If Elon Musk's Twitter bid fails, Charles Hoskinson, Cardano's founder and CEO of Input-Output Global, has expressed interest in assisting Musk in building a decentralized social media platform from the ground up.
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However, Douglas Horn, the primary architect of the Telos blockchain, joked that the project would be completed by 2035.
There are numerous technical challenges preventing applications built on the Cardano platform from sending more than 10 messages per minute, prompting another Twitter user to joke that it can only send 10 messages per minute.
Musk made a $43 billion bid to buy out Twitter, with the goal of privatizing it and defending free expression.
Musk Wants Some Changes
Tesla CEO Elon Musk has chastised Twitter for failing to uphold free speech standards. He has stated that if his bid is rejected, he will reconsider his stake in the company. "It is not a threat," he said, according to multiple news outlets.
In a subsequent tweet, Hoskinson stated that the platform will be "cross-chain compatible with Bitcoin, Cardano, and Doge" and will be supported by default.
Hoskinson made the claim in response to a tweet from "Robobubo," who wondered if the fictitious platform would be limited to Cardano.
However, the user persisted, claiming that restricting the network to only three blockchains would not provide a fully decentralized social media experience.
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The prospect of the world's wealthiest person, who has publicly harassed and mocked people on Twitter, becoming the owner of the world's most prominent social media institution sparked widespread outrage.
ADA total market cap at $32.12 billion on the weekend chart | Source: TradingView.com
Not Everyone Was Content
Musk was chastised by Jackson Palmer, co-founder of Dogecoin, for attempting a hostile takeover of Twitter.
Mirabaud Equity Research's chief of TMT research, Neil Campling, believes it is a hostile takeover that will cost "a significant amount of money."
Musk's offer was also turned down by Saudi Prince Alwaleed bin Talal Al Saud, a major Twitter shareholder.
Opponents of Musk argue that he is not a savior of free expression and that his ultimate goal is retaliation against the US Securities and Exchange Commission.
As part of his settlement, Musk must obtain permission from the powerful body before publishing his tweets.
Accepting Decentralization
Other crypto industry titans have embraced the concept of Twitter decentralization.
The co-founder and CEO of FTX exchange, Sam Bankman-Fried, suggested that the platform might allow users to submit encrypted tweets on-chain.
As a result, the revenue stream can come from either micro-fees for tweeting or the user interface (UI). In the end, either type of monetization would benefit the platform.
In contrast, the founder of the cryptocurrency TRON, Justin Sun, has offered to outbid Musk. In a tweet, the cryptocurrency entrepreneur stated that he is offering $60 per share to take Twitter completely private.
Twitter Will Not Be Acquired
Meanwhile, Twitter has refused Musk's offer to purchase and privatize the social media company.
Instead, the company is defending itself against the acquisition proposal with a strategy known as a "poison pill," according to a Friday announcement.
Anything is still possible. This includes Musk either accepting Hoskinson's alternative Twitter offer or flatly declining him.
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