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Social media giants must decentralize the internet… Now!

Decentralized governance and blockchain solutions are best for the future of Big Tech.

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Big Tech has been in the news a lot over the last decade. Initially, the coverage focused on the new possibilities that were created around communication and information sharing and the benefits that these would bring. New tech networks offered unprecedented tools, offering everything from reuniting families separated by emigration to assisting in the overthrow of autocratic regimes and restoring power to the people. 

Next, we heard about the tremendous value Big Tech was creating, bringing billions of dollars to founders and workers, as well as the pension funds that invested in them. We knew they were a force for good in the world, not least because they never missed an opportunity to tell us this fact.

The sentiment toward Big tech changed near the end of 2016, fuelled by an unexpected result in the United States presidential election. Big Tech platforms were no longer tools to promote individuality and self-expression; they had swiftly become enablers of hatred and lies. Seemingly overnight, these companies went from darlings to pariahs, from bastions of free speech to being weaponized by malicious interests and rogue states to sway elections, planting false narratives. Individuals in control of the platforms went from defenders of freedom to being likened to dictators. Journalists wrote that Big Tech now had more capital than many governments and greater control of speech than any media outlet — without any democratic checks and balances or regulation to curb their worst impulses.

These events brought to the fore the amount of power that currently resides within Big Tech companies, along with the need to consider how we define speech in the modern world and how it should be amplified and regulated. That, in turn, touches on how the platforms that determine modern speech should be governed.

From decentralization to streaming

To address this, we should examine how the early internet unleashed so much creativity in its early days. Back then, the web was decentralized in its own way, with each website representing its own space, resulting in a vast network of nodes threaded together by hyperlinks. Some nodes were bigger than others, but none so big that they would distort the landscape or require specific regulation. The internet could be viewed as a vast garden, being added to with each additional website.

As both the network and the number of users grew, there was increasing demand for this network to be organized and made more efficient. Google capitalized on this by building an algorithm that searched the web and returned results and, in the process, kicked off a new internet that was defined by algorithms. Content was suddenly being recommended and defined by algorithms across music (Spotify), news (Facebook and Twitter) and entertainment (Netflix). The garden became a stream, and suddenly, we were all being influenced and directed by black-box algorithms that we knew very little about.

It is this new stream model of the internet that has caused such vitriol to be directed toward Big Tech. Big Tech companies dictate what content is acceptable to share and what should be promoted often by considering what is most beneficial to their bottom lines. Content controls are described as moderation for those who approve of them and censorship by those who disagree. The loudest voices dominate the conversation, often disproportionately favoring the Big Tech workforce and the traditional media — a small group with identifiable biases.

Back to the decentralized internet

What is the correct way to govern these massive platforms? Centralizing the power of founders is far too limiting, and outsourcing it to Californian employees and western media is only slightly better. Instead, we should look back to the decentralized internet of the past and see how we could recreate the period many older heads look back on with such nostalgia. Many claim that it is impossible to put this genie back in the box, given the enormous economic value that derived specifically from centralizing digital content and making it more accessible.

Blockchain has enabled decentralized governance of companies, allowing a form of democratic decision-making that is weighted toward those with skin in the game. Individuals buy governance tokens in a network, such as decentralized finance product suite Yearn.finance, which provides them with votes on the governance of that ecosystem while also holding independent value and/or providing dividends. Companies can be natively decentralized like Yearn, or transition to this model over time, like DeFi lender Aave. This model provides returns, aligns strategy with ownership, and removes the principal-agent problem that is rife in public and private organizations. Companies can use it to distribute admin fees to owners as well as make strategic decisions.

Public discourse on content moderation often draws from legal and philosophical concepts, with a liberal sprinkle of America’s first amendment, to construct a top-down solution. This presumes that a small number of people knows what is best for millions, even billions, of users. But decentralized governance, proven effective by the booming DeFi industry, may allow for a bottom-up solution that puts the power in the hands of users. Twitter CEO Jack Dorsey even announced his interest in such an approach at the end of 2019.

