Justin Sun tries to outbid Elon Musk’s Twitter offer while Sam Bankman Fried believes that a decentralized on-chain Twitter will bring democracy and financial transparency so let’s read more in today’s latest crypto news.
Elon Musk’s offer to take Twitter private with a bid of $54.20 a share or about $43 billion in total attracted quite the reaction on social media. Hours after the news emerged Justin Sun tries to outbid his offer and made an offer of $60 per share and claimed that he will bring Twitter to an improved decentralized web3 platform. The FTX CEO for example commented that a decentralzied on-chain Twitter will bring in democracy and financial transparency.
1) FWIW, some thoughts on what a decentralized Twitter might look like:
— SBF (@SBF_FTX) April 14, 2022
Elon Musk’s offer to take Twitter private attracted quite the reaction on social media and hours after the news emerged, Justin Sun also made a new offer. Sam Bankman Fried commented on the Tweet of Elon Musk explaining what a decentralized Twitter could look like and what FTX will do to be a part of the project if there’s enough demand for the Twitter on-chain. SBF said that if Twitter goes on-chain, everything will get encrypted while the tweets will be like DMs with a privacy setting on and the senders can choose who can access them.
There will be two forms of monetization Twitter charges a small fraction of fees for every message and also the User Interface showed advertisements to subsidize the network fees. He suggested that each UI will establish its own set of moderation policies and ensure that no individuals or entities can control the speech on the platform. Since the social media platform will be on-chain, Twitter will include NFTs and on-chain transactions as well as doge on the platform. However such a transformation will be an uneasy task to resolve and only some Layer 1 base chains that scale to hundreds of thousands of TPS will be able to process the amount of information on Twitter in addition, the low transaction fees are also key.
With the added new features, SBF thinks that a decentralized Twitter can maintain a yearly profit of $300M and will make the platform even more democratic and transparent. Justin Sun is trying to outbid Elon Musk and claimed that he will turn Twitter into a decentralized open-source framework and will move it offshore whcih means it will make it less US-centric.
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