2020 Twitter Bitcoin Scam shows the importance of decentralization

If you are a crypto enthusiast or you just own a Twitter account, you might have noticed that on Wednesday night everyone was talking about one thing. The Twitter hack, which is officially labelled 2020 Twitter Bitcoin Scam, showed the importance of decentralization and decentralized technologies in all the sectors. Eventhough, DeFi (decentralized finance) might be the most important application of the decentralization ideology, it can spread to other sectors such as social media platforms.

What happened during 2020 Twitter Bitcoin Scam?

During Wednesday night, numerous Twitter accounts have been hacked and published different fraudulent tweets that were supposed to make people send money to Bitcoin address. The hacker promised the individuals, who sent 1 000 US dollars to send them 2 000 US dollars. Or, that after sending some amount of BTC, the senders will be allocated to 5 000 BTC giveaway. Both of these type of tweets were obviously fraudulent and were meant to make their victims to send Bitcoin to given address. Sadly more than 370 people have already sent small amounts of Bitcoin to the address, where already about 13 BTC have been accumulated.

The accounts of various famous people were hacked with names such as Elon Musk, Bill Gates, Joe Biden, Kanye West or Jeff Bezos. Moreover, accounts of companies such as Uber or Apple have been compromised as well. In cryptocurrency sector the hacker aimed especially for the cryptocurrency exchanges, since Binance, Kucoin or Coinbase had their Twitter hacked as well as the most executives of those companies.

How does this hack highlight the importance of decentralization?

Eventhough this hack might not look like helpful example for a case of decentralization, the opposite is true. The Twitter hack was mainly feasible due to centralized nature of Twitter. The hacker or group of hackers directed their attack towards the employees of Twitter who were given the responsibilities over internal systems and control over different tools.

With a centralized points in nearly all huge social medias platforms, such as Facebook, Instagram or Twitter itself, these attacks can occur in the future. That is one of the most important reasons, why popularity of the decentralized social platforms might rise sharply in coming years. Therefore the concept of decentralization might be useful in yet another sector, in order to make it safer, more secure and efficient compared to its centralized counter parties.

Why is DEPCO important for decentralization?

Although the decentralized social platforms can arise in the future, decentralization as such is already taking over many different sectors. The decentralized finance sector (DeFi) so far has the biggest edge to improve the ways this world works. And it is already taking over with different projects such as Compound, Curv or MakerDAO. And DEPCO is trying to help with this shift as well.

Creating a friendly environment of professionals and experts from DeFi sector to help newcomers joining DeFi space is the first step how DEPCO is trying to help increase the awareness of decentralized finance. Moreover, DEPCO Academy is here for newcomers who want to learn all the different skills connected to DeFi and profit from occurring inefficiencies in this still growing sector.

Medium — https://medium.com/@depco

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