Dogecoin ($DOGE) and Bitcoin ($BNB) may be included in Elon Musk’s plans for Twitter, according to Charles Hoskinson, co-founder and CEO of IO Global (IOG), the company in charge of Cardano’s R&D. Hoskinson claims that in the long run, Cardano will develop into “a network of blockchains.”
Elon Musk’s takeover of Twitter, according to Web Summit speaker Hoskinson, might attract 200 million more people to the cryptocurrency market. Hoskinson also said that the CEO of Tesla and Space X would deploy his preferred cryptocurrency Dogecoin on the platform.
Hoskinson added that it would “be a lot of fun” to create a $DOGE sidechain on Cardano or to develop a bridge between the two projects in order to assist the meme-inspired cryptocurrency scale, but that it currently lacks the capacity to be deployed to 200 million people.
We are “right in the middle of the third generation of cryptocurrencies,” according to Hoskinson, who said during the event that there is “a lot of fun stuff on the horizon” in terms of cryptocurrencies. According to him, the first generation introduced decentralization and saw BTC merging out victorious.
According to him, Ethereum ($ETH) brought smart contracts as the second wave, but a third wave is currently bringing scalability, interoperability, and governance to the field. In the third generation, Hoskinson identified Algorand, NEAR, Tezos, and Cardano as competing protocols. He also predicted that a fourth generation might include “multi-resource consensus, identity incorporated into the system, and a bunch of post-quantum stuff.”
Additionally, he conjectured that Binance’s $500 million investment in Musk’s acquisition of Twitter had something to do with the exchange’s desire to encourage the social media service’s integration of cryptocurrencies. Added Hoskinson:
I don’t know anything about it, but if I had to guess, I’d say Binance is pushing for that. If you invest half a billion dollars in it, that’s a sizable check even for a passive investment. I believe there are clear intentions to participate in the crypto discussion.
The CEO of IOG highlighted that there are numerous components that need to be integrated, such as exchanges, information curation algorithms, wallet solutions, and smart contract capabilities. In order to “help push Twitter into Web3 when they’re ready,” according to Binance CEO Changpeng Zhao (also known as “CZ”), the cryptocurrency exchange contributed $500 million to Elon Musk’s acquisition of Twitter.
According to CZ, there are several reasons for Binance to support the purchase, including the fact that Twitter is “a free expression platform, which is global, which is really essential.” She also stated that Binance’s investment in Twitter was “put together a few months back.”
Since then, the exchange has introduced the “Bluebird Index,” a cryptocurrency index that monitors the success of its own native token, $BNB, Dogecoin, and the obscure Mask Network ($MARK) cryptocurrency.
The term “bluebird” is a play on Twitter’s logo, and the index’s components include Binance’s native token and a protocol that “allows its users to send encrypted messages over Twitter and Facebook and that “acts as a bridge between the internet and a decentralized network running on top.” Elon Musk has been known to support meme-inspired cryptocurrencies.