Elon Musk, the new owner of Twitter, appears to support the idea after promising to reduce the social media network’s spam problem.
On Sunday, American entrepreneur Marc Andreessen shared a screenshot of a Twitter user impersonating his name to promote a “free crypto” giveaway. “What algorithm could possibly capture this type of content?” Andreessen wondered. Tesla CEO Elon Musk responded, “humans,” sparking a discussion about how to best curate the platform’s high number of cryptocurrency scams and spam ads.
But it was billionaire investor Mark Cuban who came up with an unusual solution. According to Cuban, the issue can be resolved by first adding a “Optimistic Rollup,” or layer-2 solution, to Dogecoin (DOGE).
Everyone would need to put up one DOGE ($0.13 per coin at the time of writing) as collateral to post on Twitter indefinitely. If anyone contests a post and humans confirm it is spam, those who flagged the post will receive and share the spammer’s DOGE. As a result, spammers would have to put up 100 DOGE as collateral for the right to create additional posts. However, if the post is found to be legitimate, the contestants will lose their DOGE.
In other words, it is a prediction system that generates, albeit minor, monetary consequences to discourage spamming. Users were quick to point out that scammers could be well-funded and simply “out-contest” posts marked as spam in such a pay-to-win system. Nonetheless, Dogecoin creator Shibetoshi Nakamoto praised such a system:
Elon Musk made an offer to buy Twitter for $44 billion last week. According to Musk, one of the platform’s top priorities is to reduce the number of cryptocurrency scam tweets.