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 title to advertise a “free crypto” giveaway. “What algorithm might presumably catch this kind of content material?” requested Andreessen. To which Tesla’s CEO Elon Musk replied, “people,” sparking a dialogue on learn how to greatest curate the excessive variety of cryptocurrency scams and spam advertisements on the platform.

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

To submit on Twitter on an infinite 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 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, nevertheless, 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 have been fast to point out the chance 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 supply to buy Twitter for $44 billion. As advised by Musk, considered one of his high priorities for the platform consists of lowering the variety of cryptocurrency rip-off tweets.