Quite recently, Jack Dorsey, the celebrated CEO of Twitter, who is a well-known Bitcoin protagonist, was credited as saying that Bitcoin and the blockchain technology are the future of Twitter.
This is because Jack Dorsey believes that by moving Twitter to a public blockchain, the microblogging platform would have succeeded in making the information stored on its platform immutable, safe, and arguably free from hackers. As regards the latter point, perhaps the Twitter CEO is now motivated to go on the blockchain to prevent a future reoccurrence of the most ridiculous social media hack that saw the compromise of the verified Twitter accounts of some of the most prominent figures on the planet in the earlier part of the year.
As for Bitcoin, Dorsey appears to be unwavering in his belief that just as the invention of the printing press disrupted the circulation of knowledge, and the internet went further to disrupt the flow of information, Bitcoin is set to disrupt the financial system of the modern world, totally or partially taking power away from the hands of the banks.
If the plans of Dorsey comes to fruition in the near future, which is not unlikely because he has all the resources he needs at his disposal, his efforts would have introduced an approximately 330 million people to the blockchain. Of course, this is based on the assumption that the monthly number of active users will remain.
Above all, the Twitter blockchain will process the hugest transaction ever, 500 million tweets per day. If we include comments, retweets, and replies, we will get multiple billions of transactions on each day. Except that Facebook also makes similar moves, the Twitter blockchain has the potential to become the busiest blockchain in the world.
An Hive of Opportunities
It is important to note that Dorsey's vision for Twitter does not include decentralization and incentivization. It only concerns chiefly with the immutability and safety of data while business continues as usual. If that is the case, then suffice it to say that Dorsey is not planning to build anything new.
As a matter of fact, except for the numbers, the Hive blockchain has already achieved the most part of the Twitter's blockchain vision. The data that are stored on the Hive blockchain, for instance, are immutable and safe. And ontop of that, bloggers are incentivized for their interactions with the blockchain.
As for the Bitcoin aspect of it, Hive has a far greater transaction speed than Bitcoin and it also comes with a zero transaction fee. So, it is no exaggeration to say that Hive is not only a blockchain-based social media platform, it is a workable payment system. To crown it all, Hive is decentralized and would not make a product out of its users like other centralized social media platforms are capable of doing.
In conclusion, Hive is already a pacesetter for the blockchain future of Twitter. With much improvements in the user interface, the signing up process, and some of the internal workings it may yet not be able to compete with the likes of Twitter, Reddit, Facebook, etc but it will be a formidable force to be reckoned with in the future if the blockchain technology leaves up to its expectations.