Will Elon Musk’s encryption plans change for Twitter?

the summary

  • A planned crypto wallet is said to be suspended on Twitter after Elon Musk’s takeover of the company.
  • Musk previously teased the Dogecoin integration on Twitter, telling employees that crypto payments would be a priority.

many In the world of coding rejoice When Elon Musk took over Twitter last week, which Dogecoin The fanatic’s tweets and leaked texts indicated a deeper integration of the blockchain within the social media platform. dog Even doubled in price In the days that followed. But cryptocurrency may not be as much of a priority for Musk’s Twitter as some hope, based on new reports.

On October 24, prior to Musk’s acquisition of Twitter, technology leaks were noticed Jin Manchun Wong tweeted The company was working on a “wallet prototype” that would support cryptocurrency deposits and withdrawals. Wong is famous for Share reputable leaks From Twitter and other tech platforms it’s often proven accurate.

Thursday evening, technology journalist Casey Newton came from platform player She mentioned that plans had changed under Musk’s leadership. Newton wrote that “a recently revealed plan to build a cryptocurrency Pocket wallet Because Twitter seems to be on a hiatus.”

Twitter did not immediately respond to a request for comment Decrypt. Doge price fell sharply After yesterday’s report – about 10% in a few hours – but he has mostly recovered since then. At a current price of $0.128, it is still up 115% in the last 14 days.

DOGE rallied not only because of Musk’s long-shared love of the flagship meme coin, though tweets from “Dogefather” often had a clear impact on the market price.

He had that too disturbing intentions To integrate Dogecoin as a payment option on Twitter, similar to Musk’s Tesla and The Boring Company DOGE PAYMENT ACCEPTANCE To some extent. In a leaked copy of a Q&A with Twitter employees in June, Musk continued Referred to crypto payments as a major focus for the future.

Elon Musk has also been flirting with ways to create a blockchain-powered social media platform to replace Twitter, which It was revealed through leaked texts With his brother Kimbal. The current Twitter CEO proposed a platform in April that required the creation of a micro-pay DOGE, but then flipped it a few days later, saying “blockchain Twitter is not possible.”

while, Leaked texts Between Musk and the founder of Twitter and Former CEO Jack Dorsey-a Note the maximum amount of Bitcoin And the current co-founder and CEO of Block (formerly Square) revealed that Dorsey had pushed Musk to turn Twitter into a decentralized protocol. Musk seemed receptive to Dorsey’s suggestion.

Twitter turns

If Musk really wants to integrate crypto payments within Twitter, the wallet will live at the heart of this initiative. But if this plan is really “on hold” for now, then deeper integration of Twitter cryptocurrencies might not be on the short-term roadmap after all.

The news comes at a time of dramatic change in Twitter following Musk’s purchase. Not only were company executives quickly fired, but Twitter began what appeared to be massive layoffs Thursday night, with reports that Musk plans to eliminate Nearly half of the company’s 7,500-strong workforce.

Twitter has also been full of discussions this week Musk’s plan To make account verification publicly available at a monthly fee by renewing your Twitter Blue subscription. The new plan is said to go into effect on Monday, November 7, and will cost users $8 per month.

Currently, users who meet certain criteria can be verified for free – including public figures, journalists and government officials. But most of these users are said to lose the verification process (and the associated blue tick) within 90 days of launching the new model. The proposed plan sparked a backlash and huge controversy from users.

It remains to be seen if Musk’s Twitter makes cryptocurrency a priority, but at least one of the big backers of the deal is pushing for it. Cryptocurrency exchange Binance put $500 million Into the $44 billion purchase, hoping to help Twitter embrace it web 3. Binance CEO Changpeng “CZ” Zhao has It operates its own Binance Pay platform As an alternative to Twitter payments.

And if Twitter eventually doesn’t follow that path — or doesn’t follow it soon — Musk’s more crypto-focused proponents may move on to one of the many decentralized and friendly cryptocurrencies. Social media platforms are on the rise lately.

Stay up to date with cryptocurrency news, and get daily updates in your inbox.

Leave a Reply

Your email address will not be published. Required fields are marked *