Decentralized governance could be achieved by providing tokens to users, as described above, which, in turn, would allow them to vote on principles of moderation. This could even be calibrated to the issue at hand — members of minority groups might have a greater weighting in issues related to discrimination or religious groups on freedom of religion. Power users might have greater weighting to their votes than casual ones. By trusting the broader issue of moderation to the wider community, users are engaging in a social contract that will make them far more likely to buy into principles that are adopted. As well as making moderation more efficient, this would likely repair some of the reputational harm suffered by social media companies, creating a clear distinction between censorship and moderation.

The biggest tech platforms have user populations bigger than the world’s largest countries, but none of them have the equivalent democratic checks and balances that we look for in governance. Identifying complex pain points, such as censorship and moderation, and finding ways to empower users to own these processes gives them skin in the game and access to create a flexible policy mechanism to help heal the bruised reputations of Big Tech. It is in the companies’ best interests, too, as the reputational hit of poor content policies has led to antitrust speculation and calls to break up Facebook, for example.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Luis Cuende is a co-founder of Aragon, a platform for building and running DAOs. Luis started his first open-source project at age 12. He got into Bitcoin in 2011, having been inspired by how crypto can bring freedom. In 2014, aged 18, he co-founded the blockchain timestamping startup Stampery. He holds multiple recognitions, including Forbes 30 under 30, MIT TR35, and best underage hacker of Europe by HackFwd.

Source: https://cointelegraph.com/news/social-media-giants-must-decentralize-the-internet-now

Blockchain

Bitcoin can be purchased with MoneyGram using Coinme ATM operators

TL;DR Breakdown • MoneyGram will work with physical cryptocurrencies.• Coinme expects to expand its crypto operations globally by 2022. The North American money transfer company, MoneyGram, announced its merger with Bitcoin last Wednesday. This company will allow its clients to buy in Bitcoin and withdraw their holdings of the crypto converted into cash. This measure […]

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TL;DR Breakdown

• MoneyGram will work with physical cryptocurrencies.
• Coinme expects to expand its crypto operations globally by 2022.

The North American money transfer company, MoneyGram, announced its merger with Bitcoin last Wednesday. This company will allow its clients to buy in Bitcoin and withdraw their holdings of the crypto converted into cash. This measure is applied globally so the Bitcoin investor will have freedom in withdrawing cash.

This news has captivated many merchants with a long relationship with North American banking. For the process to complete, MoneyGram had to partner with Coinme, the largest crypto exchange in the United States. With this huge collaboration, Coinme promises to support over 20 thousand physical locations in the country.

Coinme and its partnership with MoneyGram to give Bitcoin

Bitcoin

Alex Holmen, SEO at MoneyGram, said this partnership with Coinme opens up a new space for crypto investors to profit. The company wants the digital currency to become a fiat currency, such as the dollar or the euro. However, the volatility of Bitcoin and other cryptocurrencies is not compared to that of local currencies.

The new service will be rolled out to all MoneyGram locations in the United States in the coming months. Coinme also plans to take this method globally, partnering with other crypto exchange companies.

MoneyGram points out that it has 150 million users around the world. This popularity of the company will increase as the new Bitcoin withdrawal system is known.

MoneyGram joins the Bitcoin business with other companies

The American company was founded in 1940, and its headquarters are in Dallas, Texas. MoneyGram competes with Western Union to be the best national and international transaction company.

For the year 2017, MoneyGram became interested in cryptocurrencies, and since then, it has grown in popularity. Although the company’s guidelines with handling Bitcoin are not clear, their intentions could be very good.

The international transaction company joins the crypto game after other similar companies have seemingly invaded. For February, Mastercard said it would support cryptocurrencies starting this new year. This slight attraction is achieved after Bitcoin had a rise that would take it to reach its all-time high in price.

But PayPal also announced that it would work with Bitcoin to make the purchase/sale more secure. These American crypto pioneers are making good decisions that attract traders. Since October of last year, cryptocurrencies can be bought in the PayPal wallet.

MoneyGram will release an official statement when its crypto transactions are approved. After the announcement, Bitcoin and other cryptocurrencies are expected to increase in value and reach new all-time highs.

