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

On Sunday, American entrepreneur Marc Andreessen posted a screenshot of what seems to be a Twitter person impersonating his identify 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 how one can finest curate the excessive variety of cryptocurrency scams and spam advertisements on the platform.

However, it was billionaire investor Mark Cuban who then recommended a quite unconventional answer. As instructed by Cuban, the issue may be solved by first including an “Optimistic Rollup,” or layer-2 answer, to Dogecoin (DOGE). 

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To submit 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 submit and people verify that it’s spam, those that flagged the submit 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, nonetheless, the submit 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: 

i prefer it

i prefer it so much

— Shibetoshi Nakamoto (@BillyM2k) May 1, 2022

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

Final week, Elon Musk tendered his supply to buy Twitter for $44 billion. As instructed by Musk, one in all his prime priorities for the platform contains lowering the variety of cryptocurrency rip-off tweets.