TL; DR Breakdown
- FTX CEO wants a decentralized Twitter
- Elon Musk submits bid to purchase Twitter
- Sam Bankman Fried explains the decentralization process
Sam Bankman Fried, the CEO of one of the most famous crypto exchanges across the market, FTX, has proposed that Twitter should be decentralized. The platform has been in the news lately for issues surrounding taking control of its helm. This recent comment is coming after billionaire and Tesla boss Elon Musk made his intentions of purchasing the microblogging platform known to the public.
Elon Musk submits bid for Twitter
The internet continues to talk about the imminent takeover, which could see Musk assume affairs at the top of the company. The billionaire, who filed with the securities and exchange commission, sent a copy of the filing to Twitter. According to the transaction of the impending purchase, Musk wants to purchase the remaining shares at the company at a premium of $54 per share. Notably, the billionaire owns a 10% stake in the company.
Earlier, there was news that he would join the company’s board of executives, a move that he rejected before it was finalized. However, users have said that Elon Musk taking the wrong platform private could signal a centralized future. Presently, Twitter boasts of more than 250 million users across the world. Giving his opinion on the issue, FTX CEO mentioned that the platform could take on a decentralized approach. In his statement, the FTX CEO opined that tweets should be made available on the blockchain, with only the users giving a right of access to whoever they deem fit.
FTX CEO explains decentralization process
The FTX CEO also said that the platform could choose to monetize tweets and its interface. He mentioned that users should be charged about $0.01 per tweet on the platform. Concerning using its interface for monetization, Bankman Fried talked about payments for ads and sponsorships. However, one of the few exciting features he advised the platform to take on is the ability for users to use blockchain to create their interface.
The FTX CEO mentioned that anybody could build their interface since everything would be on the chain. He also claimed that hosting tweets on layer one could help networks work on their scalability. This means that these networks would be scaling about one million transactions every second, seeing as likes and retweets will be flowing in the numbers on the chain. Although he didn’t specify what the features will do to their revenue, the FTX CEO assures that this will help centralization.
