- Jack Dorsey is shaking up the Web3 industry with his initiatives.ย
- The former Twitter CEOโs Fintech company is preparing to launch a groundbreaking mining rig to decentralize the Bitcoin mining industry.
- Dorseyโs decentralized social media platform Bluesky is attracting thousands of users with its innovative approach.ย
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 โTwitter 2.0.โ While the platform is still in its early stages and invite-only, users are flocking in large numbers to โskeetโ to their heartโs desires without any censorship or control.
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But thatโs not all. Dorseyโs 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.
Dorseyโs 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 Dorseyโs 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 โthe excessive concentration of custom bitcoin mining silicon in the hands of just a few companies.โ
Blockโs Bitcoin mining chip could become a game-changer for the industry, potentially leveling the playing field by decentralizing the supply for mining rigs.ย
The company plans to do so by making its mining technology โopen source.โ 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 โoptimize for innovationโ and โmaximize the size of the Bitcoin mining hardware ecosystemโ with this approach.ย ย
Itโs 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 doesnโt mean Block is all-in on old hardware; instead, itโs also actively developing a 3nm chip.
After Intelโs 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.ย
While one of Dorseyโs ventures prepares to reshape the mining industry, another looks to change social media.
Bluesky โ Twitter 2.0?
Jack Dorseyโs 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.ย
This could be because users whoโve managed to get in claim Dorseyโs 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.ย
Leading to Bluesky confirming on its platform that it experienced the โbiggest single-day jump in new usersโ 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 โ 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 platformโs CEO, Jay Graber, shared that Bluesky was designed so that no one could create rules for the community.ย
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 eToroโs 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.ย
- On March 14, Metaโs 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 Dorseyโs 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 usersโ funds in April 2023:
Stolen Crypto Hits 100M in April Across Popular Platforms such as Blur. How Can You Stay Safe?
