Blockchain

FTX CEO Speaks on Possibly Building ‘Decentralized Social Networks’ With Elon Musk and Twitter

Sam Bankman-Fried highlights the need for blockchain integration on social networks.

Blockchain

FTX CEO Speaks on Possibly Building ‘Decentralized Social Networks’ With Elon Musk and Twitter

Sam Bankman-Fried highlights the need for blockchain integration on social networks.

In an interview with Bloomberg, founder, and CEO of FTX, Sam Bankman-Fried expresses the need for a decentralized model for Twitter and other social media platforms in general. The core idea behind the proposal is the utilization of blockchain technology, that would allow information and content on various platforms to seamlessly interact with one another.

Bankman says that “One of the big problems with social media is there are lots of platforms, and all of the platforms are completely independent of each other,” for example, “if you were to message someone on Facebook even Whatsapp can’t read it and that’s even the same company.”

He continues by saying that “The second problem that you have here is around moderation” with only “three guys” running the moderation policy for all of social media — deciding what does and doesn’t get censored. Bankman identifies that the current model is broken and recommends utilizing the blockchain to help communicate messages, content, and regulations across various platforms. He mentions that while they can all read and write to the same blockchain, each platform can still maintain unique programmability in the type of content it allows.

One potential highlight Bankman points out is the interoperability of all platforms being on the same blockchain — is that it allows for more competition and newcomers to not be stuck miles behind in terms of user base growth.

While the 30-year-old blockchain billionaire has not had any direct communication with Elon Musk at this time, he mentions that he would be excited to do so. Bankman ends the interview by saying that he would like to potentially be involved in designing, managing, and building a network that utilizes blockchain technology.

In other blockchain news, TRON announcess plans to issue an algorithmic stablecoin ‘USDD’.

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