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SBF

@SBF_FTX

1) FWIW, some thoughts on what a decentralized Twitter might look like:

12:58 PM · Apr 14, 2022Twitter Web App

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2) Tweets go on-chain, encrypted; the sender chooses who has access to them (i.e. who can decrypt). In some sense this unifies DMs and tweets--DMs are just tweets with the privacy setting of "only Jill".

783

SBF

@SBF_FTX

Apr 14

3) Monetization comes in two forms: a) tweet level; the underlying protocol charges something per message. At ~500m tweets/day, $0.01/tweet would replace half of Twitter's revenue; $0.001/tweet would replace their profit. b) UI level; the UI could monetize as well.

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SBF

@SBF_FTX

Apr 14

4) OR -- the UI could subsidize. E.g. UI could show ads, monetize through that, and use that to pay the network fee. c) Because the messages would be on-chain, users would control their data. This means that anyone could build their own Twitter UI!

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SBF

@SBF_FTX

Apr 14

5) Their UI would be able to pull the same underlying messages, and compose seamlessly with them. The UIs could grow out the ecosystem, and monetize through UI fees--or subsidize. Each UI could have its own moderation policy--no longer one person/company controlling speech.

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SBF

@SBF_FTX

Apr 14

6) e.g. At network fees of ~$0.0005, Solana's fees would be a small fraction of the revenue. This would force some L1 to scale to hundreds of thousands of TPS, if not millions, if likes/RTs were also on-chain. But honestly that's something that has to happen eventually anyway.

451

SBF

@SBF_FTX

Apr 14

7) Because it would all be on-chain, it would be trivial to integrate the following into Twitter: a) tips/payments/monetization for content creators b) NFTs/profiles/avatars c) sure, why not DOGE

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SBF

@SBF_FTX

Apr 14

8) Would this be good for Twitter's bottom line? I think so, given that they're only net making ~$300m/year right now, but who knows for sure. Would this democratize social media, make the finances transparent, and remove single point of failure moderation? Yup.

495

SBF

@SBF_FTX

Apr 14

9) How hard would this be to build? Hard, but not *that* hard. We could do it. And if there was sufficient demand, we *would* do it, fast. (There are also a few projects currently working on this!)