On Sunday, American entrepreneur Marc Andreessen posted a screenshot of what seems to be a Twitter person impersonating his title to advertise a “free crypto” giveaway. “What algorithm might probably catch the sort of content material?” requested Andreessen. To which Tesla’s CEO Elon Musk replied, “people,” sparking a dialogue on the best way to finest curate the excessive variety of cryptocurrency scams and spam adverts on the platform.
However, it was billionaire investor Mark Cuban who then urged a moderately unconventional resolution. As instructed by Cuban, the issue could be solved by first including an “Optimistic Rollup,” or layer-2 resolution, to Dogecoin (DOGE).
To publish on Twitter on a vast 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 publish and people verify that it’s spam, those that flagged the publish would obtain and share the spammer’s DOGE. Consequently, spammers would then have to put up 100 DOGE as collateral for the correct to create additional posts. If, nonetheless, the publish 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 chance 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 so much
— Shibetoshi Nakamoto (@BillyM2k) May 1, 2022
Final week, Elon Musk tendered his offer to purchase Twitter for $44 billion. As instructed by Musk, considered one of his high priorities for the platform contains decreasing the number of cryptocurrency scam tweets.