Charles Hoskinson of Cardano promises to assist in the development of a decentralized Twitter
Members of the cryptocurrency community have mocked Hoskinson’s offer, claiming that completing the project may take up to five years.
Charles Hoskinson, the inventor of Cardano, has indicated that he is eager to assist Elon Musk in developing a decentralized version of Twitter.
This follows Musk’s $43 billion bid to acquire complete control of the popular social media network with the goal of privatizing it and safeguarding free expression.
Musk’s bid generated a range of responses from the board, with one significant shareholder, Saudi Prince Alwaleed bin Talal Al Saud, rejecting the deal and another member increasing its Twitter shares holdings to more than 10%.
Musk is no longer the social media platform’s top shareholder since his holdings pale in comparison to those of the Vanguard Group.
The cryptocurrency community responds
The crypto community on Twitter, on the other hand, has mocked Hoskinson’s offer, responding with various sarcastic jokes about how long it would take him to develop the platform.
Douglas Horn, the principal architect of the Telos blockchain, claimed that it would not be completed until 2035. Another commenter remarked that if it is anything like what Hoskinson has previously constructed, it will not scale.
These remarks are in reference to the many difficulties that have dogged the Cardano blockchain since its inception. While Cardano has made great progress in recent months, it is still far from realizing its full potential and lagging behind comparable networks that support smart contracts.
In another development, FTX co-founder Sam Bankman-Fried has proposed a design for a decentralized Twitter.
According to SBF, web3 technology may be used to creatively monetize the platform, and it also enables people to properly monitor their communities, relieving the firm of the burden of deciding what to prohibit or leave.
One of the suggested modifications by SBF is that tweets will now be sent on-chain, or encrypted. This is because the sender would have the ability to control who gets access to them, implying that DMs and tweets would become united.
He also highlighted that the site will accidentally witness more usage of cryptocurrency, contributing to the space’s degree of integration with its Bitcoin and Ethereum tip, as well as NFT avatar integration.
This would also verify Musk’s assertion that users might spend Dogecoin to compete for Twitter Blue memberships.