A bold statement I know but hear me out on this one.
Elon Musk might be doing more to usher in Web 3.0 than any human on the planet. Pretty ironic considering he is the one who Tweeted out that he can't find it.
Nevertheless, the moat around Twitter might be breaking. A lot of this might not be surprising to those who are advocates of Web 3.0 and involved in cryptocurrency, yet the world at large is getting a glimpse into what is taking place.
To start, it doesn't matter what anyone thinks about Musk. The vital factors are the core issues of the deal, especially how it pertains to the opportunity presented for a blockchain like Hive.
Source
Twitter Bots Killed The Deal And Caused A Lawsuit
For those who are not paying attention, Musk walked from the deal based upon his accusation of the Board misleading (and ultimately filing fraudulent numbers with the SEC) the public about the percentage of bots and fake accounts on the platform.
Certainly, none of us can claim the validity of either side. What we can say is that anyone who is a long time, heavy Twitter users knows that their following is not made up of real people. To most, the number of bots seem higher although this is not empirical in any way.
Now Twitter's Board is suing Musk. They are trying to hold him to the deal at the original $44 million price.
There are a few ways this can go.
A ruling in favor of Musk gets him out of the deal and probably sets off a SEC investigation into the filings of Twitter.
If Musk loses, he will either have to pay $1 billion as a penalty to walk away from the deal or go through with the original $44 billion deal.
There is another caveat for Musk: The deal is contingent upon him retaining his original financing. This is $13 billion that he secured from the largest banks in the world.
Here is where things can get tricky. Do you think the banks will be willing to fork over $13 billion to a buyer who doesn't want what he is buying? Certainly, they cannot just pull the financing because they feel like it but these are banks, there likely are hoops they can go through to remove the funding.
And Musk is free from the deal.
Of course, there is always the chance they (Musk and the Board) come to some other arrangement.
No matter what happens, this could take a while. At the same time, Twitter is being pulled through the mud.
Time For Web 3.0 To Step In
According to Musk, one of the big issues with traditional social media and Web 2.0 is the topic of free speech. It actually goes deeper than that.
At play here is the ability to have one's digital life erased with the click of a button. Anything taking place on a centralized platform is subject to that which is in control of the data.
Here is where blockchain changes the game entirely. Using a decentralized database coupled with an account management system that gives one full ownership of his or her account. This means that everything one does is protected. There is no single entity with the ability to remove it.
This makes the data, and by extension, one's digital life, immutable. We can start to see how important this is.
Since the situation between Musk and Twitter arose, there are a number of projects coming out claiming to be able to serve the purpose. The challenge is they are looking to build on blockchains with transaction fees. Some might disagree but if one has to pay to engage, that seems like a non-starter.
Another advantage to Hive is that it carries zero direct transaction fees. This is ultimately something that can be leveraged for massive growth.
Hive uses Delegated Proof-of-Stake (DPos) which has caused some controversy. One thing that cannot be disputed regarding it is the ability to scale. This is going to be a crucial factor when creating decentralized social media.
Hive Is Already Working On This
Over the past few years, some development took place that will place Hive in a position to toss its hat in the short form content ring. If Twitter is being exposed for its shortcomings, the door is opening for an alternative. The key is going to be offering a user experience that can rival what people get now.
Fortunately, with Twitter, it is a rather simple application, at least with its core feature. Hive can process long form content. Thus it will make Tweet-like content a piece of cake.
If the ledger can handle blog posts containing a couple thousand words, then a "Tweet" is easily processed.
DBuzz is already in operation. This application provides the ability to place short form content on Hive. However, the one drawback is that it uses the top line blog feature as its method of writing to the chain. This has a few limitations, one being the ability to post once every 5 minutes.
This is a drastic change from what Twitter offers. For this reason, they are experimenting with off-chain mechanics to overcome this.
Another is the Leofinance revelation that it is close to implementing "Threads". This is an important step in the development of its short form application.
What "Threads" will do is remove the posts from being top line. This means that each "Tweet" will mirror what people are accustomed to. From the blockchain perspective, this will be nothing more than a comment.
Another option could be to have these submitted to the blockchain as Custom JSONs. This would require less bandwidth for each transaction, further enhancing the potential for scale.
Notice how the entire discussion did not even mention tokenization. Most attribute Web 3.0 to simply adding a token to a platform. As we show here, it is more about the data structure and the control users have with the applications.
Ultimately what Leofinance is working on, if successful, will be a front end. All the data is written to the blockchain means that anyone can develop an application to pull the same information. Here is where the digital life is protected.
Since Hive is a distributed ledger, it is concurrently housed on more than 100 computers around the world. This means the back end is open to anyone.
We ultimately could see a number of front ends offering something similar to what Twitter provides. Thus, Twitter will exist on the Hive blockchain since all the data resides there yet will be accessed via many different applications.
Welcome to Web 3.0.
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Hive blockchain is so much more than just social media. Most smaller scale database backed web apps could be converted to Hive with simple changes to posting forms and a daemon to populate the database from the blockchain and then run the app with read only database access.
There are a lot of things that can be done with Hive. The infrastructure is in place and available to anyone.
How many are going to use it? We will see long term.
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I think Elon Musk is in a tight corner. I don't know if he'll risk it knowing he might lose, but then buying what he doesn't want is another thing. I think, maybe he's beginning to retrace his intentions for Twitter, time he actually sought what's better.
When in the courts, who knows how it will go. There is a risk there on both sides.
We will see how this plays out. It isnt only in the court of law but now public opinion.
In the end, I think they get a deal done, but for less money.
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Someone should tell Musk about HIVE.
They tried. Musk has no interest in decentralization. He might claim free speech but it is still on a controlled network.
