Floki Inu Soars to New Heights in the Cryptocurrency Market
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2022-05-03 | Selina Mathew
On Sunday, American businessman Marc Andreessen shared an image of a Twitter user mimicking his identity to advertise a "free cryptocurrency" giveaway. "What algorithm could potentially capture this sort of content?" Andreessen wondered. Tesla CEO Elon Musk responded, "people," initiating a conversation about how to better moderate the platform's high number of bitcoin frauds and spam adverts.
However, it was billionaire investor Mark Cuban who came up with an unusual answer. According to Cuban, the issue may be resolved by first introducing a "Optimistic Rollup," or layer-2 solution, to Dogecoin (DOGE).
Everybody will have to put up one DOGE ($0.13 per coin at the moment of publishing) as collateral to post on Twitter indefinitely. If somebody disputes a post as well as humans determine it is spam, individuals who reported the message will get and share the spammer's DOGE. As a result, spammers would have to put up 100 DOGE as collateral for the privilege to produce more postings. Nevertheless, if the post is found to be legitimate, the contestants will forfeit their DOGE.
It is a forecasting system that generates if tiny, monetary implications to discourage spamming. People were quick to warn that fraudsters may be well-funded and easily "out-contest" messages labeled as spam in such a pay-to-win system. Nonetheless, Dogecoin founder Shibetoshi Nakamoto endorsed such a system.
Elon Musk made a bid to buy Twitter for $44 billion the other week. According to Musk, one of the platform's major aims is to reduce the quantity of bitcoin fraud tweets.
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