Sam Bankman-Fried: exchange FTX will fix "broken" social networks

Using Blockchain to Fix "Broken Social Networks" - FTX's Plans to Improve Interaction Between Platforms

One of the world's largest crypto exchanges, FTX, has unveiled plans to address the shortcomings of current social media platforms using blockchain technology. In an interview with Bloomberg, CEO of FTX, Sam Bankman-Fried, outlined the exchange's vision for a more seamless and efficient interaction between social platforms.

The Challenges of Current Social Networks

Bankman-Fried highlighted the issues faced by current social networks, such as the inability to recognize links to tweets on WhatsApp or the absence of a standard method to view a tweet on Facebook. These challenges, according to Bankman-Fried, do not exist in blockchain and cryptocurrency projects, which are designed to work seamlessly with each other, even if they are not directly connected.

The three guys who run the digs decide what gets censored and what doesn't..

Sam Bankman-Fried CEO of FTX

The Role of Blockchain Technology

Bankman-Fried believes that blockchain technology can replicate the same level of interaction between social platforms in web2 projects. He also criticized the moderation policies of popular social media, which allow a few individuals to make decisions on what content is censored and what is not.

FTX's Proposed Solution

FTX already has a working model in place that enables different platforms to access the same pool of data and make independent censorship decisions that are consistent for everyone. Bankman-Fried proposes establishing a single standard for web2 projects using blockchain technology. This approach would significantly accelerate the interaction between sites and social networks, making it easier for new platforms to catch up with existing ones.

In Conclusion

FTX's plans to leverage blockchain technology to improve the functionality of social media networks are a promising development in the crypto space. By addressing the current challenges faced by social platforms, FTX's proposed solution could pave the way for a more seamless and efficient online experience. As the crypto market continues to grow, FTX's innovative approach could help shape the future of social media and online interaction.

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