Web 2.0 is undergoing a transformation.
Since Elon Musk took over Twitter, there was a lot of noise surrounding what is taking place. It is easy to see why considering that Musk is such a lightening rod. Nevertheless, when we look past all this and see the vision he is following, we best take notice. He did not walk into this thing blindly.
Right after the buyout, the term "everything app" starting to be tossed around. This was a vision Musk had dating back to the early days of PayPal. At that time, his partners in that venture shot the idea down, instead focusing solely on payments. This was not grand enough for Elon.
Now, he can instill his vision unencumbered.
In 2000, Musk set forth a vision to create the largest financial institution in the world. This would reside, almost exclusively, in the digital realm. This was before FinTech became so prominent so we can see how this took foresight.
Obviously, since those days a lot has changed. Social media, the foundation of Web 2.0, became an everyday part of our lives. This delivered to us a new medium in which information, entertainment, and communication took place.
In short, Musk is entering at a time when the tools at his disposal are more powerful than a couple decades ago.
Now he is working on adding pieces to his everything application.
Long Form Tweets
It appears the first iteration of Twitter's evolution is simply going to be adding basic social media features to the digital platform. Whatever else is out there is going to be integrated into Twitter.
This social media application is known for its microblogging. It has served the company well, carving out a niche. However, Musk is not going for niche. In this scenario, he is looking to take from YouTube, TikTok, Facebook, and wherever else he can find users.
For this reason, it appears Medium is next up on the list.
Here is a Tweet from Musk about a week ago. Take note of the last line:
Long form tweet early Fed
In other words, in a short period of time, Twitter will no longer be just a microblogging platform. It will have longer form content, adding to what is posted on that site.
With over 250 million users, many who post on Medium while also Tweeting, this is a market that is ripe for the taking. If only 10% of the Medium posts end up on Twitter, that is a major win for Elon Musk.
More importantly, it is showing the direction this is all heading.
It is also something we discussed repeatedly about Hive over the last few months.
Hive: The Everything Platform
There is a huge difference between Web 2.0 and Web 3.0. The one challenge with this is most people, at this time, do not care. Whatever people feel about Musk, they will flock to Twitter if the user experience is there. After all, most are use to having their accounts and data owned by the technology companies.
For that reason, it is crucial that Hive provide the contrast. It is the alternative to Musk's everything application. While he might be a benevolent dictator, it is still a tyrannical situation. This does nothing to free humanity from the siloed Internet.
Hive obviously has long-form content. If we go back to the genesis block, we are talking about more than 6 years worth of posts in the database. Where the ecosystem was slow to navigate is into the waters where the rest of the social media realm operates.
That said, we do see a foundation in place where the potential for the "everything platform" can evolve. One of the additions is the growing focus upon microblogging. We also see 3Speak starting to implement shorts into their site. All of this is part of the process of providing users with all that Musk seeks to offer.
There is, however, one advantage when it comes to this contest. Musk still has to develop (and get approval on) the payment system. His intention to step into the financial arena is filled with hurdles. Hive already operates in this state. In fact, blockchain is based upon the idea of payments and financial transfer of value.
Cryptocurrency does offer a number of advantages, especially when we consider what having two base layer coins does for the ecosystem. Musk can incorporate whatever he wants from the outside, but it will be that. Using a token or coin that operates outside your ecosystem is one thing. Things change greatly when you are building around the financial assets that are resident on your platform.
In Conclusion
People like to laugh at Musk and this is a mistake. He knows what he is doing. Twitter is going to be a raging success. A lot of people got off on attacking him for some of the missteps with the early decisions. That is what happen when you live by the approach of "break things quickly". Musk's history is that he gets things out into the wild and makes adjustment based upon the feedback.
You can like the guy or hate him. Either way, it doesn't matter. What is important is to understand what he is doing with Twitter and learn from it. Hive has enormous potential while also being part of the move towards Web 3.0. Since this will take years to evolve, we must grasp what else is taking place.
It all starts with using what is in front of us. Twitter is building from their base. Can we say the same thing on Hive? It appears the majority of people do not even utilize what is already here.
And now, in a few weeks, if all goes according to plan, Twitter will have long form content.
The game is changing before our eyes.
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