Elon Musk Will Make Social Media Blockchain-Based, Comes With Dogecoin Payment Features

Elon Musk plans to present DOGE payments. (Photo; Doc. CoinColik)

JAKARTA - Elon Musk, the figure behind Tesla and SpaceX, recently expressed interest in the development of Dogecoin, a cryptocurrency created to be a joke to Bitcoin.

Not only that, but he is also considering creating a new blockchain-based social media platform that will include a payment feature. Musk's plans for blockchain-based social media are revealed in a biography that will soon be published on September 12.

Musk's vision for Twitter involves transforming into a payment platform, where users can make money transfers, tip creator content, and even pay for content such as articles, music, and videos.

To reduce spam problems and create new sources of revenue, Musk proposed imposition of a small fee, around $2 per month, to users for their account verification.

Musk has long been a supporter of freedom of speech on social media platforms and has voiced criticism of Twitter's efforts to regulate what its users can reveal. According to him, democracy would be better if Twitter did not try to limit the freedom of speech of its users.

The idea to start a new blockchain-based social media platform emerged from Elon's brother, Kimbal Musk. The Tesla boss was interested in the concept and even added that the platform should use Dogecoin as a payment system.

A banker from Morgan Stanley who works with Musk also encouraged him to talk to Sam Bankman-Fried, founder of the FTX cryptocurrency exchange, which plans to invest $5 billion in the project. However, Musk rejected the offer because he felt that building a blockchain-based social network would be too slow to support the speed of posts on Twitter.

Even so, Musk remains committed to turning Twitter into a payment platform. His interest in blockchain technology is nothing new, as he has previously shown his support for Bitcoin and other cryptocurrencies. In addition, Musk has also revealed that he owns a number of Bitcoins and Dogecoins, which are intended as gifts for his son.