Jack Dorsey Goes All In. Could Bluesky and His Bitcoin Mining Chip Revolutionize Web3?

Is Jack Dorsey reshaping the Web3 industry with his Bitcoin mining chip and decentralized social network Bluesky?

A man is taking a photo of Jack Dorsey sitting on a circular mining chip in front of a blue sky.
Created by Kornelija Poderskytė from DailyCoin
  • Jack Dorsey is shaking up the Web3 industry with his initiatives. 
  • The former Twitter CEO’s Fintech company is preparing to launch a groundbreaking mining rig to decentralize the Bitcoin mining industry. 
  • Dorsey’s decentralized social media platform Bluesky is attracting thousands of users with its innovative approach. 

Web3 adoption is rising, and former Twitter CEO Jack Dorsey is leading the charge with his campaigns. From selling his first tweet as an NFT to launching revolutionary initiatives, Dorsey’s reshaping the Web3 industry with his visions.

One such vision is his decentralized social network Bluesky which many already tout as “Twitter 2.0.” While the platform is still in its early stages and invite-only, users are flocking in large numbers to “skeet” to their heart’s desires without any censorship or control. 

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But that’s not all. Dorsey’s other ventures are also making significant strides, especially his fintech company Block, which lately covered a lot of ground in its revolutionary Bitcoin mining chip development, given heavy hitter Intel announced its exit from the sector this year. 

Dorsey’s efforts in the Web3 space have left many in the industry eagerly watching to see if his ventures will revolutionize the sector. 

A Game Changer for Bitcoin Mining

On April 28th, Jack Dorsey’s Fintech company Block announced completing the prototype design of its five nanometres (5nm) Bitcoin mining chip. The firm claims its technology could be vital in tackling the challenges the mining industry faces, especially “the excessive concentration of custom bitcoin mining silicon in the hands of just a few companies.” 

Block’s Bitcoin mining chip could become a game-changer for the industry, potentially leveling the playing field by decentralizing the supply for mining rigs. 

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The company plans to do so by making its mining technology “open source.” It intends to enable third parties to use their solution further to sell standalone ASICs and hardware components. The San Francisco-based firm explained that it seeks to “optimize for innovation” and “maximize the size of the Bitcoin mining hardware ecosystem” with this approach.  

It’s important to note that while most ASICs already run on 5 nm chips, this is the first time the design will be open source. However, that doesn’t mean Block is all-in on old hardware; instead, it’s also actively developing a 3nm chip. 

After Intel’s exit from space on April 18th, Block shared that it snapped up many mining rigs from Intel to accelerate the development of its 3nm chip, which would be the most advanced chip to date upon release. 

While one of Dorsey’s ventures prepares to reshape the mining industry, another looks to change social media. 

Bluesky – Twitter 2.0? 

Jack Dorsey’s decentralized Twitter clone Bluesky has quickly become the talk of the town after its beta went public for iOS users in February and Android users in April. Although the social media platform is invite-only, users have been flocking to Twitter begging for invite codes to avoid being put on a waitlist. 

This could be because users who’ve managed to get in claim Dorsey’s new venture is the next best thing after Elon Musk-led Twitter. Famous Twitter users such as Representative Alexandria Ocasio-Cortez and model Chrissy Teigen have already moved on to the new platform, with thousands following in their footsteps. 

Leading to Bluesky confirming on its platform that it experienced the “biggest single-day jump in new users” on April 27th, noting a 100% increase in users the day before. 

The idea for the platform was initially proposed at Twitter in 2019; however, Bluesky later took off as its own public benefit company with backing from Jack Dorsey, who now serves on the board for the social network. 

The social media site shares many similarities with Twitter, such as posting, or in Bluesky’s case, skeeting texts, adding photos, sharing posts, and replying to other users. However, it has yet to add features such as direct messages, blocking other users, and more. 

However, despite its shortcomings, the social media platform sets itself apart with its decentralized, censorship-free, control-free approach – something many social media platforms lack. 

Bluesky seeks an open protocol that enables users to control their social media experience, developers to build their own apps, and creators to build communities. The platform’s CEO, Jay Graber, shared that Bluesky was designed so that no one could create rules for the community. 

On the Flipside

  • Twitter recently announced it would provide users with extensive financial tools to research the crypto markets and buy digital assets on the social platform via eToro’s plugins.
  • Solana looks to launch its Web3-focused Android smartphone on 8th May. The phone will have a hardware wallet option, custom dApps, and more. 
  • On March 14, Meta’s restructuring led to the company laying off 11,000 employees. The firm pulled the plugs on many of its projects, including Facebook and Instagram NFTs

Why You Should Care

Both of Jack Dorsey’s Web3 ventures have the potential to stir quite the storm in the future. Given social media websites and the mining industry has become overbearingly controlling and centralized in recent years, both Bluesky and Block could revolutionize the world with their solution and significantly catalyze web3 adoption; however, only time will tell how they perform. 

Read about the best Decentralized Social Media Platforms:

Best Decentralized Social Media Platforms: Top 10 Apps To Watch In 2023

Read how Hackers filled their pockets with users’ funds in April 2023: 

Stolen Crypto Hits 100M in April Across Popular Platforms such as Blur. How Can You Stay Safe? 

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.