This comes after Musk made a $43 billion offer to take full control of the popular social media platform in order to privatise it and protect free speech.
@elonmusk Elon if Twitter rejects your offer, then hit me up. Happy to build a decentralized one
— Charles Hoskinson (@IOHK_Charles) April 14, 2022
Musk is no longer Twitter’s largest shareholder
The board of directors of Twitter all have different reactions to Musk’s offer. Saudi Prince Alwaleed bin Talal Al Saud rejected the offer, while another member of the board decided to increase their holdings of Twitter stock to more than 10%.
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
Musk, officially, is no longer the largest shareholder of Twitter.
Responses from the crypto community
Twitter’s crypto community, on the other hand, has mocked Hoskinson’s offer, responding with various snide jokes about how long it would take him to build the platform.
Douglas Horn, the chief architect of the Telos blockchain, predicted that it would not be ready until 2035. Another user stated that if it is anything like what Hoskinson has previously built, it will not scale.
Can’t wait for the university research papers on how great of a product you will build in 5 years
— Devchart 👨🏻💻 (@devchart) April 14, 2022
These tweets refer to the numerous issues that have plagued the Cardano blockchain since its inception. Although Cardano has made significant progress in recent months, it is still a long way from realising its full potential. It still lags behind other similar networks with smart contract capabilities.
How a decentralised Twitter might look like
FTX founder Sam Bankman-Fried has also shared his thoughts about what a decentralised twitter would be like.
1) FWIW, some thoughts on what a decentralized Twitter might look like:
— SBF (@SBF_FTX) April 14, 2022
web3 technology can be used to creatively monetize the platform, as well as allow users to properly moderate their communities, relieving the company of the burden of deciding what to ban or leave.
Tweets will now go on-chain, or encrypted, according to one of SBF’s proposed changes. The sender would be able to control who has access to them, and the implication of this is that DMs and tweets will become unified.
He also highlighted that the site would inadvertently witness an increased use of cryptocurrency, such as Bitcoin and Ethereum tip, as well as NFT avatar integration.
