Like Tesla CEO Elon Musk, Bankman-Fried thinks censorship is a big problem for social media platforms.
Crypto billionaire Sam Bankman-Fried – CEO of FTX exchange is famous for wanting to give away all of his assets. And one of the next things he wants to do is change the “broken models” of social media through blockchain technology.
“What is the moderation policy for all social media? Is it that the people running the company will choose what should be censored and not censored. It’s a broken model,” Bankman-Fried said in an interview with Bloomberg TV.
Like Tesla CEO Elon Musk, Bankman-Fried thinks censorship is a big problem. According to the CEO of FTX, creating a system – where platforms can draw from the same source for basic data – can help solve the problems that exist on social networks, from basic user experience to freedom of speech.
“The current system is really messy and there’s no interoperability between different platforms,” said Bankman-Fried. “You cannot view a Tweet on Facebook. If you message someone on Facebook, Whatsapp can’t be read even if the two apps are from the same company.”
When asked if he would talk to Elon Musk, Bankman-Fried said: “I haven’t spoken to Elon directly about this, but I’m excited if I have the opportunity.”
Earlier, according to a filing with the US Securities and Exchange Commission (SEC), Elon Musk was expected to pay $54.2 per Twitter share in cash, valuing the company at $43 billion. Twitter’s board of directors then approved a “poison pill” mechanism to make it difficult for the world’s richest billionaire to acquire many shares.
According to Bankman-Fried’s proposed model, different interfaces can pull from the same data source and make independent decisions about moderation. This will boost competition by leveling the playing field between platforms with large user bases and those that are just getting started.
“This is going to be a really, really exciting and important innovation for social media platforms,” he said.