Whether Elon buys Twitter or starts his own company, he will likely expand the role of blockchain.
Blockchain has the power to make speech uncensorable and transform social media into a more accurate reflection of what the public thinks.
One big move would be to rid his platform of crypto scams and bot armies, something he has talked about often.
Crypto as a whole suffers immensely from scammers. Because of them, many people associate the entire crypto space with dishonesty, when in reality blockchain-powered currencies like Bitcoin and Dogecoin have the potential to be the most honest forms of money ever created.
During the same TED interview, Elon said
, “If I had a Dogecoin for every crypto scam I saw…”,
drawing an important distinction between honest and dishonest cryptocurrencies.
Similarly, bot armies warp public opinion by creating the perception that more people hold a particular belief than actually do.
One solution to scammers and bots would be to require a small fee to get verified, making it prohibitively expensive for bad actors to disseminate scams and fake opinions.
It’s possible the fee could even be paid for in Doge!