FTX CEO Sam Bankman-Fried Makes the Case for On-Chain Social Media

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.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/noEnde