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Crypto billionaire and Chief Executive Officer of cryptocurrency exchange FTX, Sam Bankman-Fried, said that there are some unique benefits to on-chain social media.
In a spinoff from a long thread on the multitude of use cases from crypto, the FTX CEO highlighted the possibility to verify the authenticity of messaging noting:
“In theory, if social media messages were on-chain, then in addition to composability between different platforms, you could have the blockchain operate within a tweet. What does that mean?
Well, first, there would be ways to send messages like: ‘The winner of the protocol governance vote is {xyz},’ where {xyz} was a reference to an actual on-chain smart contract, combined with its value. And so the tweet would be verifiably correct.”
In addition, Bankman-Fried said that there is no limit to the data that could be accessed:
“Or, if actual election results were on-chain, you could have verifiably correct social media messages about them.
Or anything else with an on-chain value.
E.g. ‘Tokenized AMZN stock is trading at {abc}’…”
The FTX founder and Chief concluded:
“Basically, anything a computer program that has access to all other blockchain data could compute – you could embed in your message. It would be self-evaluating and automatically verified as accurate (or not!).”