Charles Hoskinson, co-founder and CEO of IO Global (IOG), the company responsible for Cardano’s R&D, says that in the long term Cardano will evolve into “a network of blockchains,” has explained why he believes both Dogecoin ($DOGE) and $BNB could be part of Elon Musk’s plans for Twitter.
Speaking at the Web Summit conference in Lisbon, Hoskinson predicted that Elon Musk’s Twitter takeover could bring an additional 200 million users into the cryptocurrency space and speculated the CEO of Tesla and Space X could use his favorite cryptocurrency Dogecoin on the platform.
Per Hoskinson, however, the meme-inspired cryptocurrency can’t scale to be deployed to 200 million people at the moment, although he added that it would “be a lot of fun” to make a $DOGE sidechain on Cardano, or to build a bridge between the two projects to help the meme-inspired cryptocurrency scale.
Hoskinson commented during the event that he sees a “lot of cool stuff on the horizon” when it comes to cryptocurrencies, as we’re “right in the middle of the third generation of cryptocurrencies.” Per his words, the first generation brought decentralization and saw BTC merge as the winner.
The second wave, he said, were smart contracts that were brought by Ethereum ($ETH), but a third wave is now bringing to the space scalability, interoperability, and governance. Hoskinson named Algorand, NEAR, Tezos, and Cardano as protocols “battling it out” in the third generation, and speculated a fourth generation could bring “multi-resource consensus, identity built into the system, a lot of post-quantum stuff.”
He also speculated that Binance’s $500 million investment into Musk’s Twitter buyout had something to do with the exchange looking to support the social media platform when it came to its cryptocurrency integration. Hoskinson said:
I don’t have any information on it, but if I had to guess, I think that’s what Binance is pushing for… You put a half-billion dollars into it, that’s a pretty big check size if it’s just a passive investment. I think there’s every intention to be a part of the crypto conversation
The CEO of IOG noted there are a lot o things to integrate, including wallet solutions, exchanges, algorithms that curate information, and smart contract capabilities. As CryptoGlboe reported, Binance CEO Changpeng Zhao (aka ‘CZ’) has explained that the cryptocurrency exchange invested $500 million into Elon Musk’s Twitter buyout to “help bring Twitter into Web3 when they’re ready.”
CZ has detailed that Binance’s investment in Twitter was “put together a few months back,” and added that there are many reasons for Binance to back the deal, including that Twitter is “a free speech platform, which is global, which is extremely important.”
The exchange has since launched a ‘Bluebird Index’, which is a cryptocurrency index that tracks the performance of its own native token, $BNB, as well as that of Dogecoin and a little-known cryptocurrency called Mask Network ($MARK).
The name bluebird hints at Twitter’s logo, while the index constituents include Binance’s native token, a meme-inspired cryptocurrency Elon Musk has been known for supporting, 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.”
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