BREAKING: Elon Musk Releases X Rebrand and is Building a Crypto Wallet

in LeoFinance7 months ago

Ever since Elon took over Twitter, he continually talked about his vision for The Everything App. Many of those visions lined right up with what we're doing on with our everything app for the Hive blockchain.

He talked about fulfilling his past dreams with PayPal. He also talked about building a better digital town-square that wasn't rife with censorship.

In the screenshot above, you see that Twitter Payments, LLC has been making some key moves. Recently some acquisitions and approvals were made that position Twitter Payments to start entering the conversation.

Many are wondering if this will just be like every other banking/Web2 protocol or if it will fall more into line with crypto/web3.

I have mixed feelings about it. I see both good and bad, let's unpack it.

Twitter is Dead, Long Live X

A lot of people are upset about the X branding. Some people have been on Twitter for well over a Decade at this point and seeing the branding change is a shock to them.

Whether it's X or Twitter is irrelevant to me. I think Elon is going for this rebrand as a way to ditch the past of Twitter and focus on a brighter future that also aligns with his prior goals at PayPal to make it the center of a financial behemoth and revolutionize an industry that is long overdue.

Finance is so slow. If you've ever used a bank, you know exactly how this goes. They only work Monday-Friday and they have horrible hours. On top of that, if you send transactions or write checks, they can sometimes be put on Hold for no apparent reason for weeks on end.

TradFi is long overdue for a shakeup.

Crypto is meant to be that shakeup in many ways.

Twitter Payments... I Mean X Payments

X payments could transform the idea of Twitter. Elon has said that he thinks X should be like WeChat is in China.

With WeChat, you can do all sorts of things all in one app. People use it as basically a whole platform for their entire digital life in China.

Elon wants to do that with X. He wants it to be the hub for your digital life and a connection point for finance, social media, work-life, and more.

Blockchain is Better

Some have asked my opinion on all of this. X is moving more and more toward what we envision for the future of which is a hub for all sorts of social media actions as well as payments (LEO), subscription models (OnlyLEOs) and more.

This all being said, even if X releases all of these features, it's still not a blockchain.

The content does not live on a blockcahin.

With LEO, all your content, data and account live on a blockchain.

If X starts handling payments and other mechanisms, how long until censorship starts to play a role?

I'm confident that Elon will fight for low censorship but I don't believe he can achieve NO censorship.

On a Web2 platform that is as large as Twitter is, I simply know that the governments of the world are going to get their way in. One way or another, some level of censorship is inherent on Web2.

With Web3, we tackle all of that thanks to the Hive blockchain. I believe that X payments will be hugely successful and if they integrate Crypto, I actually think it will be beneficial to the entire crypto industry, us included.

They will help us onboard future users and capital to Hive and the rest of the crypto industry. Blockchain databases have a very unique use case and unless X launches a fully decentralized blockchain (highly unlikely) I see it as a connection point from Web2 to Web3 that will ultimately serve us in the long-run.

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Both branding and idea behind X sound like some fucked up shit from dystopian science fiction novel...

lol yeah it's a little weird

He even wants a dating app on it!

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we'll have to see where he takes X. So far I am not impressed...

By the way you should change this

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I agree the it looks like the beginnning the "WeChatting" Twitter/X.
I personally think combining payments with a global social media platform s a great idea, and the owner of a LARGE web2 platform would have enormous power and influence. I think that was part of the huge response to Facebooks stablecoin efforts.
I am waiting for a global giant of web2 to create a joint custody wallet for BTC, ETH, & TETHER connected to their platform. Crazy payment system potential.

Maybe a final nail in the coffin? But Elon Musk is always ahead of anyone in his league. He always has something up his sleeves. He is a game changer and what he does is a catalyst that hastens things up. I am up to surprises and this keeps me excited. This is exciting. Anyway, I don't like the new logo. Doge was way better 😁. !PGM

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Elons a pretty smart dude. I think discarding the Twitter Brand is risky, but I think it creates enough attention, to help create a new brand. In some respects Elon is the brand, and he enhances name recognition of all tht he touches. So perhaps he can successfully rebrand Twitter and make it profitable.