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Moderators of the Dogecoin subreddit have removed a post by the founder of Cardano Charles Hoskinson Regarding the proposal to use both cryptocurrencies in a decentralized Twitter.
Despite being ridiculed, Hoskinson said he was “optimistic about a solid dialogue.” He also intends to “reach out to a few people” to advance discussion of the proposal.
After Elon Musk took over Twitter on October 28, significant changes were made, including the dismissal of management, the dissolution of the board, and a 50% reduction in headcount.
Musk is considering the best step forward to realize its plans for a blockchain-based social media platform. But the latest news on the matter has revealed that cryptocurrency integration is on the backburner for now.
After Binance invested $500 million in the acquisition of Twitter, Binance CEO Changpeng ‘CZ’ Zhao answered questions at a recent AMA about the deal. The crypto community needs to give Musk time to find his own direction, he said.
Dogecoin is widely expected to form part of Musk’s plan, but CZ said it would be better to incorporate multiple cryptocurrencies.
Eager to put Cardano into action, Hoskinson Posted a video sharing his thoughts on building a decentralized Twitter using Dogecoin and Cardano.
In an hour-long video, Hoskinson detailed how DOGE and ADA can be used in such a capacity. For example, using digital identity mechanisms to eliminate bots and replace existing business models to ensure that advertiser influence does not affect tweet curation. This means that quality information is prioritized over sponsored posts/ads.
Video to Elon: How to Build a Decentralized Twitter for Profit and Pleasure with Doge and Cardano https://t.co/g9p1MnSqPZ
Charles Hoskinson (@IOHK_Charles) November 6, 2022
Dogecoin co-founder in response to proposal Billy Marcus Posting a video in April 2021 when DOGE was climbing to an all-time high of $0.70, Hoskinson criticized Musk and DOGE for market manipulation by whales.
He said the incredible price rise was unsustainable and would eventually collapse, causing pain to retail investors and regulators acting on strict new rules for the cryptocurrency industry. He said he may be forced to do so.
DOGE has always been an inside joke, a pet rock, a fun crypto-teasing, light-hearted thing for our industry. We have never taken it seriously.
Others had similar reactions, including a comment about Hoskinson’s “trying to ride the Doge wave” pivot.
Justifying DOGE proponents, Hoskinson says the project now has non-meme use cases.
Dogecoin finally has a use case. If elon decides to use it for his Twitter, automatically he has 200 million users and a use case.it’s much more real than a meme
Charles Hoskinson (@IOHK_Charles) October 30, 2022
