Sam Bankman-Fried, founder of the FTX exchange, shares what could happen if the Twitter platform runs on the Solana (SOL) network.
Sam Bankman-Fried explained his vision to restructure Twitter on the Solana network
In a recent series of tweets, Bankman-Fried gave his 633,800 followers his thoughts on the possibility and implications of decentralizing Twitter. explains:
Tweets are encrypted on the Blockchain; the sender chooses who can access them (that is, who can decrypt them). In a sense, this combines DMs and tweets – DMs are just tweets with the ‘Jill only’ privacy setting.
In a part of the tweet series, every tweet sent by the users of the social media platform He says he can generate revenue by charging for and displaying ads in the user interface (UI):
With nearly 500 million tweets per day, $0.01/tweet would replace half of Twitter’s revenue; It would replace their $0.001/tweet profits.
CEO says users can control their data as their messages are processed on Blockchain. He states that anyone can also create their own Twitter UI:
UIs can grow the ecosystem and monetize or subsidize UI fees. Each user interface can have its own moderation policy; no single person/company can control the conversation anymore.
Twitter users can earn Dogecoin (DOGE) as a reward
Turning Twitter into a decentralized platform is difficult but doable, says Bankman-Fried. He adds that while Twitter is working on a Blockchain, creators on the platform can receive Dogecoin (DOGE) as a reward.
Bankman-Fried, Elon Musk’s social media giant 43 billion He shares his vision after the dollar buyout offer. In an SEC filing, the billionaire says he wants to make Twitter a private company to unlock its extraordinary potential:
I believe in its potential to be a worldwide platform for free speech, and I believe freedom of speech is a societal imperative for a functioning democracy. However, since I made my investment, I understand that the company in its current state will neither thrive nor serve this societal imperative.
As we reported as Kriptokoin.com, Elon Musk bought 9.2% of passive shares from the social media platform Twitter. Against Musk, who offered to buy all the shares for $ 54 billion, it is said that the company will go to a new arrangement so that he cannot do this.
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