By Alicia Maher
The founder of the Cardano network, Charles Hoskinson, has offered to help Elon Musk actualize his dream of building a decentralized version of the social media platform. Twitter.
The new development comes on the heels of Elon Musk’s submitting a $43 billion offer to take over the social media platform to make it a private company and entrench free speech.
Crypto Community Members React
Members of the crypto community have berated Hoskinson over his offer to build a decentralized Twitter for the Tesla CEO, adding that it would take up to five years before the project would be completed.
Others commented that the new project would not be different from other projects that Hoskinson has handled because it is bound to fail. The snides directed at Hoskinson have to do with several issues the Cardano network has been struggling to contend with for some time now.
Cardano may have made some wins, as can be seen from the development it has undergone in recent months. Still, many industry observers believe the network lags behind others with intelligent contract systems.
Musk Displaced As Twitter’s Largest Shareholder
Different reactions have trailed the news about the billionaire’s move to take complete control of the social media giant with the Saudi prince, Alwaleed Bin Talal, questioning the worth of the offer places by Musk and adding that the offer is not even up to the combined value of Twitter.
In a decisive move by another shareholder, Vanguard Group increased its holdings by more than 10%, effectively displacing Musk as the largest shareholder.
With the recent events, Musk ceased to be the biggest shareholder of the social media giant, as his shares pale compared to the Vanguard Group’s.
FTX Founder Discusses Decentralized Twitter
In another development, the founder of FTX, Sam Bankman-Fried, has expressed his opinion on what the decentralized Twitter would turn out to be.
According to Bankman-Fried, the Web3 technology can be incorporated to help monetize the decentralized Twitter platform and, at the same time, allow users to handle their respective communities. Suppose users are allowed to moderate what goes on in their communities. In that case, the company will be free to handle other areas of interest as content moderation is in the hands of users.
Another proposed area worthy of consideration is the on-chain design of tweets; that is, tweets would be encrypted when sent.
This would allow the sender to determine who can access the thread, including unified direct messages and public tweets.
Bankman-Fried further added that the integration of crypto tokens would increase as demand for tipping and transactions on the platform also spiked.
A cursory look at the proposal outlined by Bankman-Fried shows that his views lend credence to what Elon Musk also disclosed, especially as it relates to the payment of the Twitter Blue subscription in DOGE.
For now, Hoskinson’s offer is just a mere statement, and it would be a good initiative if considered.