Sam Bankman-Fried, the CEO of crypto derivatives exchange FTX, thinks on-chain social media would offer some unique benefits.
The crypto billionaire says on Twitter that the on-chain social media would offer a distinct feature that enables users to verify the authenticity of certain data included in a message.
“In theory, if social media messages were on-chain, then in addition to composability between different platforms, you could have the blockchain operate within a tweet. What does that mean?
Well, first, there would be ways to send messages like: ‘The winner of the protocol governance vote is {xyz},’ where {xyz} was a reference to an actual on-chain smart contract, combined with its value. And so the tweet would be verifiably correct.”
Bankman-Fried adds that the feature could cover any data that a blockchain could access or compute.
“Or, if actual election results were on-chain, you could have verifiably correct social media messages about them.
Or anything else with an on-chain value.
E.g. ‘Tokenized AMZN stock is trading at {abc}’…
Basically, anything a computer program that has access to all other blockchain data could compute – you could embed in your message. It would be self-evaluating and automatically verified as accurate (or not!).”
In August, Bankman-Fried announced that FTX was bringing its payment solution to Reddit’s blockchain-based reputation system. The crypto exchange and the social media giant entered into a partnership to integrate FTX Pay into Community Points, the social media giant’s tokenized rewards program.
Reddit users can earn Community Points, an ERC-20 token built on the Arbitrum Nova blockchain, for their content and engagement. Points serve as a measure of their reputation online.
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