FTX cryptocurrency trade founder Sam Bankman-Fried is sharing what may occur if Twitter had been to run on the Solana (SOL) blockchain.
In a sequence of tweets, Bankman-Fried tells his 633,800 followers his ideas concerning the risk 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 displaying advertisements on the consumer interface (UI).
“At ~500m tweets/day, $0.01/tweet would exchange half of Twitter’s income; $0.001/tweet would exchange their revenue.”
The CEO says that customers would be capable of management their knowledge as a result of their messages are on-chain. He says that anybody may also construct their very own Twitter UI.
“The UIs may develop out the ecosystem, and monetize by way of UI charges–or subsidize. Every UI may have its personal moderation coverage–not one particular person/firm controlling speech.”
Bankman-Fried says that remodeling Twitter right into a decentralized platform is difficult however doable. With Twitter operating 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 believe so, given that they are solely internet making ~$300m/yr 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 supply to purchase the social media big for $43 billion. In an SEC submitting, the billionaire says he desires to make Twitter a personal firm to unlock its extraordinary potential.
“I consider in its potential to be the platform without cost speech across the globe, and I consider free speech is a societal crucial for a functioning democracy. Nonetheless, since making my funding I now understand the corporate will neither thrive nor serve this societal crucial in its present kind.”
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