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 consumer impersonating his identify to advertise a “free crypto” giveaway. “What algorithm may probably catch this sort of content material?” requested Andreessen. To which Tesla’s CEO Elon Musk replied, “people,” sparking a dialogue on the right way to greatest curate the excessive variety of cryptocurrency scams and spam adverts on the platform.

However, it was billionaire investor Mark Cuban who then steered a quite unconventional answer. As instructed by Cuban, the issue could 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 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 affirm that it’s spam, those that flagged the submit would obtain and share the spammer’s DOGE. Consequently, spammers would then have to put up 100 DOGE as collateral for the appropriate 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 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: 

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

Final week, Elon Musk tendered his offer to purchase Twitter for $44 billion. As instructed by Musk, one in every of his high priorities for the platform consists of decreasing the number of cryptocurrency scam tweets