Sam Bankman-Fried, founder of the FTX exchange, talks about what could happen if the Twitter platform works on the Solana (SOL) network.
Sam Bankman-Fried presents his vision for the restructuring of Twitter in the Solana network
In a recent series of tweets, Bankman-Fried shares with his 633,800 followers his thoughts on the possibility and consequences of decentralizing Twitter:
Tweets are processed and encrypted on the blockchain; the sender chooses who can access them (that is, who can decrypt them). In a way, this combines DM and tweets — DM’s are just tweets with a “Jill Only” privacy setting.
In one part of his tweet, he says that a social media platform can generate revenue by charging users for every tweet they post and showing ads in its user interface (UI):
With almost 500 million tweets per day, $0.01 per tweet will replace half of Twitter’s revenue; this will replace their profit of $0.001 per tweet.
The CEO says that users can control their data as their messages are processed on the blockchain. He states that everyone can also create their own Twitter user interface.:
User interfaces can expand the ecosystem and monetize or subsidize user interface fees. Each user interface can have its own moderation policy; no one person/company can control the conversation anymore.
Twitter users can Earn Dogecoin (DOGE) as a Reward
Bankman-Fried says turning Twitter into a decentralized platform is difficult, but doable. He adds that while Twitter is working on the blockchain, creators on the platform can receive Dogecoin (DOGE) as a reward.
Bankman-Fried shares his vision after Elon Musk’s offer to buy the social media giant for $43 billion. In an SEC statement, the billionaire says he wants to make Twitter a private company in order to unlock its exceptional potential:
I believe in its potential to become a worldwide platform for freedom of expression and I believe that freedom of expression is a public imperative for a functioning democracy. However, since I have made my investments, I understand that the company in its current state will neither prosper nor serve this public imperative.
As Somagnews reported, Elon Musk bought 9.2% of passive shares of the social network Twitter. Against Musk, who offered to buy back all the shares for $ 54 billion, they say that the company will go to a new arrangement so that he could not do it.