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Cardano’s Founder Offers to Build Decentralized Twitter with Elon Musk
10 May 18:12
A friend of the cryptocurrency market would undoubtedly be aware of how much the influence of the world's richest man's tweets on Twitter can affect the cryptocurrency markets. Such power wielded by a man can sometimes negatively impact a so-called decentralized market. This and several other concerns have made some influential people react to the $43 Billion bid of Elon Musk to Purchase and own the Foremost and Renowned American Microblogging and social networking service.
Elon Musk intends to purchase Twitter at $54.20 per share and make it private; he believes that the privatization of the social media company would help improve free expression and speech, He also plans to make the other changes he thinks the company needs. In his words in a letter he sent to Twitter, He said
“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy, ”.
In response to Elon's juicy offer and seemingly good intentions, Twitter has officially responded that the Board of Directors will look into the request and make the best decision to profit and affect the company to the optimum best.
However, Cardano’s CEO Charles Hoskinson has offered to assist Musk in building a decentralized social media platform just like Twitter through his comment with a tweet tagging Him Should his attempt to purchase twitter hit a dead end.
Source: Twitter
Elon Musk Purchases Twitter Shares
On the 4th of April, Elon Musk took to the public to announce his acquisition of about 9.1% shares of Twitter, making him the largest shareholder in the company. According to Bloomberg, Elon’s announcement has made Twitter shares increase to a significant positive percentage over a short period of time.
Elon's offer to Buy Twitter
According to Elon in his letter, Twitter has the potential to be the platform for free speech around the globe. He Further commented that free speech is a societal imperative for a functioning democracy. But according to his recent discoveries since making his investment, He now realizes that In its existing shape, the corporation will neither maximize nor satisfy this societal objective.
As a result, He offers $54.20 per share as his best and final offer to own the company, and if not accepted, he might consider selling his shares. To him, Twitter has extraordinary potential and he has what it takes to unlock it
source: Twitter
Cardano's CEO Proposes an Alternative to Elon
Cardano’s Boss and the CEO of Input-Output Global, Charles Hoskinson, has offered to join Elon Musk in Building a Decentralized Social media platform like Twitter if his buy bid becomes a failure. He made this proposal by tweet tagging Elon on Twitter. A Famous Cryptocurrency Influencer, Sam Bankman Fried had recently commented that the company needed decentralization as it would enable publishing encrypted tweets on-chain.
What Others Think about The Proposal
The Telos blockchain’s Chief designer, Douglas Horn, made fun of the proposed project and predicted it would be completed by 2035. He likely made this assertion due to Cardano's Blockchain network limitations; somebody else on Twitter remarked that the platform would only be capable of sending ten messages per minute.
Jackson Palmer, the Co-Founder of Dogecoin, believes Elon’s Proposal is hostile and seems more like that of an audacious bully.
Saudi Arabia’s Prince Alwaleed bin Talal Al Saud has clearly and publicly rejected Elon's proposal. As a major and long-term stakeholder, he believes the bid undervalues the worth and future prospects of the Company.
Twitter's Reaction to Elon Musk Proposal
Twitter has replied to Elon in a press conference about its decision to review Elon's proposal and take the decision that best suits the interest of the company and its shareholders. Nevertheless, a day after Elon's buy proposal the company unanimously adopted a method called the "Poison Pill". It is a strategy that prevents a stakeholder from purchasing more than 15 percent of a company's shares. This method is adopted by several companies to prevent the corporation from an aggressive takeover.
Truth be told, the future of social media platforms is clearly decentralized. This keeps appearing clearer since the invention of Web3 and evolutions that seek to give power to the people. As much as Elon musk's bid to purchase Twitter has positive benefits, it appears he is making this bid as a result of some personal biases under the hoodwink of Free speech.
Author: Gate.io Researcher M. Olatunji
Disclaimer:
* This article represents only the views of the observers and does not constitute any investment suggestions.
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.
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