Dogecoin for Tipping Tweeters? FTX Founder Sam Bankman-Fried Outlines Vision for Remaking Twitter on Solana
FTX cryptocurrency exchange founder Sam Bankman-Fried is sharing what could happen if Twitter were to run on the Solana (SOL) blockchain.
In a series of tweets, Bankman-Fried tells his 633,800 followers his thoughts about the possibility and implications of making Twitter decentralized.
“Tweets go on-chain, encrypted; the sender chooses who has access to them (i.e. who can decrypt). In some sense this unifies DMs and tweets–DMs are just tweets with the privacy setting of ‘only Jill’.”
He says that the social media platform can generate revenue by charging users for each tweet they send and by showing ads on the user interface (UI).
“At ~500m tweets/day, $0.01/tweet would replace half of Twitter’s revenue; $0.001/tweet would replace their profit.”
The CEO says that users would be able to control their data because their messages are on-chain. He says that anyone can also build their own Twitter UI.
“The UIs could grow out the ecosystem, and monetize through UI fees–or subsidize. Each UI could have its own moderation policy–no longer one person/company controlling speech.”
Bankman-Fried says that transforming Twitter into a decentralized platform is hard but doable. With Twitter running on a blockchain, he says that content creators on the platform can receive Dogecoin (DOGE) as rewards.
8) Would this be good for Twitter's bottom line?
I think so, given that they're only net making ~$300m/year right now, but who knows for sure.
Would this democratize social media, make the finances transparent, and remove single point of failure moderation? Yup.
— SBF (@SBF_FTX) April 14, 2022
Bankman-Fried shares his vision following Elon Musk’s offer to buy the social media giant for $43 billion. In an SEC filing, the billionaire says he wants to make Twitter a private company to unlock its extraordinary potential.
“I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy. However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form.”
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