Twitter Inc (NYSE:TWTR) CEO Jack Dorsey has picked cryptocurrency developer and privacy veteran Jay Graber to lead efforts to build a decentralized social media network dubbed Bluesky.
What Happened: Graber, who contributed to the ZCash (CRYPTO: ZEC) project, announced the news on Twitter on Monday.
— Jay Graber (@arcalinea) August 16, 2021
On its website, Bluesky says they are “focusing on re-building the social web by connecting disconnected silos and returning control of the social experience to users.”
Dorsey termed Graber’s hiring as “another step towards decentralizing Twitter and social media.”
“Now we can move much faster, and through code,” the CEO wrote on Twitter.
On Monday, Twitter shares closed 1.6% lower at $63.78 in the regular session.
Why It Matters: Should Bluesky materialize and Twitter adopt the system, then posts on the network could be available through other interfaces as well, reported Bloomberg.
Content moderation would be affected since a post removed from one social media website could be available on another with a different moderation rule set.
Dorsey, who also heads Square Inc (NYSE:SQ), is a supporter of Bitcoin (CRYPTO: BTC) and has expressed strong support for decentralization.
The entrepreneur was recently critical of rival Ethereum (CRYPTO: ETH) and other coins on their founding principles, security, and centralization.
Even so, Dorsey has in the past defended Twitter’s censorship and moderation policies in Congress.
Responding to criticism surrounding political content and its moderation in October last year, Dorsey said “people have choice of other communication channels.”
“We have policies that are focused on making sure that more voices on the platform are possible.”