Read full article at Cointelegraph.com News.

On Sunday, American entrepreneur Marc Andreessen posted a screenshot of what appears to be a Twitter user impersonating his name to promote a “free crypto” giveaway. “What algorithm could possibly catch this type of content?” asked Andreessen. To which Tesla’s CEO Elon Musk replied, “humans,” sparking a discussion on how to best curate the high number of cryptocurrency scams and spam ads on the platform.

But, it was billionaire investor Mark Cuban who then suggested a rather unconventional solution. As told by Cuban, the problem can be solved by first adding an “Optimistic Rollup,” or layer-2 solution, to Dogecoin (DOGE). 

To post on Twitter on an unlimited basis, everyone would need to put up one DOGE ($0.13 per coin at the time of writing) as collateral. Then, if anyone contests a post and humans confirm that it is spam, those who flagged the post would receive and share the spammer’s DOGE. Consequently, spammers would then need to put up 100 DOGE as collateral for the right to create further posts. If, however, the post turns out to not be spam, the contesters would lose their DOGE.

In other words, it is a prediction system that creates monetary consequences, albeit minor, to deter spamming. Though, users were quick to point out the possibility that scammers may be well-funded and could simply “out-contest” posts marked as spam in such a pay-to-win system. Nevertheless, Shibetoshi Nakamoto, creator of Dogecoin, praised such a system: 

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

Last week, Elon Musk tendered his offer to purchase Twitter for $44 billion. As told by Musk, one of his top priorities for the platform includes decreasing the number of cryptocurrency scam tweets

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

Categories:

Tags:

Comments are closed

Translate

Our Other Projects

EdgyBranding.com - Premium Domain Names.

Notezi.com - Social Network

ParisArtwork.org - Mid-century Paris NFTs, tokenized on the WAX blockchain.

NewYorkArtwork.org - Mid-century New York NFTs, tokenized on the Ethereum blockchain and offered on Rarible.

ClassicAutomobile.org - Classic Automobile News.

RSS
Facebook
Facebook
LinkedIn
LinkedIn