Key Takeaways:
- Twitter is developing a community cryptocurrency wallet with help for deposits and withdrawals, according to Jane Machung Wong.
- According to reports, the project is still in advancement, and the development team is presently working on a project.
There may be a Twitter cryptocurrency wallet in the near future. Tech blogger Jane Manchun Wong, known for reporting on soon-to-be-released tech features, made the revelation.
Manchun Wong claims that users of the cryptocurrency wallet will be able to deposit and withdraw money without depending on “external services”. The company has not made any public statements or announcements as of the time of writing; only informal speculations exist.
The project is reportedly still in the planning stages. When can we anticipate it? Would all Twitter users have access to it? Will all cryptocurrencies be supported by it? All of these queries remain unanswered.
This week, Twitter stepped up its efforts to lead the web3 pack. Previously, it had aimed to interact with the cryptocurrency community by employing techniques like hexagonal profile pictures for NFT holders.
Jack Dorsey founded Twitter, along with other major social media networks such as Reddit and Instagram, has emerged as one of the globe’s most crypto-friendly portals. Dorsey encouraged users to utilise various features, including the possibility to link their crypto wallets to their Twitter profiles. This feature, however, obligated users to create and manage their own cryptocurrency wallets and addresses.
This feature was at first only interoperable with Bitcoin, but it was later expanded to include NFTs and Ethereum addresses. Musk had also regarded using cryptocurrency micropayments to procure the platform in a bid to avoid spam transactions during negotiations.
The rumors of Twitter developing a crypto wallet follow the pronouncement of Twitter’s decentralised social media platform, Project BlueSky. Last Tuesday, BlueSky revealed the availability of a beta application. Although BlueSky is designed with decentralisation in mind, project BlueSky lead Jay Graber has stated that it will not include crypto features.
Cryptocurrency users still use MetaMask and TrustWallet, which are regarded as efficient and user-friendly digital wallets. Aside from that, if it is actually the truth that Twitter is creating a cryptocurrency wallet, not many are surprised by this news because Jack Dorsey, the founder of Twitter, is already involved quite pro actively in the cryptocurrency space.
In June, Jack Dorsey discussed a project that will forgo established Web3 ideas in favour of building a decentralised web standard called “Web5” on top of Bitcoin.
To create a new environment of decentralised identities, data storage, and applications where users retain control over their personal data, Web5 manages to combine Bitcoin with a slew of reliable computer science technologies.
Many social media platforms are now integrating Web 3.0 features. Reddit recently introduced “collectible avatars,” which let users purchase blockchain-based profile pictures for use both on and off the platform. A new “blockchain-backed” feature allows Redditors to create, exchange, and purchase “limited edition” avatars that feature various depictions of the website’s mascot, Snoo.
