While it is unclear how emerging decentralized social projects will generate profits, they continue to garner increasing attention.
jack dorseyBacked decentralized communication app Bluesky has established itself as a major rival to the popular social networking service Twitter, BlueSky, which is backed by a former Twitter co-founder, was founded in 2021 and hired its first employees the same year. An established app with experienced past and current leadership and a huge user base facing new competition with BlueSky, which came to light nearly two years ago?
Twitter has faced a lot of backlash since then Elon Musk Acquired the company in October 2022, after which they made it a private company. The billionaire is restructuring Twitter, and the company’s turnaround has sparked renewed interest in the decentralized social network. Unlike companies with a CEO, decentralized social media platforms like BlueSky have no owner or leader. They also do not have obligations related to commercial or financial interests. According to advocates of decentralized social networks, these projects are less likely to collect and sell users’ data and are less susceptible to censorship. For BlueSky, the app runs on the AT protocol, which is a decentralized networking technology.
Basically Musk’s Twitter is different from Dorsey’s. Incorporating subscription-only features for major layoffs and giving back access to controversial users, Tesla The CEO has radically changed what Twitter used to be under the former leadership.
Bluesky gained popularity on Twitter
Citing data from market intelligence firm Sensor Tower, BlueSky has gained massive popularity over the past few months. However, its total download volume is still well below that of Twitter. Data provided by the intelligence firm shows that the social messaging app registered a whopping 606% growth in monthly mobile downloads in April. followed by 628,000 mobile downloads in the month Availability on Android and iOS.
At the same time, 14.9 million apps were downloaded on Twitter in April. Despite the margin between Twitter and BlueSky, Twitter’s mobile downloads grew only 2% from last month. The company accumulated 14.6 million downloads in March. In fact, the social networking service owned by Elon Musk saw a decline in mobile app downloads in February. In the second month of the year, it declined from 17.2 million in January to 14.05 million. Apart from competing with Twitter, Bluesky is garnering more attention than decentralized messaging app Mastodon. While the messaging app piqued the interest of many in November, the buzz seems to have died down. Mastodon had just 90,000 downloads last month.
bluesky project members announced Formed his Public Benefit LLC in February 2022. In the announcement, the team named Dorsey as one of the board members. A few months later, the company revealed that it received $13 million in funding and insisted on Jack’s position as a board member.
While it is unclear how emerging decentralized social projects will generate profits, they continue to garner increasing attention. Other examples, besides BlueSky and Mastodon, are Lens and Farcaster.
Ibukun is a crypto/finance writer interested in delivering relevant information using non-complicated words to reach all types of audiences. Apart from writing, she enjoys watching movies, cooking and exploring restaurants in the city of Lagos where she lives.
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