FTX chief Sam Bankman-Fried has announced plans to use blockchain technology to fix “broken” social media and improve interoperability between platforms.
“It’s a really messy system where there’s no interoperability between different platforms. It is not possible to see a tweet on Facebook. if you message someone on Facebook, Whatsapp can’t read it and it’s the same company,” Bankman-Fried Told Bloomberg.
But the FTX CEO wants to change the narrative by taking inspiration from the cryptocurrency space which has made impressive strides in interoperability.
FTX CEO wants seamless collaboration
Crypto projects connect with others seamlessly, and Bankman-Fried is confident it can replicate that kind of collaboration with Web2 businesses.
However, he questions the moderation policy of major platforms and expresses his disappointment with the current model.
He compared the policy to being run by “three guys” and is “a broken pattern. “It’s the people running three companies who choose what’s censored and what’s not,” he said.
“That would be a really, really interesting and important innovation in social media,” he added. His new model would allow different platforms to access the same pool of data to make independent decisions about censorship that would be consistent across the board.
But it would also have the benefit of allowing new platforms to bridge the gap with their already established contemporaries.
Bankman-Fried told interviewers he has yet to speak to Elon Musk about his plans, but said he would be “excited” to have the conversation. The Tesla chief recently submitted an offer to buy Twitter at a valuation of $43 billion.
The reason for his takeover bid stems from his dissatisfaction with the platform’s direction over censorship. Musk believes Twitter has the “potential to be the platform for free speech around the world” and to achieve that, the company must be private.
“All these considerations of culture, discourse and democracy are left aside because it will no longer benefit shareholders,” he added. argued Ann Lipton, professor at Tulane Law School.
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