Binance and Elon Musk team will use blockchain to remove bots
The world’s largest cryptocurrency exchange in terms of trading volume allegedly contributed $500 million to Elon Musk’s acquisition of Twitter. Binance will partner with Musk’s employees to create and implement a blockchain-powered social media application. The agreement presents a great opportunity for Binance to integrate social media and content into the future that Web3 envisions.
From the beginning, Binance CEO Changpeng Zhao (better known as CZ) has supported Musk’s Twitter goals. Binance follows in the footsteps of Musk’s other partners, namely Sequoia Capital, Fidelity Management, Andreessen Horowitz and Brookfield, as equity co-investors.
Seeing Musk’s ambiguity a few months ago, observers questioned Binance’s dedication to the project. In a June conversation with Bloomberg, Zhao reiterated his company’s stance, emphasizing that he would only continue to support Musk if he stayed the course: “…if he steps down, we step down.”
On Oct. 27, a tweet from Zhao responded to concerns about whether the market was keeping its word and executing on the investment. Another tweet on October 28 confirmed that the obligation had been fulfilled, adding: “Let’s free the bird”
Twitter has made big strides toward a blockchain-powered solution before. In November 2017, the company commissioned a group of blockchain and cryptocurrency professionals to research and develop new blockchain-powered technologies and solutions. The plan resulted in Twitter allowing non-fungible tokens (NFTs) to be used as profile images.
Binance intends to use its investment to accelerate the development of Web3, a revised variant of the decentralized internet that prioritizes user ownership, censorship resistance, decentralization, improved identity options, and on-premises that do not rely on existing financial institutions Fund transfer. The current Web 2.0 facilitates user interaction, customer-friendly content development, and compatibility across platforms and applications.
Additionally, Binance intends to assist Musk in limiting the number of fake accounts. Musk’s main point of contention during the deal was robots. He maintains that their prevalence is much higher than initially estimated. Binance has announced its intention to build an on-chain anti-bot tool. Still, Twitter’s new leadership has yet to disclose a strategy or plan to address the issue.
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