Mark Cuban has suggested using Dogecoin as a solution to spam adverts on Twitter following a complaint from American entrepreneur Marc Andreessen about someone faking his name on Twitter to promote a “free crypto” giveaway.
Andreessen wondered aloud, “What algorithm could possibly catch this type of content?” Tesla CEO Elon Musk responded, “human” igniting a debate about how to best manage the platform’s high number of cryptocurrency frauds and spam adverts.
However, it was billionaire investor Mark Cuban who came up with an unusual answer. The problem may be overcome, according to Cuban, by first adding an “Optimistic Rollup,” or layer-2 solution, to Dogecoin (DOGE).
Everyone would have to put up one DOGE ($0.13 per coin at the time of writing) as collateral to post on Twitter indefinitely. Those who flagged the message would then receive and share the spammer’s DOGE if anyone contests it and humans confirm it is spam.
As a result, spammers would have to put up 100 DOGE as collateral in order to publish new postings. The contestants would lose their DOGE if the post turned out not to be spam.
In other words, it’s a spam-deterring prediction system that imposes tiny monetary penalties. However, users were quick to point out that scammers might be well-funded and could simply “out-contest” spam messages in such a pay-to-win system. Nonetheless, Dogecoin creator Shibetoshi Nakamoto endorsed such a system:
Elon Musk made an offer to buy Twitter for $44 billion last week. One of Musk’s major aims for the network, according to him, is to reduce the quantity of cryptocurrency fraud tweets.
