FTX CEO Sam Bankman-Fried Talk about On-Chain Social Media
Sam Bankman-Fried, CEO of crypto derivatives exchange FTX, thinks on-chain social media will offer some unique benefits.
The crypto billionaire said on Twitter that online social media will offer a distinct feature that will allow users to verify the authenticity of certain data contained in a message.
“In theory, if social media messages are on-chain, then in addition to cross-platform composability, you could have blockchain work in a single tweet. What does it mean?
Well, first, there would be multiple ways to send messages like: 'The winner of the protocol governance vote is [A], where [A] is a reference to a contract. actual on-chain smart contract, coupled with value. And so the tweet will be exactly verifiable. "
Bankman-Fried adds that the feature could include any data that a blockchain can access or compute. in series, you can have exact social media messages about them.
Or anything else with a value on the string.
Example: 'A tokenized AMZN stock is trading at [B]…
Basically anything a computer program has access to all the data. other blockchain can compute - you can embed in your message. It will be self-evaluated and automatically verified as correct (or not!). "
In August, Bankman-Fried announced that FTX is bringing its payment solution to Reddit's blockchain-based reputation system. The cryptocurrency exchange and social media giant. has partnered to integrate FTX Pay into Community Points, the social media giant's encrypted rewards program.
Reddit users can earn Community Points, an ERC token- 20 is built on the Arbitrum Nova blockchain, for their content and engagement.The score serves as a measure of their reputation on the network.
Sep 06, 2022