Mark Cuban proposes using Dogecoin to solve Twitter’s crypto ad problem

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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 may probably catch any such 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 adverts 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). 

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To publish on Twitter on a limiteless 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 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 proper 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 had been fast to point out the likelihood 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: 

Associated: Dogecoin Jesus? Roger Ver resurfaces on Twitter, backs DOGE over BTC

Final week, Elon Musk tendered his offer to purchase Twitter for $44 billion. As instructed by Musk, one in every of his high priorities for the platform consists of decreasing the number of cryptocurrency scam tweets