Elon Musk And Binance Team Up To Fight For Bot Problem On Twitter With Using Blockchain

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It is reported that the largest cryptocurrency exchange in the world has invested $ 500 million in the buyout of Elon Musk from Twitter. Binance will work with Musk’s teams to develop and implement blockchain-based solutions for social media platforms. The partnership gives Binance a great opportunity to integrate social media and news into the anticipated future of Web3.

Binance CEO Changpeng Zhao, also known as CZ, has supported Musk’s ambitions on Twitter from the very beginning. As a co-investor in equity, Binance joins Musk’s other partners, including Sequoia Capital, Fidelity Management, Andreessen Horowitz and Brookfield.

Analysts have questioned Binance’s commitment to investing after Musk’s hesitation earlier this year. In a June interview with Bloomberg, Zhao clarified his company’s position, saying that his support would only remain if Musk complied: “… If he leaves, we will leave.”

Zhao’s tweet on October 27 answered questions about whether the exchange kept its word and whether the investment was fulfilled. An additional tweet on October 28 confirmed that the commitment was indeed fulfilled, proudly stating: “Let’s release the bird.”

The transition to blockchain-based technologies is not a new step for Twitter. Last November, the company commissioned a group of cryptocurrency and blockchain experts to research and develop new blockchain-based technologies and solutions. These efforts led to Twitter allowing users to use non-interchangeable tokens (NFT) as avatar photos.

Binance aims to use its investments to advance towards Web3, an updated decentralized version of the Internet focused on promoting users’ property rights, censorship resistance, decentralization, better identification solutions and native payments that do not depend on modern financial institutions. The shift in focus represents a departure from today’s Web2.0, which focuses on user participation, user-friendly content creation, and interaction between platforms and solutions.

Binance also hopes to help Musk reduce the number of bot accounts used. Bots have been a major point of contention for Musk throughout the acquisition. He insisted that they are much more common than previously reported. Binance expressed a desire to develop an on-chain solution to combat the spread of bots. However, the new management of Twitter has not yet released plans or plans to combat this problem.

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