After a majorly publicized acquisition of Twitter (NYSE: TWTR) by Tesla (NASDAQ: TSLA) CEO Elon Musk, the Cardano (ADA) founder shared his thoughts on how the social network might be changed into a decentralized platform using cryptos and blockchain.
Charles Hoskinson explained how Cardano and Dogecoin (DOGE) may be deployed to resolve some of the prevailing social media challenges, including profile validation, in a YouTube video that was published on November 6.
According to him, social media networks:
“Want to maximize user acquisition, which is why they make it very easy to follow this flow so you can get as little friction as possible. However, the problem with that flow is that you end up getting lots of false accounts or inaccurate accounts.”
Solving Validation Problems
Based on Hoskinson, that is where blockchain steps in; he said that Cardano is now working on neutral cross-chain identity tools so “you can store these on a blockchain like the Cardano blockchain or Dogecoin” and use them with a verification-as-a-service API network.
He also specified that Dogecoin would not be able to offer any form of notion in these networks since it is a fork of Bitcoin. Hence, that needs to be a side-chain and it has to be a web 2.5 application. The Cardano founder stated:
“What’s nice about it is if you structure the security model in just the right way, you get immutability, you get censorship resistance because it has the same security properties of the main ledger. It’s a blockchain, so you get auditability.”
Possible Roles Of DOGE
Additionally, Hoskinson said that DOGE might serve as an:
Buy Crypto Now“Advertising token and the veracity token and the marketplace token for prediction markets and the token required to issue NFTs (non-fungible tokens) and all these types of things. (…) DOGE could basically be the currency of a social network.”
Eventually, the Cardano founder concluded his presentation with the particular idea highlighted by Finbold that stake pool operators (SPOs) who would be maintaining the ledger:
“They would be paid block rewards just like the DOGE miners are currently paid block rewards, but obviously those now go to the network. So if you hold the ADA, then in addition to getting ADA rewards, you’d also get DOGE rewards.”
In the meantime, the Twitter acquisition story appears to no longer give any wings to the dog meme token. The coin was trading at $0.115 at the time of publication, down 7.64% on the day, and about 4.02% in the last seven days. But, it will still be notching double-digit monthly gains, based on data from November 7.
