Renowned investor Mark Cuban proposed a DOGE-based monetary system to reward spam detection and penalize fraudulent Twitter accounts. Elon Musk and the creator of the popular meme coin, Shibetoshi Nakamoto, liked the idea very much.
Billionaire investor Mark Cuban thinks that Dogecoin (DOGE) could solve the problem with a scam spreading on Twitter.
Dallas Mavericks basketball team owner recently tweeted the proposal in response to a discussion started by Marc Andreessen. The businessman discussed possible ways to address the problem of cryptocurrency scams and spammy ads spreading on the social network platform.
Andreessen shared a screenshot showing the account of a Twitter user posing as him to promote a seeming cryptocurrency scam. Next to the image, the businessman asked what algorithm could detect that problem.
Elon Musk, who recently became the owner of the social media company, replied to the post with the word Humans. The CEO of Tesla suggested that an algorithm might help specify that type of content. However, he believes that a group of people responsible for curating the content on the platform could do it.
Cuban Proposes a DOGE-Based Anti-Spam System
Amid various comments from Twitter users, Cuban presented the proposal for an unconventional solution. The renowned US investor considers it is possible to solve the problem with a system based on Dogecoin (DOGE). It would consist of posting and rewarding those who detect fraudulent posts or accounts on the social network.
The proposal establishes that everyone would have to put up 1 DOGE (USD 0.13) as collateral to post on Twitter unlimitedly. If a user identified a post as spam and the others confirmed it, those flagging it would receive the DOGE of the malicious account. However, they would lose their DOGE if the post was not spam.
The account posting the scam would have to put up 100 DOGE as collateral for the right to create more posts. In other words, Twitter users could actively participate in detecting and stopping scams in that monetized spam deterrent system.
The idea by Cuban is not perfect since the fraudulent accounts might have more resources than those detecting spam. However, some users like Musk himself expressed their enthusiasm about the solution. In response to Cuban, Musk said that it was a good idea, while the creator of Dogecoin, Shibetoshi Nakamoto, praised it.
Musk Thinks that Fighting Spam on Twitter Is a Priority
After closing a deal to buy Twitter for USD 44 billion, Musk has tossed around a few ideas about his plans for the social media platform. They include cracking down on spambots and verifying all users to curb account fraud and scam spreading.
The billionaire businessman considers people have discussed the topic of the spread of fraudulent ads on Twitter for a while. Earlier this year, Musk criticized Twitter for implementing a non-fungible token (NFT) feature before addressing spam issues. He alleged that the company was wasting engineering resources on the junk feature while crypto scammers acted.
Musk, the wealthiest person worldwide, has also pointed out that the algorithm on the platform should be open source. He has stated that he wants to unblock the potential of Twitter to become the platform for freedom of expression. The tycoon has not yet made official statements on the course the company will follow after signing the purchase on May 2nd.
By Alexander Salazar
