Twitter, Facebook face competition from blockchain-based social media platforms

Bluesky, a decentralised communications app, is posing a new competition to Elon Musk’s Twitter. The app, which is backed by Twitter co-founder and twice-former CEO Jack Dorsey, is an alternative to centralised social media platforms.

Unlike Twitter and Facebook, decentralised social media platforms have no single owner or leader and are not beholden to commercial or financial interests. Decentralised projects are less likely to collect and sell users’ data and less susceptible to censorship.

Bluesky has become popular in recent months, with 628,000 mobile downloads in April, a 606% rise from the previous month. However, Bluesky still lags far behind Twitter in total download volume.

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