FTX CEO Sam Bankman-Fried thinks that making use of blockchain know-how to social media might be a giant alternative.
Talking at Breakpoint, in Lisbon, the crypto billionaire stated, “I believe social media on the blockchain — I proceed to assume this might be completely enormous. I believe it solves a whole lot of present ache factors, that are actually coming to the forefront of society proper now.”
Bankman-Fried added that this may require a strategy to change messages in a safe and personal means — one which might be accessible to a number of user-interfaces. He stated this protocol would should be composable and cross-platform.
As a giant Solana-backer, it’s no shock that he pointed to Solana to sort out this goal. He claimed that Solana would be capable to deal with such a process, since it will probably course of a big quantity of transactions (presently handling round 2,300 transactions per second).
Bankman-Fried additionally mentioned how DeFi may scale extra quickly, specifically by integrating with pre-existing platforms — resembling social media platforms.
“One potential strategy to completely supercharge DeFi adoption is to first construct an excellent product however then mix it with an already present huge userbase. And plenty of of those userbases are order of magnitude larger than all of DeFi to this point and also you speak in regards to the adoption to this point that we have seen within the business however which may simply pale compared to what a single gigantic platform can convey ahead,” he stated.
He added that he was excited to see whether or not it is maps, present social media platforms, fintech platforms or pure development that may do that and assist scale DeFi to a whole lot of tens of millions of customers, “as a result of that is the place all of the upside is.”
How blockchain can reinvent social media
Blockchain know-how might be used inside social media in some ways. It might be used to make sure that all content material on the community is uncensorable by storage on a blockchain. Or it might be used to tokenize varied components, resembling rewarding customers for creating good content material.
There are already some initiatives making an attempt to realize this objective. Hive is one blockchain platform that helps a number of social media running a blog platforms. DeFi lending platform Aave is working on a protocol for decentralized social media. Social community Gab additionally has plans to undertake blockchain know-how. Plus, Twitter is exploring the way it may construct its personal protocol, which Twitter would then undertake — a venture generally known as BlueSky.
Prolific crypto venture founder Dan Larimer — who constructed BitShares, Steemit (which later successfully grew to become Hive) and EOS — can also be constructing a brand new protocol for social media, known as Clarion. Though in contrast to his earlier initiatives, it seemingly will not have a blockchain or a token.
Reddit can also be experimenting with blockchain know-how. It has a few tokens for 2 of its subReddits — r/Cryptocurrency and r/Fortnite — though they’re nonetheless operating on testnets for now. According to a Reddit engineer known as Rahul, the social community plans to maintain experimenting with this know-how in order that when it is scalable, it will probably change karma with tokens. This might convey tokenization to all of Reddit’s 500 million month-to-month customers.
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