Elon Musk introduces Twitter 2.0 with Dogecoin – Will DOGE be the native currency of the platform?
Elon Musk, the new owner of Twitter, has continued to tease new developments that could see Dogecoin (DOGE) come to play a more prominent role on the micro-blogging platform.
A project the billionaire entrepreneur is calling Twitter 2.0 is fueling speculation that the dog-themed memecoin could become the native payment method on the platform.
According to the vision for Twitter 2.0 that Musk shared, the platform is to have payments as a core service in the near future, although no details of how it will be implemented have emerged.
The iteration of Twitter which Musk has branded the “Everything app” will also have encrypted DMs, advertising as entertainment, videos, and long-form tweets, and will see Twitter Blue relaunched.
Twitter added in a blog update that Twitter 2.0 will continue to uphold the company’s commitment to promoting and protecting public conversation. The post promised that Twitter 2.0 will maintain Twitter’s policy of user and brand safety while promoting free speech. The post added;
Our approach to policy enforcement will rely more heavily on de-amplification of violative content: freedom of speech, but not freedom of reach… We remain committed to providing a safe, inclusive, entertaining, and informative experience for everyone,
With Musk’s precedence with DOGE, there is a strong possibility of the memecoin becoming the native currency of Twitter. Musk has been a strong proponent of Dogecoin adoption and currently accepts payment in DOGE at his electric car company, Tesla.
What role could DOGE play on Twitter?
Market observers have been weighing in on how Twitter’s integration of DOGE can be made a reality. According to Daniel Elsawey, CEO and co-founder of decentralized exchange (DEX) TideFi, while the integration is possible, its utility on Twitter would be strictly limited to payments. In an interview, he noted;
Given that DOGE cannot directly interact with smart contracts as part of its original design, I would say that unless it’s specifically used as an option for payment, the use cases associated will continue to remain speculative,
Others still, including Lior Yaffe, the co-founder of Switzerland-based blockchain software company Jelurida, have chimed in that even if Musk were to integrate Dogecoin onto Twitter, it would not be a wise decision as there are blockchain networks with better security, privacy, smart contracts, and scalability than it.
Meanwhile, the price of DOGE has been showing marked responses to the swelling speculation. DOGE has risen 11.9 percent in the last 7 days to currently be trading at around $0.099.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.