Dogecoin for Tipping Tweeters? FTX Founder Sam Bankman-Fried Outlines Vision for Remaking Twitter on Solana
15 April 2022 15:00, UTC
Studying time: ~2 m
FTX cryptocurrency trade founder Sam Bankman-Fried is sharing what may occur if Twitter have been to run on the Solana (SOL) blockchain.
In a collection of tweets, Bankman-Fried tells his 633,800 followers his ideas concerning the chance and implications of constructing Twitter decentralized.
“Tweets go on-chain, encrypted; the sender chooses who has entry to them (i.e. who can decrypt). In some sense this unifies DMs and tweets–DMs are simply tweets with the privateness setting of ‘solely Jill’.”
He says that the social media platform can generate income by charging customers for every tweet they ship and by exhibiting adverts on the person interface (UI).
“At ~500m tweets/day, $0.01/tweet would change half of Twitter’s income; $0.001/tweet would change their revenue.”
The CEO says that customers would have the ability to management their knowledge as a result of their messages are on-chain. He says that anybody can even construct their very own Twitter UI.
“The UIs may develop out the ecosystem, and monetize via UI charges–or subsidize. Every UI may have its personal moderation coverage–not one individual/firm controlling speech.”
Bankman-Fried says that reworking Twitter right into a decentralized platform is tough however doable. With Twitter working on a blockchain, he says that content material creators on the platform can obtain Dogecoin (DOGE) as rewards.
8) Would this be good for Twitter’s backside line?
I feel so, given that they are solely web making ~$300m/12 months proper now, however who is aware of for positive.
Would this democratize social media, make the funds clear, and take away single level of failure moderation? Yup.
— SBF (@SBF_FTX) April 14, 2022
Bankman-Fried shares his imaginative and prescient following Elon Musk’s provide to purchase the social media big for $43 billion. In an SEC submitting, the billionaire says he needs to make Twitter a non-public firm to unlock its extraordinary potential.
“I consider in its potential to be the platform free of charge speech across the globe, and I consider free speech is a societal crucial for a functioning democracy. Nevertheless, since making my funding I now understand the corporate will neither thrive nor serve this societal crucial in its present kind.”