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FTX founder plans to use blockchain technology to improve social networks

FTX founder plans to use blockchain technology to improve social networks

Bankman-Fried, the head of FTX, said of his upcoming talk with Elon Musk about his plans, expressing the hope that he could attract the interest of one of the richest minds on the planet. 

According to Bloomberg, Sam Bankman-Fried argues that social networks work chaotically and do not interact with each other. For example, a user cannot view a tweet on Facebook. At the same time, if a user sends a message to someone on Facebook, the recipient won't be able to view the message on the WhatsApp, even though the two apps belong to the same company. That is why he wants to change the existing system, finding inspiration in the cryptocurrency space, which features impressive advances in the interaction of networks with each other.

Bankman-Fried also questioned the moderation policies of the leading platforms and voiced frustration with the current model, saying it was "broken". In his words, the moderation policy is supervised by several people. They run the companies, and only they decide what gets censored and what doesn't. So, he proposes a new model that would allow different platforms to access the same pool of data for censorship decisions, making the process more transparent and independent.

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