Mark Cuban proposes using Dogecoin to solve Twitter's crypto ad problem
On Sunday, American entrepreneur Marc Andreessen posted a screenshot of what seems to be a Twitter consumer impersonating his title to advertise a “free crypto” giveaway. “What algorithm might probably catch this kind of content material?” requested Andreessen. To which Tesla’s CEO Elon Musk replied, “people,” sparking a dialogue on find out how to greatest curate the excessive variety of cryptocurrency scams and spam adverts on the platform.
However, it was billionaire investor Mark Cuban who then recommended a relatively unconventional resolution. As instructed by Cuban, the issue might be solved by first including an “Optimistic Rollup,” or layer-2 resolution, to Dogecoin (DOGE).
To put up on Twitter on an infinite foundation, everybody would wish to place up one DOGE ($0.13 per coin on the time of writing) as collateral. Then, if anybody contests a put up and people affirm that it’s spam, those that flagged the put up would obtain and share the spammer’s DOGE. Consequently, spammers would then have to put up 100 DOGE as collateral for the precise to create additional posts. If, nevertheless, the put up seems to not be spam, the contesters would lose their DOGE.
In different phrases, it’s a prediction system that creates financial penalties, albeit minor, to discourage spamming. Although, customers had been fast to point out the likelihood that scammers could also be well-funded and will merely “out-contest” posts marked as spam in such a pay-to-win system. However, Shibetoshi Nakamoto, creator of Dogecoin, praised such a system:
i prefer it
i prefer it lots
— Shibetoshi Nakamoto (@BillyM2k) May 1, 2022
Associated: Dogecoin Jesus? Roger Ver resurfaces on Twitter, backs DOGE over BTC
Final week, Elon Musk tendered his supply to buy Twitter for $44 billion. As instructed by Musk, one in every of his prime priorities for the platform consists of lowering the variety of cryptocurrency rip-off tweets.