Guardian

Ethereum Name Service

Elon Musk

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/elon-musk-takes-over-x-twitter-handle-a-stark-reminder-of-the-power-of-decentralization/">Elon Musk Takes Over ‘@X’ Twitter Handle: A Stark Reminder of the Power of Decentralization</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In an unanticipated turn of events, Elon Musk, tech billionaire and CEO of SpaceX, has taken control of the ‘@X’ handle on Twitter, now named ‘X’, from a user who had held it for 16 years. With no prior communication or negotiation, the takeover raises eyebrows and prompts a broader discussion on user control and digital property rights on centralized platforms.</p> 
<h2 id="what-went-wrong-with-x" data-name="what-went-wrong-with-x" class="wp-block-heading"><strong>What Went Wrong With @x?</strong></h2> 
<p>The ‘@X’ handle was previously owned by Gene X. Hwang, co-founder of Orange Photography. Despite his longstanding association with the handle, Hwang was left without much say when X decided to claim the username. Instead, he was reassigned to the less catchy ‘@x12345678998765’. According to The Telegraph, no monetary compensation was offered, though Hwang was reportedly given some company merchandise.</p> 
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   <p lang="en" dir="ltr">Alls well that ends well</p>— x (@x12345678998765) <a href="https://twitter.com/x12345678998765/status/1684023924949151744?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 26, 2023</a> 
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<h2 id="is-decentralization-a-guardian-to-digital-assets" data-name="is-decentralization-a-guardian-to-digital-assets" class="wp-block-heading"><strong>Is Decentralization a Guardian to Digital Assets?</strong></h2> 
<p>This situation has caused a stir on the internet and ignited a wider conversation on the importance of decentralization and the power it could give back to users in controlling their digital assets.</p> 
<p>One significant voice in this discussion is dr3a.eth, a user on the Ethereum blockchain. The user emphasized the implications of the incident on Twitter, stating, </p> 
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 <p>“This incident brings to light the importance of a decentralized naming system like Ethereum Name Service (ENS). Unlike traditional platforms, ENS operates on the Ethereum blockchain and guarantees users sole control over their domain name. ENS ensures no name can be manipulated or taken without the owner’s approval.”</p> 
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   <p lang="en" dir="ltr">Yesterday, Elon Musk took the Twitter handle <a href="https://twitter.com/X?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@X</a> from its owner, who had been attempting to sell it for $1 million. <br><br>In a surprising turn of events, Musk transferred the handle to his old Twitter account. <br><br>The owner received nothing for this unexpected transaction, the issue?…</p>— dr3a.eth (@dr3a_eth) <a href="https://twitter.com/dr3a_eth/status/1684200815060217859?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 26, 2023</a> 
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<h2 id="is-ens-a-digital-shield" data-name="is-ens-a-digital-shield" class="wp-block-heading"><strong>Is ENS a Digital Shield?</strong></h2> 
<p>The tweet points towards the Ethereum Name Service (ENS), a decentralized application that eliminates the risk of situations like Hwang’s, by allowing users absolute control over their domain names. With the features of ENS, users can have readable Ethereum addresses, build decentralized websites, and even create digital identities.</p> 
<p>The takeover of the ‘@X’ handle, while within the company’s rights, demonstrates a stark contrast between the way centralized and decentralized platforms operate. As digital assets become increasingly significant, the protection of user rights in online spaces becomes vital.</p>

Elon Musk Takes Over ‘@X’ Twitter Handle: A Stark Reminder of the Power of Decentralization

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