Jack Dorsey stepped down. This is fairly big news for the social media industry and the stock market cheers for it. What the major news did not report is that where Jack Dorsey will work from now.
Centralized social media platforms
Social media has no future, at least for centralized social media platforms. Regulations are tightening to make social media politicalized. It is also a place to spreading fake news and scamming materials to all users. With more regulations, centralized social media will have similar topics everywhere and be full with all advertisements trying to get customers.
Decentralized social media platforms
On the other hand, decentralized social media is rising. People are controlling their own content and making profits out of the platform immediately. There is no custodian to take away your ability to post anything. You have full control and take full responsibility for the contents of your website. It makes content more credible to eliminate scammers and materials more trustable if content creators become more accountable.
Risks of decentralized social media platforms
There are also disadvantages of decentralized social media platforms if one promotes a false belief and intent to scam users. Decentralized social media may not trace records that one may get away with. Also, the decentralized platforms may harder for new users to adopt high security provide for users to protect their sites from hacking.
Jack Dorsey may have revealed some of his future thinking on the crypto payment that can integrate into decentralized environments. He had put a team on working with a lightning network of Bitcoin to create potential crypto tips for content creators. However, his plan may beyond just a payment network but on the security protocol that can have a secure channel to connect with crypto payment from everywhere.
The idea of Web3 may not just be limited to content creation. It is a portal for every user to build a network that can function without centralized internet providers. At least, that is part of the plan. Also, Web3 may change the fundamental thinking about the internet from providers to the individual who can become a node of providers and continue contributing to large communities.
No one knows what Jack Dorsey will do. However, his leaving gives a bigger picture of how crypto can change the internet fundamentally. At least, that is speculation.