Twitter Working On Its Own Crypto Wallet Prototype
October 24 2022 - 4:31PM
NEWSBTC
Software engineer Jane Manchun Wong, famous for her reports on
to-be-launch tech features, claimed that Twitter would implement
its own crypto wallet. Currently, the project is under development,
and the team behind the feature is still working on a
prototype. Related Reading: Altcoin Exchange Dominance Rises
To 50%, What Does It Mean For Bitcoin? According to Manchun Wong,
the crypto wallet will enable users to deposit and withdraw their
funds without relying on third-party services. At the time of
writing, there is no official announcement or statement from the
company, only unofficial reports. Twitter is working on a
“wallet prototype” that supports “crypto deposit and withdrawal” —
Jane Manchun Wong (@wongmjane) October 24, 2022 Twitter’s
Crypto Wallet Prototype Only The Beginning? The Jack Dorsey-founded
social media has been one of the most crypto-friendly platforms,
alongside Instagram and Reddit. Under Dorsey’s leadership, the
company launched several features allowing users to link their
crypto wallets to their profiles. However, this feature
requires that users create and manage their own wallets and
addresses. The feature was initially compatible with Bitcoin.
Later, Twitter extended the feature to Ethereum addresses and
non-fungible tokens (NFTs). Until now, there were no reports
of a native Twitter crypto wallet. If implemented, the process of
sending and receiving tips, and using the NFT profile picture
feature, could be much easier for the users. They won’t need to
link or manage an external wallet. The social media platform
continues to improve its crypto features after the change in
management. The company’s founder Jack Dorsey left his role
appointing Parag Agrawal as CEO. In addition to a crypto
wallet feature, there is a separate division called “Bluesky.” The
team behind this project is working on a social media solution as a
“social protocol.” In that way, these platforms will be able to
operate beyond the structure of a traditional company. They will
adopt the values akin to Bitcoin and cryptocurrencies of
transparency and decentralization. In that sense, the
protocol might give more power to social media users allowing them
to choose the services they want to operate with, control the
algorithms running them, and even their performance. What’s a
“federated” network? It’s a way for servers to communicate with
each other – like email. Instead of one site running the network,
you can have many sites. Users get a choice of provider, and
individuals and businesses can self-host if they want. — bluesky
(@bluesky) October 18, 2022 Related Reading: Can Bitcoin
Bring An End To Crypto Winter? | BTCUSD Analysis October 24, 2022
Although Twitter and Bluesky operate as separate entities, they
were both founded by Dorsey to take social media to the future, to
a period where crypto wallets might become the new normal in the
form of social protocols.
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