How crypto, blockchain and Web3 could change Elon Musk’s Twitter, according to Cardano founder

euronews.com:

Elon Musk has made no secret of the big role he sees for cryptocurrency in his newly acquired social media company Twitter.

Binance CEO Changpeng “CZ” Zhao’s has decided to invest $500 million (€496 million) into Twitter, while Dogecoin - the “crypto of the people,” according to Musk, who has staunchly supported it - has surged since Musk’s takeover.

While other social media companies have tried and failed to use cryptos or implement wallets (most famously Facebook and its Libra coin), Twitter could be successful, according to the founder of the public blockchain platform Cardano, Charles Hoskinson.

“Now, it is an interesting thing to blend a social network with a financial stack,” he told Euronews Next at Web Summit in Lisbon.

“Twitter is uniquely well-suited to do this. And a crypto component is something that Musk has been talking about since the dotcom days, way back in the late nineties”.

No strategy for using crypto or any crypto wallet has been unveiled yet; for the moment Musk has put his attention on charging for the blue tick verification mark and also firing staff.

“It's early days and what he's probably going to do is come in and gut the company, fire half the people, move it to Austin, put very strong leadership that he trusts and then pull out and let them kind of run it and then focus a lot more on merging of those two worlds; the social network side and the fintech stack,” said Hoskinson.

“It remains to be seen if he's going to verticalize it and do it all himself or if he's going to do it with partners”.

While the SpaceX and Tesla boss has heavily outlined his preference for Dogecoin, Hoskinson said he was “always available” to consult with Musk, and said a partnership with a particular cryptocurrency or