Elon Musk's vision for Twitter is a step in the right direction for decentralized social media.
Before Bitcoin, the general belief was that an open system where participants are anonymous and free to come and go could never be secured. Solutions like— the network equivalent of democracy — had solved the problem of participants reaching consensus in a closed system, but couldn’t be applied to an open network due to the risk of one participant pretending to be many, also known as a Sybil attack.
Social media as designed today solves this problem in the same way that payment systems did in the past: They put an authority in charge and give it the power to censor some users to protect others. But this approach had its own drawbacks, including some people being censored unfairly and the authority extracting significant value for itself. Twitter’s current reliance on surveillance capitalism, and its arbitrary blue check mark solution are good examples.Bitcoin took a different approach.
If the Twitter algorithm also prioritizes comments and retweets from subscribers, then curation can also improve — similar to how proof-of-stake systems often appoint one validator to propose a new block and empower a committee of other validators to double-check their work. All else being equal, a tweet from a paying subscriber that’s liked and retweeted by other paying subscribers is more likely to be useful.
Paying subscribers also allows Twitter to diversify away from ad revenues, throttling down the surveillance capitalism. Today, users who don’t pay to buy influence still pay with their attention, which the algorithms constantly try to hijack with polarizing content to sell more ads. Subscription models tend to lead to content that prioritizes quality over quantity, thus the success of Substack and Netflix.
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