Will Elon Musk Accept Cardano Founder’s Offer To Build Decentralized Twitter?

Charles Hoskinson, Cardano’s founder and chief govt of Enter-Output International, mentioned he’s eager in helping Elon Musk in constructing a decentralized social media platform from the bottom up — if Musk’s Twitter bid fails.

However Douglas Horn, the Telos blockchain’s main architect, joked that the venture could be accomplished by 2035.

There are quite a few technical challenges hampering functions constructed on the Cardano platform, thus one other Twitter person jokes that it will probably solely ship 10 messages per minute.

Associated Article | Elon Musk Dangles $43 Billion For Twitter Buyout – A ‘Hostile’ Takeover?

Musk made a $43 billion bid to accumulate full management of Twitter with the objective of privatizing it and defending free expression.

The centibillionaire had beforehand acquired a 9.2 p.c curiosity within the firm. He additionally declined to hitch the social networking web site’s board of administrators.

Musk Desires Some Changes

The Tesla CEO has criticized Twitter for failing to uphold free speech norms. He has indicated that if his bid is rejected, he’ll reassess his possession within the firm. “It’s not a menace,” he mentioned in quotes by a number of information shops.

Hoskinson indicated in a subsequent tweet that the platform shall be “cross-chain suitable with Bitcoin, Cardano, and Doge” and could be supported by default.

Hoskinson made the assertion in response to a tweet from “Robobubo,” who inquired whether or not the hypothetical platform could be confined to Cardano.

Nonetheless, the person endured, claiming that limiting the community to solely three blockchains could be inadequate for a totally decentralized social media expertise.

The prospect of the world’s wealthiest particular person, who has publicly harassed and made enjoyable of individuals on Twitter, turning into the proprietor of the very outstanding social media establishment generated a lot uproar.

ADA complete market cap at $32.12 billion on the weekend chart | Supply: TradingView.com

Not Everybody Was Joyful

Jackson Palmer, co-founder of Dogecoin, chastised Musk for trying a hostile takeover of Twitter.

Neil Campling, chieff of TMT analysis at Mirabaud Fairness Analysis, believes that it’s a hostile takeover and that it’s going to value “a big amount of cash.”

Musk’s provide was additionally rejected by Saudi Prince Alwaleed bin Talal Al Saud, a significant shareholder in Twitter.

Those that oppose Musk argue that he’s not a savior of free expression and that his final goal is retaliation in opposition to the US Securities and Change Fee.

Musk should get hold of approval from the highly effective physique previous to publishing his tweets as a part of his settlement.

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Embracing Decentralization

Different crypto business giants have embraced the concept of decentralizing Twitter.

Sam Bankman-Fried, co-founder and CEO of FTX change, steered that the platform may allow customers to submit encrypted tweets on-chain.

The income stream can subsequently originate from both micro-fees for tweeting or from the person interface (UI). On the finish of the day, both type of monetization would profit the platform.

In distinction, Justin Solar, founding father of the cryptocurrency TRON, has provided to outbid Musk. The cryptocurrency entrepreneur disclosed in a tweet that he’s providing $60 per share to take Twitter fully non-public.

Twitter Is Not About To Be Owned

In the meantime, Twitter shouldn’t be prepared to simply accept Musk’s provide to purchase and privatize the social media firm.

As an alternative, it’s defending itself in opposition to the acquisition proposal utilizing a technique generally known as a “poison capsule,” the corporate revealed in a Friday announcement.

Something can nonetheless occur. That features Musk both saying sure to Hoskinson’s different Twitter provide, or simply declining him outright.

 

Featured picture from DailyCoin, chart from TradingView.com

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