Charles Hoskinson, Cardano’s founder and chief executive of Input-Output Global, said he is keen in assisting Elon Musk in building a decentralized social media platform from the ground up — if Musk’s Twitter bid fails.
But Douglas Horn, the Telos blockchain’s primary architect, joked that the project would be completed by 2035.
There are numerous technical challenges hampering applications built on the Cardano platform, thus another Twitter user jokes that it can only send 10 messages per minute.
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Musk made a $43 billion bid to acquire complete control of Twitter with the goal of privatizing it and defending free expression.
The centibillionaire had previously acquired a 9.2 percent interest in the company. He also declined to join the social networking site’s board of directors.
Musk Wants Some Adjustments
The Tesla CEO has criticized Twitter for failing to uphold free speech norms. He has indicated that if his bid is rejected, he will reassess his ownership in the company. “It’s not a threat,” he said in quotes by multiple news outlets.
Hoskinson indicated in a subsequent tweet that the platform will be “cross-chain compatible with Bitcoin, Cardano, and Doge” and would be supported by default.
@elonmusk Elon if Twitter rejects your offer, then hit me up. Happy to build a decentralized one
— Charles Hoskinson (@IOHK_Charles) April 14, 2022
Hoskinson made the assertion in response to a tweet from “Robobubo,” who inquired whether the hypothetical platform would be confined to Cardano.
However, the user persisted, claiming that limiting the network to only three blockchains would be insufficient for a fully decentralized social media experience.
The prospect of the world’s wealthiest individual, who has publicly harassed and made fun of people on Twitter, becoming the owner of the very prominent social media institution generated much uproar.
ADA total market cap at $32.12 billion on the weekend chart | Source: TradingView.com
Not Everyone Was Happy
Jackson Palmer, co-founder of Dogecoin, chastised Musk for attempting a hostile takeover of Twitter.
Neil Campling, chieff of TMT research at Mirabaud Equity Research, believes that it is a hostile takeover and that it will cost “a significant amount of money.”
Musk’s offer was also rejected by Saudi Prince Alwaleed bin Talal Al Saud, a major shareholder in Twitter.
I don't believe that the proposed offer by @elonmusk ($54.20) comes close to the intrinsic value of @Twitter given its growth prospects.
Being one of the largest & long-term shareholders of Twitter, @Kingdom_KHC & I reject this offer.https://t.co/Jty05oJUTk pic.twitter.com/XpNHUAL6UX
— الوليد بن طلال (@Alwaleed_Talal) April 14, 2022
Those who oppose Musk argue that he is not a savior of free expression and that his ultimate purpose is retaliation against the US Securities and Exchange Commission.
Musk must obtain approval from the powerful body prior to publishing his tweets as part of his settlement.
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Embracing Decentralization
Other crypto industry giants have embraced the idea of decentralizing Twitter.
Sam Bankman-Fried, co-founder and CEO of FTX exchange, suggested that the platform might enable users to submit encrypted tweets on-chain.
The revenue stream can therefore originate from either micro-fees for tweeting or from the user interface (UI). At the end of the day, either kind of monetization would benefit the platform.
In contrast, Justin Sun, founder of the cryptocurrency TRON, has offered to outbid Musk. The cryptocurrency entrepreneur disclosed in a tweet that he is offering $60 per share to take Twitter completely private.
Twitter Is Not About To Be Owned
Meanwhile, Twitter is not ready to accept Musk’s offer to buy and privatize the social media company.
Instead, it is defending itself against the acquisition proposal using a strategy known as a “poison pill,” the company revealed in a Friday announcement.
Anything can still happen. That includes Musk either saying yes to Hoskinson’s alternative Twitter offer, or just declining him outright.
Featured image from DailyCoin, chart from TradingView.com