On Sunday, American entrepreneur Marc Andreessen posted a screenshot of what seems to be a Twitter consumer impersonating his identify to advertise a “free crypto” giveaway. “What algorithm might probably catch this kind of content material?” requested Andreessen. To which Tesla’s CEO Elon Musk replied, “people,” sparking a dialogue on the right way to finest curate the excessive variety of cryptocurrency scams and spam adverts on the platform.
However, it was billionaire investor Mark Cuban who then steered a moderately unconventional resolution. As informed by Cuban, the issue could be solved by first including an “Optimistic Rollup,” or layer-2 resolution, to Dogecoin (DOGE).
To put up on Twitter on an infinite 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 put up and people affirm that it’s spam, those that flagged the put up would obtain and share the spammer’s DOGE. Consequently, spammers would then must put up 100 DOGE as collateral for the best to create additional posts. If, nevertheless, the put up 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 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 rather a lot
— Shibetoshi Nakamoto (@BillyM2k) May 1, 2022
Associated: Dogecoin Jesus? Roger Ver resurfaces on Twitter, backs DOGE over BTC
Final week, Elon Musk tendered his provide to buy Twitter for $44 billion. As informed by Musk, one in every of his prime priorities for the platform consists of lowering the variety of cryptocurrency rip-off tweets.
