Twitter CEO, Jack Dorsey, wants to introduce a new payment system using blockchain technology. It is a technology which enables existence of cryptocurrency, where a record of transactions will be made in bitcoin maintained across several computers that will be linked in peer-to-peer network. However, most people think that being the owner of a renowned social media platform like twitter, is enough but this did not apply to Jack Dorsey.
This move by Jack Dorsey to use digital asset as a medium of exchange has jazzed up many crypto lovers basing on what is happening in the crypto space. The crypto fanatics believes that this project will help people to realize its importance and choose to take up cryptocurrency.
Twitter’s Cryptocurrency Team
Dorsey, had issued a statement in March to employ a team of 3-4 crypto engineers and a designer who will work on decentralized software development that will encourage open collaboration on crypto space. The tweet read that the employee will be reporting directly to Dorsey and he also offered to pay the prospective employees through crypto exchanges like bitcoin.
The payment system square is to be used on Dorsey’s proposed cryptocurrency. This project will integrate crypto in the payment system, which is already actively involved in bitcoin sales. It made bitcoin increase in prices the previous year close to $1 million.
The new payment network allows traders to accept any payments in the form of digital assets. In this platform, it is easy to use it and trust is maintained in using it. Square has developed an internal solution to make use of bitcoin’s transactions faster. Real-time transactions will be available because it maintains a private block chain that records transactions from square-managed wallets. With this method there will be no risks because the risks will be transferred from the user to the payment service.
New System Developed To Help Crypto Community
Dorsey stated that the new system was not to only provide income but to help those using the digitalized assets. This was one of the goals that twitter’s cryptocurrency would achieve. Dorsey said that his team of crypto potential candidates will be transparent and work for the interest of individual economic growth and its crypto users.
Reports by Dorsey were really passionate and exciting, though the plans of the project are unknown. Only time will tell if the reports were exaggerated or true because the reports were captivating to most of the crypto enthusiasts.