Bluesky, an open decentralized social media standards development project, said it is independent of Twitter and its majority shareholder.

Given the surge in interest in the future of Twitter, we thought this would be a good time to clarify the relationship between Bluesky and Twitter.

– bluesky (@bluesky) 25 April 2022

Following the Twitter administration’s decision to sell the social network to Elon Musk, the Bluesky team decided to “clarify the relationship” between the companies.

Jack Dorsey in 2019 announced It’s about the creation of a decentralized social media startup funded by Twitter. In February 2022, Bluesky PBLLC appeared.

Both Twitter and Bluesky understood that our independence was important to the success of the project, so we formed an independent company to make sure we were serving the broadest possible interests.

– bluesky (@bluesky) 25 April 2022

“Both Twitter and Bluesky understood that our independence was important to the success of the project and formed an independent company. [Bluesky PBLLC]“To make sure we serve the broadest possible interests,” he said.

Bluesky recalled that Dorsey remains a board member and receives $13 million in funding for the project to ensure the freedom and independence to begin research and development.

The “public interest” part of our structure gives us the freedom to direct our resources to our mission without the obligation to return money to shareholders. The company is owned by the team itself, with no controlling interest held by Twitter.

– bluesky (@bluesky) 25 April 2022

“The public part of our structure makes it possible to direct our resources to fulfill the mission without the obligation to return money to shareholders. Bluesky added that the company is owned by the team itself, without a majority stake in Twitter.

Previously, Dorsey did not rule out integrating the Lightning Network layer two solution into Bluesky or Twitter.

In the fall of 2021, the social network created a Twitter Crypto section. The plan was for the team to take care of everything Web 3.0 and work closely with Bluesky.

Recall that at the end of 2021, Dorsey questioned the decentralization of Web 3.0 due to the strong influence of venture capital.