Elon Musk Wants to Build His Own Dogecoin-Based Social Network

Elon Musk hints at the development of a new social network. His plan is to build this social network based on Dogecoin (DOGE)

The world’s wealthiest asked his 79 million followers for their opinion regarding the free expression issue. Respectively, the poll was whether they thought Twitter “rigorously” agreed with the idea that a functional democracy requires freedom of speech. He did this via posting a poll to vote, on his current account on Twitter.

In addition, Musk noted that the poll’s results will be significant. That is why he advocated for careful voting.

The results of the poll were surprising. The majority of voters (70%) of the 2 million people responded with ‘No’. This made Elon Musk come up with a new idea. According to Musk, non-compliance with free speech regulations endangers democracy. As a result, the next question of him is “Now what?”

The Possible Challenges for a New Social Media Platform

There are only a few social media platforms that have a lot of power now. In order to enter the market, any platform will face difficulties. It will have to deal with things like App Store bans, restrictions, blacklists, stricter standards, and other things. Moreover, if you are not satisfied with the options that the platform offers, or have concerns about how they run their platforms, you are very limited to the optionality. 

However, like any other challenge, this can be changed too. Given these points, the CEO of Tesla is under a lot of pressure to make his own social network site.

Despite all the facts, there is no way to be sure that Musk will bring a new social platform to the market. Nonetheless, a significant factor that might push forward this initiative is the current huge demand. If the already huge demand keeps growing at this rate, Musk will make the possible he can to bring his idea to life. This platform could become very popular in just a short period of time. All of this would be thanks to Elon Musk’s power and wealth.

Elon Musk’s Concerns

On the topic of social media platforms, Musk compares TikTok to “digital cocaine”. In regard, he said that TikTok seems like an obvious AI attack. Musk also mentions that he’d rather be attacked by AI, with a rose, candles, champagne, Barry White, clever banter, and so on. 

On the other hand, the former president of the United States, Donald Trump, started his own social media site. This resulted after he was banned from Twitter. If Musk does the same thing, he will not be the first public figure to start his own social media site.

In a speech last month, President Trump said that his Truth Social platform would “fight up to Big Tech’s tyranny.” Since then, it has had a lot of technical problems. First, he was very quiet on the app. Likewise, he did not write any more than a welcome message.

Furthermore, one fan proposed to Musk to build a social networking site using an open-source algorithm. The open-source algorithm would favor freedom of expression and stick to free speech. In addition, Musk added there would be minimum propaganda. Moreover, Elon Musk said that if he creates a new social network, it will have a digital tip jar to support the meme cryptocurrency Dogecoin.