FTX chief suggested using blockchain to improve social media

Sam Bankman-Fried sees censorship as a serious problem

20.04.2022 - 15:20

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1 min

What’s new? The CEO and founder of the FTX crypto exchange, Sam Bankman-Fried, has suggested improving social media with blockchain technology. The head of the exchange criticized the moderation policy on social media. He stated that people in leadership positions should not decide what to censor. Bankman-Fried voiced this opinion in an interview with Bloomberg.

Bloomberg’s material

What else did the head of FTX say? Bankman-Fried said that creating a system in which media platforms could get basic data from the same source would help solve the problem of censorship and streamline the user interface. Asked whether he had spoken with Elon Musk about this, Bankman-Fried said he had not directly communicated, but would be delighted to.

What had happened before? Tesla CEO Elon Musk offered to buy Twitter for $43 billion. Then Cardano blockchain founder Charles Hoskinson stated that he is willing to help create a decentralized version of Twitter. In April, it became known that the head of Tesla and SpaceX acquired a 9,2% stake in Twitter worth $2,89 billion. However, later the chief of the social network Parag Agrawal said that the businessman will not join the company’s board of directors.

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