Going from buying digital to physical cryptocurrencies can be a great idea and provide secure storage. Coinme has a great reputation in American exchange banking and is a great partnership with Moneygram.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptopolitan.com/bitcoin-can-be-purchased-with-moneygram/>

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Goldman Sachs executive resigns after making a fortune from Dogecoin

TL;DR Breakdown Aziz McMahon makes fortune from Doge investment Doge metric rise over the year Aziz McMahon is another person who has hit the jackpot thanks to his Dogecoin crypto investment, as he reportedly made millions from the meme coin. The London-based executive took a bow from his job with the bank after working with […]

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TL;DR Breakdown

  • Aziz McMahon makes fortune from Doge investment
  • Doge metric rise over the year

Aziz McMahon is another person who has hit the jackpot thanks to his Dogecoin crypto investment, as he reportedly made millions from the meme coin.

The London-based executive took a bow from his job with the bank after working with the financial institution for more than 14 years, his LinkedIn profile shows, according to eFinancialCareers.

According to the site, McMahon might be starting a hedge fund that cited sources at Goldman as he is yet to respond to requests for comment, but Goldman confirmed his departure to Insider.

Also, the exact amount McMahon made from his Dogecoin holdings was not made public. Sources claimed that it was a substantial sum, pointing out that DOGE rallied over 1,000% in value this year.

The former Goldman Sachs executive made his Dogecoin fortune trading with a personal account and was not affiliated to Goldman Sachs.

Dogecoin metric rise over the year

Although at press time, the meme coin is on a decline and has been over the past seven days, however, this does not diminish the success the meme coin has enjoyed so far in the year.

The meme coin has recorded landmark gains outstripping the largest cryptocurrency, Bitcoin (BTC), in the number of related internet search queries.

Doge has emerged as the fastest-growing digital currency since 2021, began posting up to 13,500% growth year-to-date, and surging from just $0.005 to an all-time high of $0.68 on May 7.

Dogecoin’s recent tumble came after Musk called the meme token a “hustle” on SNL, adding that it’s “as real” as a dollar bill. However, the meme coin is having a run for its recent surge as a clone, and rival coin, Shiba Inu, has been surging above it recently.

The coin has broken to a new ATH but has seen a 13 percent decline at press time.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptopolitan.com/banker-resigns-after-fortune-from-dogecoin/>

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BitMEX Executives to Face Trial in March 2022

BitMEX’s former executives Arthur Hayes, Benjamin Delo, and Samuel Reed will face trial in March 28th, 2022.

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The executives of the derivatives trading platform – BitMEX – will face trial in March next year. The money laundering case will come 18 months after charges were first filed. The former members of BitMEX can face up to 5 years in prison and a $250,000 fine if found guilty.

The Trio Heads to Trial

Last year, US officials accused the CEO of the company Arthur Hayes, the co-founder Benjamin Delo, and the chief technology officer Samuel Reed of violating the Bank Secrecy Act. Moreover, the members of BitMEX were served with money-laundering charges.

On May 11th – 18 months after the first accusations against them – New York District Judge John Koeltl set the trial date for March 28th, 2022. Furthermore, Gregory Dwyer – BitMEX’s head of business development – also faces charges but will appear in court separately.

Even though the company’s headquarters are in the Seychelles, the US Department of Justice accused BitMEX of failing to apply anti-money laundering procedures while doing business with US-based customers.

Interestingly enough, the ex-CEO of BitMEX – Arthur Hayes – said that the exotic island was a more convenient place for business as it was much easier to bribe Seychelles’ authorities rather than the US ones. The former executives of the cryptocurrency exchange could face a maximum of five years in prison and a $250,000 fine.


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Where Was Arthur Hayes?

Attorney Jessica Greenwood told the court that Hayes has ”discussed a surrender date of April 6th, 2021 in Hawaii.” She added that ”the plan is to notify the Court in advance of that appearance and discuss logistics” around his submission.

As CryptoPotato reported, even after his remote announcement Hayes continued to reside abroad and explained that he would only visit the United States whenever has to face the trial in New York.

In the end, the former BitMEX CEO indeed turned himself in on April 6th, 2021. However, the officials released him on a $10 million bond pending the future court process.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bitmex-executives-to-face-trial-in-march-2022/

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