Cardano founder offers to build a decentralized social media platform with Elon Musk

Sahana Kiran
Source – Unsplash

Elon Musk shook up the internet by offering to buy all of Twitter. While some were appalled by this, Cardano’s founder Charles Hoskinson extended support. This support came through in the form of an alternative to the existing social media platform.

After emerging as the largest shareholder of Twitter, he was looking to expand his stake. Suggesting that privatization would aid in upholding free speech, he wanted to buy the firm at $54.20 per share. An array of people commented on this. While some raised the offer, a few others decided to create a whole new platform with Musk.

Decentralization is the theme of the crypto market. At least, it started out that way. Taking this onto the world of social media, Cardano’s Charles Hoskinson that the Tesla CEO could collaborate with him in building a decentralized social media platform. He tweeted,

The potential collaboration with Musk and the launch of a decentralized social media platform would certainly be revolutionary. Speculations pertaining to this platform began pouring in. Cardano [ADA] would undoubtedly be the coin of this platform, several suggested. It was also assumed that the crypto community would migrate to this possible platform leaving Twitter behind.

Not everyone is pleased with Musk’s interest in Twitter

Jackson Palmer, the co-founder of Musk’s favorite cryptocurrency, Dogecoin [DOGE] has taken a jab at the Tesla CEO for his abrupt interest in acquiring Twitter. He blatantly called Musk out for launching a hostile takeover of Twitter. He further tweeted,

In the meantime, Musk went on to explain why he wanted to acquire the social media giant in a recent Ted Talk interview. Once again, emphasizing free speech, he said,

“There are some limits on free speech in the U.S., and Twitter would have to abide by those rules. In my view, Twitter should match the country’s laws; there is an obligation to do that. But having no insights into what’s going on behind the scenes can be very dangerous.”

Additionally, with his possible acquisition, he intended to retain as many of its shareholders. He stressed the fact that economics wasn’t his interest at all.