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I think Musk thought he could monetise twitter (which is hard because nobody wants to pay for news) bringing cryptocurrency to twitter. I think he was right!
So lets just bring tweets to hive and we have it all together:
A truely decentraliced and censorshipfree place to share display and discuss information with crypto already naturally integrated.. therefore also financially free and no demonetarisation.
Add an Xchange service for HBD<->BTC_Lightning and you create the perfect money.
Stable and immediately spendable (almost) without fees and instant confirmation since hive is almost instant and feeless. A perfect match.
Why Musk withdrew from the deal?
Maybe just wanted to lower the price, but it is also possible that due to recent uccurances with governmental interferences about account policies it might have dawned on him that a centralized entity that twitter is, independence of governments would never be possible.
And censorship will be a huge issue in the future.
Since the takeover is not happening now..
.. I think we should introduce tweets to Hive and make it mainstream.
Made a post about just that yesterday:
The next hot crypto niche: Decentralised Social Media - Lets bring tweets or BEEDs to HIVE
He does seem to think he can increase the profitability of Twitter. I am not certain but what do I know?
As for bringing it to Hive, that is in the works. A lot of things will come together if that happens. The key will be to get that data on the blockchain, which means then anyone can build a front end. We could end up seeing 10 "twitters" on Hive, all reading the same information.
This is how we will decentralize it. The ledger (where the data is) is distributed as well as being transparent, so anyone can pull it.
Why only have one Twitter killer when you can have a dozen (well the one is Hive).
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I wouldn't really call dbuzz an alternative to Twitter, but blank sure is... Oh man, oh man, that project blank app. It's like a desert oasis.
Well it is after microblogging and short form content so I think it is in the realm.
As to how much of one, that is certainly up to debate.
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i can still remember stumbling on Elon's tweet where he was talking about the bots on twitter. I didn't know it was this dip. Anyways, I'm glad hive gets to win from this saga.
Although I have being hearing of web 3, this is the first time I understand it a bit. Thanks for the explanation.
To understand a lot of this, go to the base layer and work from there. Understanding the infrastructure and how the data is managed are keys
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Sure thing boss. I have being doing research and asking questions based on this. Thanks for the reply.
That is good. It is best to do all you can to learn about Hive and what is taking place here. It is a powerful blockchain, one that people are just coming understand.
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Once Hive really starts to pick up, it will be interesting to see how many people decide to start running their own node. Even traditional businesses and stuff like that. A good thing we get to vote on the witnesses.
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I have a feeling the nature of a business will change. After all, I think we all are running one on Hive no matter what we are doing.
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Good point. I call my blog a hobby but it definitely feels like a job sometimes.
Cheap!
Funny how Musk can get out of it just by getting the banks to defund him.
Custom JSONs are the same amount of bandwidth. Nothing about custom JSONs makes one character of data less space than one byte. Obviously I play Devil's advocate too often and you're talking about RC costs, but I feel like this is an important distinction.
I think that it becomes highly likely that custom JSON usage will skyrocket, and in turn their RC costs will skyrocket to the same or higher level than blog posts. In fact I think the RC cost of everything across the board will end up going around 10x and JSONs might go an additional 10x beyond that. Hive bandwidth is guaranteed to get choked at some point. I'm actually surprised it hasn't happened yet.
I mean obviously we've discussed this topic many times and I blog about it often so perhaps I'm beating a dead horse on this one. Wen project blank?
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Rhetorical question.
Good point.
Yes you have expressed this on a number of occasions and I cant say your logic is flawed. It will come down to what is available and if a lot is taking place on chain, then it becomes an issue.
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No way Elon Musk is buying Twitter for 44b as the current market cap of Twitter is only roughly 27.79b
Yeah the bear market certainly put a damper on that purchase price. However, without a good reason, Musk is stuck with it.
I guess the courts will have to decide if he has one or not.
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I ask to my self many times if Elon knows about HIVE and with all this I'm pretty sure that he dont know about the existence of this platform. Someone tell him about this wonderful world please
He doesnt care. Decentralization isnt on his agenda.
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It's a Metacapitalist make sense
~~~ embed:1547324815467487233 twitter metadata:QW5kZXJzb25TQnJhZHx8aHR0cHM6Ly90d2l0dGVyLmNvbS9BbmRlcnNvblNCcmFkL3N0YXR1cy8xNTQ3MzI0ODE1NDY3NDg3MjMzfA== ~~~
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Been posting and surfing web 3.0 since May of 2017. Way ahead of Elon.
and depending on what happens with the decision about buying Twitter or not, and if it is possible that it will favor the development of Web 3.0
Elon Musk is looking for a way out of the deal because he just doesn't think the deal is worth it at that price. I do think it opens the door to Project Blank and another benefit is that it won't be centralized.
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I think there’s some more going on with it, and being so public I feel like it’s going to be used as some fuckery.
We all know Twitter has all kinds of bots and fake accounts on it, musk knows it as well. One of the key components of these fucks in places like the WEF is a digital identity being linked to everything we do online. I think they are going to use this as an excuse to require identities for account creations starting with Twitter and Fakebook and expand outwards. I don’t know how they are going to sell it, usually for “safety” or some horse shit. I don’t necessarily care about Twitter but it sets a bad precedent that they want so badly, with the internet being sort of anonymous.
As well, I actually think musk knows about hive to be honest. He’s not an idiot and I think he’s aware of the project but maybe hasn’t looked into it too much just yet. I wonder if one day he will but I can bet that he knows!
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I think our best point of a 'sale' to an average user is longevity of Hive, big diverse audience if they are on a creative side and safety of their data.
Nice with all that UBI I'll be able to buy more Hive.