BlueSky, a decentralized social media project, claims it is independent of Twitter BlueSky, a project funded by Twitter to build a decentralized standard for social media, has stated that the company is not controlled by the company following Elon Musk’s purchase.
BlueSky Operates Unaffected by Twitter
In a tweet threadBlueSky, which was founded by Twitter on April 25, stated that it was not controlled by the social media site. BlueSky also clarified that Twitter’s funding came with one condition, that the project carried out “research and develop technologies that enable open and decentralized public conversation.”
Former Twitter CEO Jack Dorsey first announced the creation of BlueSky back in December 2019, indicating that the plan was to “develop an open and decentralized standard for social media.”
Jay Graber, an ex-developer for privacy coin Zcash was later appointed to lead BlueSky. In February 2022, BlueSky was created as a public benefit limited- liability company (PBLLC).
At the end of March 2022, Graber announced the project’s first team members who had Aaron Goldman as a security engineer, and Daniel Holmgren and Paul Frazee as protocol engineers.
BlueSky has Dorsey serving as a board member. The initiative received funding in the amount of $13 Million to be used for research-and-development.
A portion of the thread reads:
“The “public benefit” part of our structure gives us the freedom to put our resources towards our mission without an obligation to return money to shareholders.”
Elon Musk Signs a Deal to Buy Twitter at $44 Billion
BlueSky’s clarification means that the project is not affected by the recent purchase of Twitter. As reported by CryptoPotatoSocial media giant Facebook accepted a $44 billion buyout offer by Elon Musk (billionaire, CEO of Tesla, SpaceX),
Musk was the first to buy a passive 9.2% stake in the social media company. This made him the largest shareholder. Following the purchase of the shares, the billionaire was appointed to Twitter’s board of directors, but he later decided not to join.
The Tesla and SpaceX CEO has been critical of Twitter’s practices, stating that the social media behemoth was not transparent and failed to adhere to free speech principles.
Musk has taken control of Twitter and is now aiming to improve it. “enhancing the product with new features, making the algorithms open source to increase trust, defeating the spambots, and authenticating all humans.”
Dogecoin (DOGE), which happens to be the billionaire’s favorite crypto, has also soared in value amid the Twitter sale news. The news of the completion of the Twitter buyout deal saw the memecoin’s price rise 26%.