to Musk’s Twitter purchase of Twitter, the price of DOGE soared 27% to around $0.1711.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
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