Donald Trump creates the worst nightmare of Twitter and Facebook

Donald Trump received a reality check last week, which prompted the President to threaten to “shut down” sites like Twitter and Facebook.

Trump signed an executive order targeting social media companies just days after Twitter tagged two of his fact-checking warning tweets.

The move could rob social media giants of their “platform” rather than “publisher” privileges and open the door to decentralized blockchain-based alternatives that are already beginning to threaten the dominance of Facebook and Twitter.

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President Donald Trump attacked social media networks such as the microblogging site … [+] Twitter, accusing them of being anti-conservative and threatening to shut them down.

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“A small handful of social media monopolies control much of all public and private communications in the United States,” said Trump on Thursday, speaking about the Oval Office before signing the order.

“They have an uncontrolled power to censor, restrict, edit, shape, mask, alter, virtually all forms of communication between individuals and the general public.”

Trump, who has regularly accused Facebook and Twitter of censoring conservative voices, has said he wants to “defend freedom of speech against one of the most serious dangers it has faced in American history.”

Facebook and Twitter, as well as other social media companies like Google’s YouTube, are forced to make decisions they would rather not be able to publish to their platforms.

The size and scale of these social media sites looks like some of the biggest banks at the height of the financial crisis, although now they are not too big to fail but rather too big to block.

Freedom of expression absolutists argue that being removed or censored from the larger social media channels prevents them from participating in society.

On the other hand, rigorous capitalists believe that business enterprises should be able to decide who uses their services and cannot be done to accommodate people and opinions they dislike or who could potentially damage their bottom line.

Some believe that decentralized social networks, blockchain-based and resistant to government or internal control are a potential response.

“With the recent politicization of Facebook, Google and other big social media giants, the [decentralized] The web3 thesis for crypto has never been as underrated as it is now, “said Su Zhu, managing director of Three Arrows Capital via Twitter.

Web3 is the idea that a third generation of the Internet, from the first early version of the Internet, then the second generation controlled by Silicon Valley, will allow users to control their data and allow transparent monetization.

A number of decentralized social media projects have emerged in recent years, but have so far failed to break through convincingly into the mainstream.

Minds, an open source and decentralized platform that describes itself as a “crypto social network” that defends Internet freedom, claims to be transparent about how it manages data and income.

Users receive cryptocurrency tokens based on interactions and time spent on people’s minds and can use digital coins to buy a larger audience.

Minds, launched in 2015, now has 2.5 million registered users worldwide and recently saw a peak of 100,000 new users in a single day in Thailand after a violent reaction to Twitter’s policy changes. confidentiality, according to reports.

“We know of a massive wave of Thai citizens seeking freedom on the Internet,” Minds said wryly via Twitter.

Elsewhere, Block.one, the company behind the EOS blockchain, is developing a social media platform called Voice that will distribute cryptographic rewards to content creators and focus on transparency.

Revolution Populi, led by a controversial and outspoken Yale professor and computer scientist David Gelernter and Rob Rosenthal, a Goldman Sachs and Wall Street veteran, will seek to raise billions of dollars this year to build a blockchain-powered social network. “give ownership” of the data to the people. “

“Is labeling the facts a moment Franz Ferdinand,” asked Daniel Gross, the founder of the startup accelerator Pioneer via Twitter, referring to the assassination that was credited with having started the First World War “The start of a regulatory war for social networks?”

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Twitter chief executive Jack Dorsey explained the decision to verify Donald Trump’s tweets, … [+] saying “there is someone ultimately responsible for our actions as a business, and it is me.”

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The gungho and Donald Trump’s cavalier attitude towards social media are forcing Twitter and Facebook to start acting as “arbiters of the truth”, despite resistance from Facebook CEO Mark Zuckerberg.

“I firmly believe that Facebook should not be the arbiter of the truth about everything people say online,” Zuckerberg told Fox News. “Private companies probably shouldn’t be, especially these platform companies, shouldn’t be able to.”

Decentralized blockchain-based social networks seem to reflect Zuckerberg’s own beliefs and could potentially overthrow current Internet operators.

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