© Bloomberg A sticker promoting Dozecoin is seen on an automatic deposit machine at a laundromat in Hong Kong, China, Thursday, June 9, 2022. Tesla Inc. CEO Elon Musk has expressed interest in Bitcoin and Dogecoin early last year, which would allow Tesla customers to buy electric cars with Bitcoin, bringing a high to the cryptocurrency market.(Bloomberg) - Elon Musk has taken over Twitter Inc. after months of dramatic changes, sparking mixed feelings ranging from hope to users' concern that the billionaire is leaving his mark on the social network. Media platforms. Crypto Twitter is no exception.
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Fans of the digital asset are flocking to Twitter, changing their profile pictures to "laser eyes" and posting irreverent memes about the currency's rise (and then fall) in a show of support for the cryptocurrency. . Tweets from your favorite founders.
An avid Twitter user, Musk has a complicated relationship with crypto, seemingly embracing it one minute and insulting it the next. That hasn't stopped industry advocates from considering an expansion of Twitter's blockchain capabilities under his leadership, which would become more mainstream. Their enthusiasm sparked Musk's interest in choosing Dogecoin, and a few days ago he finally signed the deal.
Twitter has entered the cryptocurrency. Co-founder and former CEO Jack Dorsey is one of the most prominent bitcoin bulls in the industry, and under his leadership the company launched a feature that allows users to get bitcoin tips, launched the crypto section of Twitter and Blueskin is now independent. Institution. Dedicated to building a decentralized social media network. Project completed. Since Dorsey's departure last November, Twitter has added Ether tips, fixed profile pictures, and USD stablecoin payouts to a select group of creators.
© Bloomberg A sticker promoting Dozecoin is seen on an automatic deposit machine at a laundromat in Hong Kong, China, Thursday, June 9, 2022. Tesla Inc. CEO Elon Musk has expressed interest in Bitcoin and Dogecoin early last year, which would allow Tesla customers to buy electric cars with Bitcoin, bringing a high to the cryptocurrency market.It's unclear what will happen to Musk's efforts on the platform, known as cryptocurrency, and could clean up the platform's digital asset pool as the company leaves. other senior executives. Although the CEO of Tesla Inc. promoted Dogecoin on Twitter with the nickname "Dogefather", in May 2021 he called the token "Rush" while hosting "Saturday Night Live". It also added the ability to pay in Bitcoin. for Tesla electric cars in 2021, but stopped testing less than two months later, citing the environmental impact of cryptocurrencies.
Musk was hesitant to engage in cryptocurrency, which made Twitter's acquisition worse. Binance Holdings Ltd., the world's largest digital asset exchange, provided Musk with $500 million in funding in May and reportedly formed a team to study how cryptocurrency could benefit the social media company. In text messages published as part of Twitter's contract dispute, Musk first discussed the use of blockchain to promote free speech and reduce social media spam, then wrote, "Blockchain of Twitter is impossible".
But if Musk decides to push cryptocurrency to play a bigger role on Twitter, here are some ways to do it.
Twitter bots and spam are major issues for Musk and contributed to a contentious legal battle that threatened to buy out the company. The problem is particularly significant for cryptocurrencies, where spam accounts impersonate celebrities like Musk to promote crypto donation scams. But some digital asset enthusiasts believe that using blockchain could help reduce bots on Twitter. A blockchain-based identity verification tool, or NFT Passport, could be an option to push Mask's desire to "verify all real people" on Twitter. Freedom of speech is close to Musk's heart and he wants to remove the lifetime bans the company places on users. . These values align with many cryptocurrency proponents who seek to embrace the decentralization that blockchain promotes. They think an organization shouldn't make key decisions about how a platform works. While Musk could implement a token-based voting system that would give users more say in what happens on Twitter, it's important to remember that the potential of cryptocurrency is a weapon. double-edged. While adding a cryptocurrency component to Twitter could expand the overall use of the digital asset, it would bolster Mask's influence in an industry where many want it to be as decentralized as possible. Musk has previously expressed his desire to turn Twitter into a "super app." WeChat, the Chinese platform for managing message, game, payment and video streams, is amazing. Revolut Ltd. Like other budding software developers. As a first step in allowing more cryptocurrencies to enter, Dogecoin is perhaps the best candidate for Musk's token love. Other big social media platforms like Instagram are leaning more towards NFTs. As Musk teased these assets, including Twitter's earlier decision to allow verified NFT profile pictures, he could introduce the ability to create profiles represented by NFTs, such as marketplaces or users: their content, a trial powered by the Lens protocol, a decentralized social network. The media platform's moves could ensure Twitter won't fall behind other social media giants in cryptocurrency adoption.While integrating these blockchain components is a complex and delicate task for Twitter, Musk's new regime is still opening the door for them to become a reality.
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