Understanding Bluesky Crypto Protocol
The Bluesky crypto protocol is a decentralized social network protocol initiated by X.
It aims to enable interoperability between different social networks through an open standard.
These interconnected networks, called “applications,” have moderation and content curation systems.
Impact of Elon Musk’s Takeover of X on Bluesky
Bluesky clarified its independence from X even before Elon Musk expressed interest in acquiring the platform.
Since February 2022, Bluesky has been registered as a public benefit limited liability company, providing the freedom to allocate resources toward its mission without the obligation to prioritize shareholder returns.
The Bluesky team holds ownership of the initiative, and X does not have a controlling stake in the company. Furthermore, Bluesky has secured over $10 million in funding.
Bluesky affirmed its commitment to pursuing its vision of a durable protocol for public conversation regardless of external circumstances.
Elon Musk has expressed his determination to combat spam bots on X and has contemplated introducing cryptocurrency payments on the platform.
Bluesky Research and Development (R&D)
In 2022, Bluesky released some code, including a command line for testing, an experimental personal data server, and a high-level overview of the network architecture.
The objective is to enable individual users to transfer their data between applications, promoting user-owned data as an alternative to the conventional model of social networks owning user data in web2.