Jack Dorsey’s social media side project called Bluesky is now accepting beta tester registrations and has already received 30,000 signups in the first 48 hours of the waitlist opening.
It may be a few days before the team officially launches this beta version of the service. It seeks to change the dynamics that govern social media platforms, such as monetization through data sharing and centralization.
Wow. Over the past two days, we’ve had 30,000 signups on the app’s waiting list! Thank you for your great interest! We will do our best to get you on board as soon as possible.
— Blue Sky (@bluesky) October 20, 2022
Bluesky Relies on Federated Networks Instead of Blockchain
One aspect that may have baffled crypto enthusiasts is that Bluesky does not run on a blockchain. This was confirmed by Jay Graber, the head of the project, who commented that the protocol is “blockchain optional and blockchain agnostic.”
“We are confident in our decision not to put social media content on the blockchain,” Graber commented in a tweet published Oct. 20.
Instead of relying on the web3 solution, AT protocol It is the underlying technology that powers Bluesky and other social media platforms that decide to implement the model. The protocol works through a network of “federated” data repositories. That is, they are synchronized so that data can be exchanged between repositories using a common language.
With this technology, the AT protocol ensures interoperability of different systems and opens the door to account portability. This means that users will be able to access all social media platforms that adopt the protocol by simply logging into a single account.
Bluesky is therefore just one social media protocol powered by the AT protocol and competing with other apps like Twitter, Facebook, and Twitter. SNAP On the other hand, the protocol itself becomes a technology that these rival platforms may decide to adopt if pushed by users.
In addition, the algorithms that power Bluesky’s operations, such as content moderation and timeline display schemes, are exposed for users to see how the platform works. Users with programming knowledge can even tweak the algorithm based on their own preferences. That said, content moderation activities will likely be conducted by the platform, not the user.
Does Bluesky compete with Twitter and other social media apps?
Asked about Bluesky’s potential to compete with Twitter in the social media space, Jack Dorsey said the platform was “a competition for any company to own the underlying infrastructure of social media and the data of the people who use it. I’ll be your opponent,’ he commented.
However, “the goal is for Twitter to eventually become a client of this standard,” he added.
It’s unclear how Bluesky makes money from its business. It has been reported that it may rely on subscriptions to monetize its user base, but this information has not been confirmed by the development team.
Based on conversations Jack Dorsey had with Elon Musk about his intentions to acquire Twitter, other revenue streams Blue Sky could employ include facilitating payments between users.
The company exploits users’ data for financial gain because Bluesky clients control how data is used and can transfer data to other platforms that adopt the underlying protocol without relinquishing this control. I gave up on doing that.
According to a World Economic Forum (WEF) report published in 2017, the so-called data economy is worth more than $3 trillion. The total market value of user data in was over $5 trillion.
Bluesky and the team developing the AT protocol were brought together and funded by Twitter in 2019, but are not owned by the social media platform.
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