The acquisition of Twitter by Elon Musk continues to affect the agenda. The company’s financial future comes into question as big names pull their footing from Twitter. However, Charles Hoskinson, one of the famous names in the field of Bitcoin and altcoins, thinks that this is not a problem. Here are Hoskinson’s latest comments…
Hoskinson pointed to 2 altcoin projects: ADA and DOGE!
As we have also reported as Koindeks.com, Elon Musk’s purchase of Twitter has been one of the biggest agenda items since last week. Some people left the platform in reaction to Musk’s take on Twitter. This, in turn, lowered expectations for the platform’s financial performance. But Cardano (ADA) Founder Charles Hoskinson thinks it’s good for decentralization. He believes that a decentralized Twitter could solve many of the company’s problems. In one image, the Cardano Founder presented the idea to Elon Musk to build a decentralized Twitter using Cardano and DOGE.
Hoskinson believes that Cardano and DOGE can play a big role in Twitter. Koindeks.com As we have also reported, Elon Musk has publicly supported Dogecoin many times. The idea of a decentralized Twitter is not new. Enthusiasts of blockchain technology see this phenomenon as an alternative to the centralized model of many social media companies. Hoskinson explains this issue in more detail. He notes that the social networking side of Twitter is essentially decentralized. However, he states that it is “inclusive curation” that creates centralization problems on Twitter.
The idea of “decentralized Twitter” gains momentum
Extensive smoothing may involve dealing with storage, information flow, computation, and artificial intelligence. He highlights that the crypto community can help with peer-to-peer protocols, incentive engineering and cryptography. It reveals that Elon Musk can use Cardano and DOGE to tackle the platform’s many challenges. Hoskinson isn’t the only big name to propose a decentralized Twitter. Evan Henshaw-Blath, former employer of Twitter Founder Jack Dorsey, also revealed that he is working on a decentralized Twitter.
Lit Protocol co-founder David Sneider wrote an article for Elon Musk explaining the Twitter version of decentralization. Elon Musk has publicly supported Dogecoin many times. However, he is still hesitant about the use of other crypto networks. Musk initially allowed Tesla to accept Bitcoin payments for certain services. But later it suspended this feature due to the power usage of BTC.
Cardano does not face similar power usage with Bitcoin. Yet it has been extremely volatile in the crypto winter. As a result, Hoskinson believes Elon Musk should use Cardano and Doge to solve the problems Twitter is facing.