The cryptocurrency billionaire Sam Bankman-Fried, CEO of the FTX exchange, showed his concerns over social media’s “broken model” that can be fixed using blockchain. According to him, the problem is in the moderation policies of the networks.
Bankman-Fried explained further saying – “What is the moderation policy for all social networks? It’s like three guys? It is the people who run three companies who choose what gets censored and what doesn’t. That’s a broken model…”
He also expressed his wish to talk with Elon Musk about Twitter and other such platforms and share ideas about technologies used in it. Much like Tesla CEO Elon Musk, he thinks social media censorship is a major issue.
Creating a system in which social media platforms could all take underlying data from the same source might help tackle the difficulties that plague social media, ranging from basic user experience to freedom of speech, he further said.
SBF cited Facebook mentioning that there’s no ability to see a Tweet on Facebook. If you message someone on Facebook, Whatsapp can’t read it and that’s the same company. There is no interoperability between different platforms and that’s what social media platforms lack.
Bankman-Fried suggested that putting the actual underlying messages directly on the blockchain can allow platforms to access those same sets of messages. So whether someone is using Facebook, Twitter, or any other platform, they are all message based, and hence, we get different interfaces living in the same universe.
