Sam Bankman-Fried, founder of the FTX crypto exchange, Twitter, Solana (LEFT) He shared his views on what could happen if he could work on the blockchain.
Sharing a series of tweets, Bankman-Fried shared his thoughts on the possibility and effects of making Twitter decentralized.
“Tweets are now part of the chain and encrypted; The sender can choose who has access to this data (i.e. shares the keys of the password). In fact, in a sense, this results in a combination of private messages and tweets as a structure.”
Bankman-Fried also stated that the social media platform can generate revenue by charging users for each tweet they send and displaying ads in its user interface (UI).
The CEO also thinks that since the messages are on the chain, users can control their data. He also underlined that everyone can create their own Twitter user interface.
“UIs can grow the ecosystem and monetize or subsidize UI fees as well. Each UI can have its own moderation policy; no single person/company can control the conversation anymore.”
Turning Twitter into a decentralized platform will be difficult, but not impossible, according to the CEO. While Twitter is working on a blockchain project, the creators of the platform are also rewarded. Dogecoin (DOGE) thinks he can.
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, Elon Musk‘s offer to buy the social media giant for $ 43 billion shares its vision. 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 a worldwide platform for freedom of expression, and I also believe that freedom of speech is a societal imperative for a functioning democracy. However, since I made my investment, I now realize that the company in its current form will neither evolve nor serve this societal imperative.”
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