- Hoskinson offered to help the rapper with the project “if he’s really serious.”
- Others who pitched in are TRON’s Justin Tron, Elrond’s Beniamin Mincu and podcaster Peter McCormack.
For a while now, American rapper and music producer Soulja Boy has been dipping his toes in the cryptocurrency world. He has recently revealed he owns a number of altcoins, while interacting with the cryptocurrency world regularly on social media. His most recent quest has been the creation of his own token, SouljaCoin.
The Atlanta rapper recently went on social media to ask if there was anyone willing to help him build SouljaCoin. Many replied, offering a hand, one of whom was Charles Hoskinson. The Cardano founder is willing to lend a hand to Soulja Boy Wif he’s really serious.”
Making SouljaCoin a reality
It all started on January 29 when Soulja Boy tweeted, “who can help me make SouljaCoin a real thing without getting into any legal trouble with SEC etc.. like real and legit I think this could be big Idk. contact me thanks.”
The rapper, whose real name is DeAndre Cortez Way, was right to be concerned about the Securities and Exchange Commission. The regulator has been cracking down on cryptocurrency projects it believes to have flaunted securities laws. Its most high profile case is against Ripple for selling unregistered securities. Ripple’s legal woes have seen its XRP token drop from its long-held third-most valuable cryptocurrency.
“I can lend a hand if you’re really serious. PM me,” Hoskinson replied.
I can lend a hand if you're really serious. PM me
— Charles Hoskinson (@IOHK_Charles) January 29, 2021
Cardano recently released an update on token creation on its network. In a December 2020 blog post, IOHK’s Tim Harrison revealed that Cardano will support token creation on its ledger, rather than via smart contracts as happens on Ethereum. This will make Cardano’s token creation process superior to ERC-20 and ERC-721 standards on Ethereum.
By taking this approach, we are able to implement an efficient tokenization strategy that is superior to the ERC-20 and ERC-721 standards supported on the Ethereum blockchain. […] Native tokens on Cardano have advantages over ERC-20 and ERC-721 tokens, in terms of security and affordability.
Or just buy Bitcoin
Hoskinson was just one of the many cryptocurrency personalities who offered to either work with or advise Soulja Boy. Others included Justin Sun, the founder of TRON. Sun urged the rapper to get on TRON and trade SouljaCoin on justwap.org.
“Can be done in 10 minutes and is fully decentralized,” he added.
Beniamin Mincu, the founder of Elrond Network also offered to lend a hand. Touting his to be the most scalable blockchain architecture in the world, he claimed to have reached out personally to the rapper to move ahead with the project.
However, not everyone endorsed the plan. Some urged Soulja Boy to abandon the plan as it would only land him in trouble. Jordan Spence, the CMO of Ethereum wallet manager MyCrypto stated:
Don’t do it, my man. It’s unnecessary. Stick with the NFTs and the fun stuff. If you make your own coin and don’t fully commit to it forever and do right by the people who invest in it, it’ll harm your reputation in growing industries and communities like this one.
Popular podcaster Peter McCormack didn’t have kind words for the rapper either.
Delete your account
— Peter McCormack (@PeterMcCormack) January 29, 2021
Soulja Boy revealed what tokens are in his portfolio a week ago. After urging his 5.2 million Twitter followers to buy Dogecoin, he revealed he had bought BNB, DGB, TRX, KLV, ZPAE and FDO. According to Etherscan, he currently owns $20,497 worth of tokens.
He also recently got his own Ethereum name – souljaboy.eth. Mike Demarais, the founder of Rainbow wallet gifted him the name after a brief Twitter exchange.