Dogecoin is a cryptocurrency based on the popular "Doge" Internet meme and features a Shiba Inu on its logo. Dogecoin is a Litecoin fork. Introduced as a "joke currency" on 6 December 2013, Dogecoin quickly developed its own online community and reached a capitalization of US$60 million in January 2014. Compared with other cryptocurrencies, Dogecoin had a fast initial coin production schedule: 100 billion coins were in circulation by mid-2015, with an additional 5.256 billion coins every year thereafter. As of 30 June 2015, the 100 billionth Dogecoin had been mined.
The reputed investor proposed a DOGE-based monetary system to reward spam detection and penalize fraudulent Twitter accounts. The creator of Dogecoin liked the idea.
Could you Dogecoin Fix Twitter’s problems with the spread a price difference between asking and selling prices of the asset. of crypto scams? Billionaire investor Mark Cuban thinks so.
Cuban, owner of the basketball team Dallas Mavericks presented the proposal in a tweet over the weekend in response to a discussion initiated by entrepreneur Marc Andreessen about possible ways to address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. the problem of spreading cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. scams and advertisements. spam on the social networking platform. The medium Cointelegraph first reviewed.
Andreessen emphasized the issue on Saturday, when he shared a screenshot showing a user’s Twitter account an account is essentially a whose purpose is to track the financial activities of a specific asset/ posing as him to promote what appears to be a cryptocurrency scam. “ What algorithm a process or set of rules to be followed in problem-solving or calculation operations, usually by a computer. could detect this? “wrote the businessman in a tweet next to the image.
El mensaje atrajo la atención de Elon Musk, quien recientemente se convirtió en propietario de la empresa de red social. “ Humans “responded the entrepreneurial CEO of Tesla suggesting that perhaps an algorithm would not be able to pinpoint that type of content, but instead, a group of people dedicated to curating the content on the platform could.
– Elon Musk (@elonmusk) May 1, 2022
An anti-spam system based on DOGE
In the midst of the various responses and comments from users of Twitter Cuban came forward to present a proposal for an unconventional solution. In the opinion of the reputed American investor, the problem can be solved with a system based on Dogecoin (DOGE) to publish and reward those who detect fraudulent posts or accounts on the social network.
According to the proposal, to publish in Twitter unlimited, everyone would have to put up 1 DOGE (USD $0.13) as collateral. Then, if someone detects a post as spam and the other users confirm it, those who flagged the post would receive the account’s DOGE ” malicious “. Although if the publication turns out not to be spam users would lose their DOGE.
As punishment, the account that posted the scam a scheme that is designed to dupe people out of cash or crypto. would have to provide 100 DOGE as collateral collateral is any asset that a lender accepts as a form of security to ensure that the borrower repays a loan. for the right to create more posts. In short, this is a system with monetary consequences to deter spamming where users of Twitter could be actively involved in detecting and stopping scams.
Cuban believes it would first require adding a “ optimistic rollup “or a second-layer scalability solution, a Dogecoin . The businessman detailed his proposal in a tweet .
We added an optimistic rollup to Doge. Everyone puts 1 Doge for unlimited posts. If someone challenges a post and humans confirm it is spam, they get the spammer’s Doge. The spammer has to post 100 times more Doge. If it is not spam, the challenger loses their Doge. DogeDAO FTW
We add an optimistic roll up to Doge Everyone puts up 1 doge for unlimited posts. If anyone contests a post and humans confirm it’s spam, they get the spammer’s Doge. Spammer has to post 100x more Doge If it’s not spam,the contestor loses their Doge. DogeDAO FTW ! ???????????? https://t.co/m6jiDve3AF
— Mark Cuban (@mcuban) May 1, 2022
The idea could solve a persistent problem on the platform without involving additional expenses for Musk’s company, such as the need to pay a team of workers to detect and block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. these types of ads. It’s not perfect, however. As some users pointed out, one of the possibilities is that the fraudulent accounts have enough resources to outnumber those of users who detect spam.
Although it doesn’t seem perfect, some expressed great enthusiasm for the idea. Among them, the creator of Dogecoin Shibetoshi Nakamoto, praised the proposed system: “I’d like to see a new system. I like it. I like it very much “ he wrote in response to Cuban.
Fighting Twitter spam is a priority for Musk
Since closed a deal to buy Twitter for USD $44 billion last week Musk has been throwing out some ideas about his plans for the platform, among which he’s mentioned cracking down on spam bots automated software that can carry out tasks such as cryptocurrency trades. and verifying all users as ways to curb account spoofing and the spread of scams.
For the tycoon, the spread of fraudulent advertisements in the Twitter ha sido un tema de interés desde hace algún tiempo. A inicios de año, cuando Jack Dorsey era aún el CEO de la empresa de red social, Musk criticized Twitter by implementing a function of tokens (NFT) before focusing on addressing spam problems. . At that time, he alleged that the company was “. spending on engineering resources “for the function “ basura “while cryptocurrency scammers “ they have a party “.
Musk, who is the richest person in the world according to Forbes has also pointed out that the platform’s algorithm should be open source, suggested the use of DOGE for the payment of subscriptions of Twitter Blue and has expressed his desire to “ unlock “the potential of Twitter to become the “ platform a place to buy, sell and store cryptocurrency for freedom of expression around the world”.
The billionaire has yet to give official statements on the course the company will take since the purchase was signed last Monday. Nor has he responded to Cuban’s unusual proposal to address fraudulent advertisements with Dogecoin .
- Jack Dorsey praises Musk for buying Twitter: “Elon is the singular solution I trust.”
- Elon Musk and Mark Cuban call Dogecoin the ‘strongest’ cryptocurrency as a medium of exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies.
- Twitter has been miscounting its daily users, and Musk’s payout is still pending
Article by Hannah Estefania Perez / DiarioBitcoin
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