One of the most shocking events which dominated the headlines both in and outside of the cryptocurrency community was that of Jack Dorsey announced that he will indeed be leaving his position as Twitter CEO behind. However, what is perhaps even more intriguing is the fact that not long afterward, Jack also announced that Square, a financial payments company of which Dorsey is the current CEO, shall be rebranding itself as Block in the near future. SQ shall remain the official stock ticker for now.
Many had since speculated with varying degrees of accuracy that Jack had hence accomplished what he had set out to do back in 2006 with the formation of Twitter and the subsequent revolutionizing of social media as we know it, and is now focusing his efforts on Web 3.0.
Square is Out, Block is In
Dorsey has been obsessed with cryptocurrencies and blockchains, particularly Bitcoin, for several years now. He has extensively pushed for and backed the advancement of the Bitcoin Lightning Network, as well as personally assisted Bitcoin developers through a unit known as 'Square Crypto', which shall also reportedly be rebranded as 'Spiral'.
Furthermore, the enhanced Square's Cash App with Bitcoin capability. In related news, he also implemented Lightning-based tipping on Twitter and guaranteed NFT (non-fungible token) avatar inclusion prior to actually stepping down.
Now though, he plans to develop Square into a full-fledged cryptocurrency as well as blockchain corporation. There isn't much else to say about the name change to 'Block', as not only does this indicate Jack's interest in the cryptocurrency and decentralized finance sector, but it is also is a term used by many in this industry including but not limited to &lsquoBlockchain.com', &lsquoThe Block', &lsquoBlockworks', and many more.
A New Era?
However, Block appears to be understating the seemingly unmistakable crypto-oriented parts of the rebranding. Blockchain was undoubtedly the main inspiration for the rebranding, but it's sandwiched between drivel such as building blocks, neighborhood blocks and their local businesses, music-based block parties, and more.
This is in stark contrast to the other significant name change in the last month when Facebook became &lsquoMeta'. Facebook went all-in on declaring the turnaround, and it has since received a lot of press coverage.
The difference here though is that Facebook was attempting, at least in part, to divert attention away from the legal and regulatory issues that have plagued it. Another problem is that some believe the transition from social media advertising towards something akin to a virtual reality &lsquometaverse' has yet to be supported by concrete goals and technologies.
For Block, however, the sky's the limit and many are eagerly waiting to see what Jack will do next. Needless to say, with a man as capable as Dorsey at the helm and all of his efforts seemingly focused towards DeFi, the potential regarding what Block may be able to accomplish may indeed be limitless.