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Bloomberg — After months of dramatic twists and turns, Elon Musk has done with the control of Twitter Inc. igniting emotions ranging from hope to anxiety among the users who are prepared to see how the billionaire put his stamp on the social media platform. Crypto Twitter is not an exception.
Enthusiasts of the digital assets meet since a long time ago on Twitter, where they have changed their profile pictures by pictures of themselves with “laser eyes” as a sign of their support to the criptomonedas, have been released memes irreverent about the rise (and then fall) in the price of the coins and have retuiteado threads of its founders favorite.
The own Musk, which is a tweeter prolific, has had a complicated relationship with the criptomonedas, because that seems to embrace it in a moment and menospreciarlas in another. That has not prevented the supporters of the industry imagine an expansion of the functions of blockchain Twitter under his direction that would expand the widespread adoption. Their euphoria has probably helped to drive interest in Dogecoin, the token chosen by Musk, who has been fired days before it finally sealed the deal.
Twitter has made their own forays into the criptomonedas. The co-founder and former ceo Jack Dorsey is one of the most well-known advocates of Bitcoin in the industry, and under his leadership, the company introduced a feature to allow users to receive tips in Bitcoin, built a division of Twitter Crypto and began Bluesky, a project dedicated to building a social media network that is decentralized is now an independent company. Since the departure of Dorsey last November, Twitter has added the tip in Ether, the profile pictures in tokens, non-fungible and payments in stablecoin USD Coin for a select group of creators.
It is not clear what will happen with these efforts, under the leadership of Musk, who has been notoriously mercurial about crypto and you can clean your computer of digital assets to the platform as other executives from high-profile exit. Although the CEO of Tesla Inc. has promoted Dogecoin on Twitter enough to earn the nickname “the Dogefather”, called the token of “scamming” when presented with “Saturday Night Live” in may of 2021. Also added the possibility to pay in Bitcoin for electric vehicles from Tesla in 2021, but it did put an end to this practice less than two months later, citing the environmental impact of the criptodivisa.
In the development of the acquisition of Twitter, Musk seemed to waver in its commitment to criptomonedas. Binance Holdings Ltd., the stock exchange of digital assets, the world's largest promised to contribute $ 500 million to the financing of Musk to the agreement in may and, according to reports, is creating a team focused on exploring how the crypto could be useful for the company in social media. In a piece of text messages released as part of the litigation on the agreement of Twitter, Musk initially discussed the use of blockchain to promote freedom of expression and to reduce the spam on social networks, just to write later that “blockchain Twitter is not possible.”
But if Musk decides that criptomonedas play a more important role on Twitter, here are a few ways you could do this:
-The bots and the spam on Twitter are major pain points for Musk, and helped spur a controversial legal battle that threatened their acquisition of the company. The problem is especially important in the field of criptomonedas, where the spam accounts posing as famous figures like Musk to promote scams involving fake gifts criptomonedas. But some enthusiasts of the digital assets that they believe that the use of blockchain could help reduce the bots on Twitter. A tool for verification of identity based on blockchain or a passport NFT could be options to promote the objective of Musk, of wanting “to authenticate to all the real human” on Twitter.
-Freedom of expression is close to the heart of Musk, and has the intention to lift the bans for the life of the company to users. These values align with those of the many believers in the criptomonedas dedicated to the ethos of decentralization that promotes the blockchain. They think that a single entity should not make important decisions about how to manage a platform. Although Musk could implement a voting system based on tokens that would allow users to have more of a say about what happens on Twitter, it is important to note that its potential acceptance of the criptomonedas it is a double-edged sword. Although add more items cryptographic Twitter could expand the widespread use of digital assets, consolidate even more the influence of Musk on an industry that many want it to be as decentralized as possible.
-Musk has already expressed its ambition to convert Twitter in a “super app” and has spoken admirably of the chinese platform WeChat, which you can manage the messaging, games, payments and the transmission of video. With other aspiring creators of super apps, like Revolut Ltd., that you are expanding into the criptomonedas, it would make sense that the vision of Musk to include digital assets. Allow more criptodivisas for tipping could be a first step, being Dogecoin a likely candidate main because the love of Musk for the token.
-Other social media platforms conventional, such as Instagram, are deepening in the NFT. Although Musk has mocked these assets in the past, including the decision by Twitter to allow for profile pictures NFT authenticated, you could introduce more features of NFT, such as a market or the ability of users to create a profile represented by an NFT to give them greater ownership over their content, a practice that had been implemented by the social media platform decentralized Lens Protocol. These measures would ensure that Twitter is not left behind with respect to other giants of the social networks on the adoption of criptomonedas.
Although the integration of these elements of blockchain would be a complex undertaking, and closely watched by Twitter, the new reign of Musk still opens the potential for that to become a reality.
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