On Sunday, American entrepreneur Marc Andreessen posted a screenshot of what seems to be a Twitter consumer impersonating his title to advertise a “free crypto” giveaway. “What algorithm may presumably catch such a content material?” requested Andreessen. To which Tesla’s CEO Elon Musk replied, “people,” sparking a dialogue on find out how to greatest curate the excessive variety of cryptocurrency scams and spam advertisements on the platform.
However, it was billionaire investor Mark Cuban who then urged a quite 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 want to place up one DOGE ($0.13 per coin on the time of writing) as collateral. Then, if anybody contests a publish and people affirm that it’s spam, those that flagged the publish would obtain and share the spammer’s DOGE. Consequently, spammers would then must put up 100 DOGE as collateral for the fitting to create additional posts. If, nevertheless, 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 have been fast to point outthe risk that scammers could also be well-funded and will merely “out-contest” posts marked as spam in such a pay-to-win system. Nonetheless, Shibetoshi Nakamoto, creator of Dogecoin, praised such a system:
i prefer it
i prefer it lots
— Shibetoshi Nakamoto (@BillyM2k) May 1, 2022
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Final week, Elon Musk tendered his supply to buy Twitter for $44 billion. As instructed by Musk, one in all his high priorities for the platform contains lowering the variety of cryptocurrency rip-off tweets.