Elon Musk’s acquisition of Twitter’s ‘X’ handle sparks widespread decentralization discussion Elon Musk’s acquisition of Twitter’s ‘X’ handle sparks widespread decentralization discussion
Elon Musk's takeover of Twitter handle @X stirs up debate on centralization and fuels discussions on decentralized Web3 social network alternatives.
2 min read
Updated: Jul. 27, 2023 at 12:06 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Elon Musk has reportedly assumed control of the @X account on Twitter without remunerating the original user who held this username for over 16 years. The move has sparked a substantial wave of criticism, predominantly from the crypto community.
The Independent reported that Gene X. Hwang, co-founder of photo firm Orange Photography, had the account for over a decade until Twitter’s unexpected rebranding brought it into the limelight.
On Tuesday, Hwang confirmed that neither Musk nor Twitter had made contact with him, but by Wednesday, the account was evidently under the control of the tech billionaire. Hwang made a brief statement from his new account, @x12345678998765, posting, “All’s well that ends well.”
Alls well that ends well
— x (@x12345678998765) July 26, 2023
According to The Telegraph, no monetary exchange occurred between Musk or Twitter and Hwang for the one-letter account. Some company merchandise was, however, reportedly offered. The Independent has reached out to Twitter for additional information regarding the matter.
Interestingly, this is not the first incident of this nature involving Musk. After assuming control of Twitter in October 2022, he has reportedly commandeered other accounts without seeking permission from their original owners.
One such instance involves the @e username, according to Zoe Schiffer, editor at Platformer. Shortly after acquiring Twitter for $44 billion, Musk took over the account, despite the reluctance of the original owner to relinquish it.
Elon Musk’s acquisition of the @X handle has highlighted the need for decentralized alternatives and has incited lively discussions within the crypto community about the potential downsides of centralization.
As the discourse evolves, these decentralized alternatives to traditional social media platforms could gain more traction and offer a counterpoint to centralized platforms’ control.
Lens Protocol, a Web3 social network on Polygon, and Ethereum Name Service (ENS), an Ethereum-based naming system, have been heavily referenced throughout the discussion, with many pointing out the potential for increased adoption of such platforms.
Such platforms allow the self-custody of accounts, providing security to owners against centralized control. In contrast, Twitter, a private company, has little responsibility to its users with regard to account ownership.
Mentioned in this article
Author 
Andjela Radmilac
Armed with a classical education and an eye for news, Andjela dove head deep into the crypto industry in 2018 after spending years covering politics.
Editor Editor 
Liam 'Akiba' Wright
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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X
X (formerly Twitter) is an American social media company based in San Francisco, California, that was founded by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams in March 2006 and was launched July of the same year.
Founded by Stani Kulechov, who is also the founder of AAVE (AAVE), Lens Protocol is a social networking product based on blockchain technology.
Ethereum Name Service (ENS) offers a secure and decentralised way to address resources both on and off the blockchain using simple, human-readable names.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.