Conversation

SBF
@SBF_FTX
1) FWIW, some thoughts on what a decentralized Twitter might look like:
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SBF
@SBF_FTX
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".
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SBF
@SBF_FTX
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
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
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
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.
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SBF
@SBF_FTX
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
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.
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SBF
@SBF_FTX
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!)
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Jay
@JayKubert
Replying to
@SBF_FTX
Super interesting thought! Is it likely that decentralized "Twitter" mediums like
@BitClout
will start to converge with actual Twitter acting as multiple chains providing data an oracle?
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