Musk wants to enter the main body, Twitter to dao?

This article is from coindesk, original author: Will Gottsegen

Odaily Planet Daily Translated by Moni

Musk, Twitter and dao

Musk is perhaps the most controversial "richest man in the world."

People have mixed opinions of him, with those who love him thinking that Musk is down-to-earth and technical and a great figure, while people who hate him think that Musk is mouthless and behaves crazy. In fact, Musk is more casual and prefers to make "impulse decisions" than other billionaires who tend to think long-term — as soon as he finds a problem, he will immediately find a way to solve it.

Of course, Musk is not a "savior, his decisions are not always effective, here we look at two short stories:

In 2018, there was a case of young football players trapped in a cave in Thailand, when Musk and SpaceX engineers formed a small submarine and transported it to Thailand to help rescue the trapped teenagers, but in the end the equipment failed to come in handy, and the football players were rescued with the help of other rescuers, and even one of the rescuers called Musk's move a "public relations gimmick". Of course, Musk fought back quickly, suing the defamators and winning the case.

In 2016, musk was fed up with the poor traffic in Los Angeles and immediately started a tunneling company, The Boring Company, to completely change the city's traffic situation. While the idea sounds futuristic, the idea's potential for implementation is widely skeptical among industry experts and civil engineers.

Needless to say, Musk never seems to have stopped his "tossing and turning".

Last week, Musk was revealed to own 9.2% of Twitter, but his real "ambition" is to buy Twitter completely. In fact, Musk has always been critical of Twitter's speech management system, so he is ready to build the social media giant into a "privatized free speech platform" in his new capacity as a "Twitter owner." As soon as the news was released, people expressed high hopes for the move, especially after receiving a lot of support from the cryptocurrency industry.

Although Musk does have some interest in the cryptocurrency industry, will he really achieve the so-called "freedom of speech" after he buys Twitter? Frankly, it's hard.

So, if Twitter is acquired, will Musk eventually become what he hates? Let's analyze the analysis.

Tweet as you like

For the "melon-eating masses", Compared with any of the world's richest men, Musk is the most personal.

Whenever Musk makes an impulsive decision, he usually posts on Twitter first. Earlier this month, Musk launched a survey on Twitter to see if the social media platform "strictly adheres" to the principle of free speech, and then noted that "the results of this poll are very important" and will affect some of his behavior.

Sure enough, a week later, Musk announced that he had spent $3 billion to buy Twitter stock, becoming the company's largest shareholder. Then, he released news about Twitter's 2021 earnings report to prove that he was serious about investing.

When Twitter CEO Parag Agrawal announced that Musk would join the company's board of directors, it was thought that Musk might have to take control of Twitter through the $3 billion investment. Surprisingly, however, Parag Agrawal immediately issued another statement: Musk may change the idea of joining the board.

Frankly, parag Agrawal's statement is indeed obscure, but we can get a glimpse of it. Parag Agrawal, a current board member, wrote, "I believe that once Musk is a trustee of the company, he will be as responsible as all board members, in the best interests of the company and all our shareholders, and this will be the best way forward." ”

By reading this cryptic statement, we get a sense of the implication that Musk has been informed of his duties, but he decided to give up on the board because he didn't want to perform them.

As a billionaire, Musk seems to enjoy doing something rebellious, but he just seems to like to shout publicly on the Internet. Here's another ironic thing —

Musk once published Amway Dogecoin on Twitter, which led to a surprising increase in Dogecoin. The once-unknown meme coin has now become the main token listed on top exchanges, thanks to Musk's push on Twitter. And just after the news of Musk's majority stake in Twitter, the price of Dogecoin soared by 10%. It can be said that during last year's cryptocurrency bull market, Musk became a hero in the minds of some people, but there are also some people who are very disgusted by his behavior. However, I believe that all Dogecoin holders are big fans of Musk, after all, Musk only needs to post and move his mouth to increase the price of Dogecoin, they just need to sit back and enjoy it.

It is worth noting that in the traditional stock industry, if a billionaire who does not disclose his investment status publishes a relevant tweet, then there is only one purpose - to manipulate the market. However, due to the relatively loose regulation of cryptocurrencies at present, Musk can tweet at will without considering the consequences.

Voting decisions – mimicking the DAO mechanism

In fact, after the news of Musk's acquisition of Twitter, NBA Dallas Mavericks owner Mark Cuban said on social media that many tech giants, such as Google and Facebook, are now talking to their antitrust lawyers to ask if they can buy Twitter and get approval. Twitter is also on the phone with their lawyers, asking who can be their buyer. But Mark Cuban said Twitter might not choose to sell, but would find a "friendlier" person to buy Elon Musk's stock and kick him out. For the crypto community, the decentralized supporter community should create a DAO to acquire Twitter, and in the future let Token holders vote on topic trends and authentication on social media.

Over the weekend, Musk began soliciting opinions for Twitter through online polls, including one: Do you want an "edit" button? Because he believes that "editing" is the feature that users crave the most, users want to instantly correct bugs or content that is published without careful consideration. In addition, Musk also proposed the idea of transforming Twitter's San Francisco headquarters into a homeless shelter, because Twitter announced last year that its employees could work from home indefinitely, and Musk believes that "there is no one there anyway."

FTX founder SBF reacted quickly after seeing the news and gave his own advice on decentralized Twitter, including:

1. Tweets on chain, encrypted: The sender chooses who has access to them. If likes and retweets are also on the chain, this will force some L1s to scale to hundreds of thousands or even millions of TPS, but will eventually be implemented. 2. Monetization comes in two forms: the tweet level, where the underlying protocol charges each message, and the UI level, which is monetizable or subsidized, for example, to display ads, monetize it, and use it to pay for network fees. Each UI can have its own moderation policy and is no longer a person/company controlling speech. 3. Integrate content creator hints/payments/monetization, NFTs/profiles/avatars, and DOGE into Twitter.

To be honest, Musk usually doesn't do market research or any indicators to assess the feasibility of reforms before soliciting opinions, but instead goes very directly through tweets and wants to conduct a poll to reach a conclusion, which is very surprising. Musk's decision to abandon joining Twitter's board of directors is also a reflection of his previous commitment to build a "free speech" platform, and it is no wonder that he has become very popular among cryptocurrency practitioners.

Unsurprisingly, all of Musk's tweets were eventually deleted. Perhaps Musk's reckless, reckless leadership will work in the cryptocurrency industry, but not necessarily in the traditional business world. Back in 2018, the SEC accused Musk of fraud in a tweet about Tesla's stock price.

More ironically, a senior employee of cryptocurrency exchange Coinbase noted that Musk's poll on Twitter was more of a voting mechanism for a DAO (decentralized autonomous organization). The DAO requires token holders to make group decisions through an on-chain voting process, which is similar to Musk's request for Twitter users to comment on the product.

epilogue

To be honest, the huge business system of the Twitter platform, if fully shifted to decentralization, will inevitably be a long process. But if it can really achieve this goal, it is bound to take the social media giant to a new level.

As Musk said: Twitter has extraordinary potential, and I'm going to unleash it.