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Cardano Founder Wants to Build Decentralized Twitter with Elon Musk

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Fri, 04/15/2022 - 08:44
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Alex Dovbnya
Input Output CEO Charles Hoskinson wants Cardano to be Elon Musk's Plan B if his bid to buy Twitter fails
Cardano Founder Wants to Build Decentralized Twitter with Elon Musk
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Cardano founder Charles Hoskinson has proposed creating a new decentralized social media platform from scratch together with Tesla Elon Musk in case the centibillionaire's audacious attempt to take over Twitter fails.

Douglas Horn, the chief architect of the Telos blockchain, facetiously predicted that the project would be delivered by 2035. Another Twitter user joked that the platform would only be able to send 10 messages per minute, alluding to various tech issues plaguing Cardano-based applications.

As reported by U.Today, Musk made an offer to pay $41 billion to take Twitter private, claiming that the unsolicited bid was meant to protect freedom of speech. Prior to that, he acquired a 9.2% stake in the company.

The idea that the world's richest person, who has used Twitter to publicly troll, harass and intimidate people could become the owner of the highly influential social media platform expectedly caused a lot of controversy. Dogecoin co-founder Jackson Palmer criticized Musk for attempting a hostile takeover of Twitter.

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 Critics argue that the mogul is far from being a free speech messiah, and his real motive is to get back at the U.S. Securities and Exchange Commission (SEC). As part of his settlement with the formidable regulator, Musk's tweets have to be preapproved before publishing. The billionaire is now trying to get rid of his "Twitter sitter."

Musk is "not sure" whether or not he will succeed in taking over Twitter but claims that he has "a Plan B." Saudi Prince Alwaleed bin Talal Al Saud, a key Twitter shareholder, has shot down Musk's offer. The company's board is also reportedly not willing to accept it.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.