Let me ask you this….
Am I the only who has heard a gazillion of such stories, “Hey, guess what? My brother’s friend was taken in for carrying huge sums of cash at the airport.” Or “the newly wed woman was arrested for carrying the gold she received in her dowry.”
Why does this happen in our system? It is because trust is highly lacking in our systems, thanks to the people who fancied unlawful acts to their advantage like fraud, money laundering, and cyber crime. Which is why here is a list of people I trust…
Currency of Payments (Trust)
In any transaction, I believe Trust is the most valuable currency.
Just kidding.😂 I mean, if you were not to trust the estate agent, you would not have bought that plot. If you did not trust your customer, you would not give him your produce on credit.
However easy these new emerging markets may be, they have resulted in a loss of trust and made it extremely difficult for people to undergo innocent transactions due to high regulations.
Luckily, there is one system that provides an escape from this information asymmetry surrounding trust in transactions.
What is the system, you might ask? Crypto!
How?
It offers a system that facilitates permission-less payments that are open to all.
Its awesome technology has totally taken away the question of trusting humans.
And it won’t be a stretch to say that Crypto has the greatest potential to stimulate these obsolete Financial systems by making the existing payment rails more convenient for the people to execute a transaction.
Damus - the New Twitter?
So, we covered setting new foundations of Financial systems, here is where the new foundations of social networking technology comes in with Damus!
What about Damus?
A new decentralized social networking mobile app
It's built on Nostr Protocol and funded by Jack Dorsey (bro donated 14 bitcoins whaaa)
Okay but what does it have to do with Twitter?
It is basically an experiment to test social networking on a decentralized platform (I mean, coool!)
It gives you total control over your data and protects you from censorship (hey, i mean that literally)
I mean you don’t even have to give your Name, Number, or email to sign up (dangg)
And here’s the best part 😅 your posts on Damus can exceed 280 characters (oops, dodged it)
I saved the beef for the end but you can even tip your friend’s post through Bitcoin Integration. This means that users can reward or show appreciation for posts they like by sending a small amount of Bitcoin to the poster. (Talk about going over the top?)
“I just tipped my friend a Bitcoin on a social platform” - is something you may hear pretty soon…
Kid you not, if Barney were here, he’d say…
Elon Reinvents Paypal inside Twitter
Did you notice that Dogecoin - the meme coin beloved by Elon - shot up by 8% and did not come down a bit?
And we all know better by now - when the coin is on the move, Musk is on-the-go.
You’d say what is it this time 😤? I feel you…
So, you know how Elon is on dying agenda of making “Twitter - the everything app?” He aims to make it a platform where messaging, payments, and retailing is common. Well, he doesn’t just say, he acts.
That’s right! He wants you and I, to use Twitter as a means to send money to each other, open savings accounts, and use debit cards.
And you know what this means… Crypto payments could be coming to Twitter.
Umm.. if it ever happens, it could turn out to be the simplest way to get into using cryptocurrency.
He is even hiring engineers to design the ultimate payment software.
His goal? To generate approximately $1.3 billion in payment revenue by 2028.
Why get into this whole thing? to simply explore new sources of revenue after a decline in its advertising business.
And what next? Well, let him have all the necessary regulations in place within a year and then, I am sure he will look for opportunities to expand globally.
While Elon is doing his part of the job in revolutionizing the world, Adnan bhai is not stepping away either.
Here’s a YouTube video that Adnan Bhai worked on for you to land your dream job by making your Resume an A-game! Click below to watch👇
Get that job and don’t let your kids use Damus yet😂
On that note,
Hafsa and Zain from Team Inspired Analyst - signing off!
Disclaimer: This is not financial advice or recommendation for any investment. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.