- Hoskinson’s video was removed by the moderators on the Dogecoin Reddit.
- Cardano can offer decentralization, security, and infrastructure to Twitter.
- DOGE becomes the currency of the decentralized social network, suggested Charles.
In his recent YouTube video, Cardano’s founder, Charles Hoskinson suggested the idea of a decentralized Twitter using Cardano and DOGE to Elon Musk. He also said that a decentralized social network can solve many of Twitter’s issues and would work on Cardano as a sidechain.
Additionally in the video, which was later removed by the moderators on the Dogecoin Reddit, Hoskinson said that using Cardano, a super fast BFT Protocol can be set up for ultra high speed throughput. Additionally, by structuring the security model, one can get immutability, censorship resistance too.
Charles added that Cardano blockchain can help with auditability and by augmenting the side chain with service providers, storage can be provided.
DOGE can be used as an advertising token, according to Hoskinson. DOGE can also be the veracity token, the marketplace token for prediction markets and the token required to issue NFTs, added Hoskinson.
As such, a native holder of Cardano’s ADA and DOGE can earn rewards by maintaining the Ledger. Moreover, people holding the ADA can get rewards in both ADA and DOGE if the partnership between both cryptos pan out well.
Thus, Cardano would offer decentralization, security, infrastructure and an ecosystem while DOGE becomes the currency of the decentralized social network, suggested Hoskinson.
The decentralized twitter, according to him, can incorporate zero knowledge crypto for Boolean proofs for content that requires age verification.
He also suggested having a reputation score via crypto on tweets and turning tweets into NFT. Additionally, he recommended adding options like ‘fact-check, suspicious, tell me more about it’ on twitter. This can decrease the chances of inaccurate data to spread more easily.
Hoskinson talked about creating marketplaces for true information. To further uphold true information , a veracity bond can be put on people trying to put their opinion. A veracity bond fundamentally asks people to put money on their claims and if it turns out that their tweet is false, they would lose the money.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
