Charles Hoskinson believes Cardano could help implement Dogecoin as Twitter's own token.
Following Twitter's purchase by Elon Musk, There are many rumors that Dogecoin (DOGE) could have a leading role on the social platform.
In the days following the purchase of the network, the token skyrocketed, reaching a growth of above 100% of its value. However, late last week, when news broke that Musk had stopped all initiatives related to cryptocurrencies On Twitter, Dogecoin lost traction and its value fell slightly.
In this context, Charles Hoskinson appeared on the scene to offer Dogecoin the possibility of becoming a sidechain Cardano. The invitation from the founder of ADA went further, assuring that he himself would take care of the implementation in the Cardano ecosystem was free for DOGE.
Video to Elon: How to Build Decentralized Twitter Using Doge and Cardano for Profit and Pleasure
In a video posted on November 6 on his YouTube channel, Hoskinson explains how Dogecoin and Cardano could offer Technological solutions to common problems of social networks, such as profile verification or centralization.
Hoskinson believes that the nature of social media, which aims to Maximize new user acquisition, causes them to be filled with fake profiles. By facilitating the By creating registration systems that are as simple as possible, the inclusion of fake accounts is encouraged.
Cardano and Dogecoin to facilitate profile verification
Hoskins explains that Cardano developers are working on a interoperable and neutral system on-chain ID, which allows users to store their data on blockchains like Cardano or Dogecoin. This way, they could use them as a kind of API, something he calls “verification as a service".
For Hoskinson, as Dogecoin is a fork of Bitcoin would not be able to offer adequate infrastructure for these systems. For this reason, it should become a sidechain Cardano, which could serve this type of use while also offering the advantages of blockchain such as immutability and auditability.
Dogecoin the currency of social networks
On the other hand, Hoskinson points out that Dogecoin has the potential to become the currency of Twitter. In this sense, it could be used as an advertising token (to pay for advertising or to gain advantages in ad auctions), as a native token for the exchange of goods in a marketplace, as well as a market prediction token or to pay for the minting of native NFTs.
Hoskinson concludes by explaining that Dogecoin's block reward system would change completely. By becoming a sidechain of ADA, the rewards would no longer go to the miners, but would be the Cardano validators who will receive both ADA and DOGE for their work.
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