Tesla CEO and new Twitter owner Elon Musk participated in a Tesla/Twitter Live event on Sunday, May 8, with Ark Invest CEO Cathie Wood and Jack Dorsey, co-founder and former CEO of Twitter and also founder of the financial payments company. Block, Inc.
Tesla states on his YouTube page: “Elon Musk will create Twitter in a new NFT metaverse, it will be a new division of SpaceX. This metaverse will be based on Starlink Ethernet technology. SpaceX was founded in 2002 by Elon Musk with the aim of reducing space transportation costs to enable the colonization of Mars. SpaceX manufactures the Falcon 9 and Falcon Heavy launch vehicles, several rocket engines, Cargo Dragon, crewed spacecraft and Starlink communications satellites.
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What are cryptocurrency, ethereum and bitcoin?
Tesla provided the following definitions of cryptocurrency, Ethereum and bitcoin:
Definition of cryptocurrency
Tesla says, “A cryptocurrency, cryptocurrency, or crypto is a digital currency designed to function as a medium of exchange through a computer network that is independent of any central authority, such as a government or bank, to maintain or sustain it.
“A cryptocurrency is a digital or virtual currency secured by cryptography, which makes counterfeiting or double spending almost impossible. Many cryptocurrencies are decentralized networks based on blockchain technology – a distributed ledger enforced by a disparate network of computers. A defining characteristic of cryptocurrencies is that they are generally not issued by any central authority, which theoretically makes them immune to government interference or manipulation.
Definition of Ethereum
Tesla says, “Ethereum is a blockchain-powered platform that is best known for its native cryptocurrency, called Ether or ETH or simply Ethereum. The distributed nature of blockchain technology is what makes the Ethereum platform secure, and this security allows ETH to accumulate value.
“The Ethereum platform supports Ether in addition to a network of decentralized applications, also known as ‘dApps’. Smart contracts, which originated on the Ethereum platform, are a central part of how the platform works. Many decentralized finance (DeFi) and other applications use smart contracts in conjunction with blockchain technology.
Definition of bitcoin
Tesla states, “Bitcoin is a decentralized digital currency, with no central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.”