On Sunday, American entrepreneur Marc Andreessen shared an image of someone faking his name on Twitter to promote a “free crypto” giveaway. Andreessen wondered aloud, “What algorithm could possibly catch this type of content?” Tesla CEO Elon Musk responded, humans,” igniting a debate about how to best manage the platform’s high number of cryptocurrency frauds and spam adverts.
We add an optimistic roll up to Doge Everyone puts up 1 doge for unlimited posts. If anyone contests a post and humans confirm it's spam, they get the spammer's Doge. Spammer has to post 100x more Doge If it's not spam,the contestor loses their Doge. DogeDAO FTW ! 🚀🚀🚀 https://t.co/m6jiDve3AF
— Mark Cuban (@mcuban) May 1, 2022
However, it was billionaire investor Mark Cuban who came up with an unusual answer. The problem may be overcome, according to Cuban, by first adding a “Optimistic Rollup,” or layer-2 solution, to Dogecoin (DOGE).
Everyone would have to put up one DOGE ($0.13 per coin at the time of writing) as collateral to post on Twitter indefinitely. Those who flagged the message would then receive and share the spammer’s DOGE if anyone contests it and humans confirm it is spam. As a result, spammers would have to put up 100 DOGE as collateral in order to publish new postings. The contestants would lose their DOGE if the post turned out not to be spam.
In other words, it’s a spam-deterring prediction system that imposes tiny monetary penalties. However, users were quick to point out that scammers might be well-funded and could simply “out-contest” spam messages in such a pay-to-win system. Nonetheless, Dogecoin creator Shibetoshi Nakamoto endorsed such a system:
Dogecoin is a cryptocurrency founded by software programmers Billy Markus and Jackson Palmer as a “joke” in response to the rampant cryptocurrency speculation at the time. It is regarded as the first “meme coin” and, more precisely, the first “dog coin.” Despite its humorous nature, some people regard it as a viable financial opportunity. Dogecoin’s emblem and name are inspired by the Shiba Inu dog from the “doge” meme.
Dogecoin.com advertises the currency as a “fun and friendly Internet currency,” referring to its “joke” origins. The satirical cryptocurrency was created by software programmers Billy Markus and Jackson Palmer as a parody of Bitcoin and the many other cryptocurrencies boasting great aspirations to take over the world. The site became an instant hit thanks to Reddit’s aid. Dogecoin had built a dedicated blog and forum within two weeks, and its market value had jumped to $8 million, making it the world’s seventh largest electronic currency.
