It is all over Elon Musk is in the quest of acquiring Twitter and make it private again. There are so much about this on the Internet. Part of it because Elon is doing it, anything Elon is involved get augmented on the Internet for some reason.
Here are my five cents about the potential of Twitter and how Twitter V2 should be.
Inherent authenticity will get boost with Web 3
Twitter was started as a micro-blogging platform but quickly earned its place for legitimacy. When someone tweets, it is often considered as a source of statement. The nature of tweets that they cannot be edited and can only be chained gives a strong essence of authenticity to Twitter. Twitter can augment this with the use of Web3 technologies. (Web3 is interpreted in many ways, but decentralized and verifiable characteristic is the focus here). Needless to say, everything will be open source.
Bots should be regulated.
Twitter is infested with myriad of bots. Getting rid all the bots is not easy, also it has some implications to many existing platforms and business models. Having right checks and balances for the bots is the right path. Some ways regulate them are like validating the purpose of a bot, allowing bots to have limited reach and they should earn certain criteria to get more reach, registering bot accounts with different flags and permissions, identifying and validating the real entities (individuals / organizations) behind the bots, observing the behaviours outside the allowed context and impose penalties on / block them.
New Business Models
Twitter has weak revenue compared to other social media platforms. Major social media platforms are focused on content creation and content economy. Twitter does not have a content based economic model, so it is almost impossible for Twitter to get substantial revenue from content. Twitter is known for legitimacy; Twitter should validate all entities behind every Twitter account. This is easy considering the advancements in AI. If you feel I’m talking too dreamy, consider Uber does this with a greater success rate. When the accounts are verified, it opens several potentials.
- Twitter becomes the only verified IAM system at such scale on the Internet, verified and established with Web3 technologies. (Panic button ON for FB and Apple ID).
- Combining this with metaverse elements like verified metaverse beings opens many other business models in metaverse.
- Subscription charges for certain Twitter accounts. But this should be a flat small fee to keep the power balanced and not coupled with any promotional benefits.
- Twitter is already testing few features of Web3. NFTs are one of them, with the verified accounts on a decentralized platforms each tweet can easily become an NFT. This goes beyond the text and includes any content.
Once Twitter was one of the revolutionary and very forward-thinking company. Vine and Periscope are good examples of this. However, they are also good examples for wrong timing and lack of vision with quick product withdrawals. Elon has the greater talent in building great engineering teams. Personally, I like Twitter very much and love to see its future with Elon.