By
Chimamanda U. Martha
April 19th, 2024
A part of the new blockchain-based solutions that Binance will be exploring for Twitter may also entail expanding this service.
Binance, the world’s largest cryptocurrency exchange platform by trading volume and one of the new equity partners of Twitter Inc has unveiled plans to help the social media’s new owner, Elon Musk to explore new avenues through blockchain technology by which the platform can roll out new solutions.
As unveiled by the trading platform, it is setting up a team to help decipher how crypto and blockchain can help Twitter in the new agenda to make it a well-moderated town hall for all. While the exact products and solutions that the team will come up with remain unknown at the moment, speculations are already brewing.
What is known, however, is that the research team that is being set up will explore avenues by which on-chain solutions can be integrated to address issues relating to spam and bots that Musk himself has revealed plagued the company. Riding on the encrypted nature of crypto and its feature which requires verification before being registered, new and old accounts can be placed under the radar for authenticity.
The issue of spam and bots is central to Elon Musk’s revamp of the platform, a subject that almost leads to the cancelation of the deal. When the negotiation about the company was still ongoing, Musk asked for the actual number of bots on the platform, and he disagreed with the figure quoted by the then Chief Executive Officer, Parag Agrawal.
With the world’s richest man now in charge, it is crucial that he will try to correct this, and blockchain, through Binance may be one of the ways he planned to do this.
Binance’s search for crypto-related solutions did not come with a defined timeline, and it remains unclear whether it is every equity partner who holds a minority stake in Twitter will be able to make unique contributions to the company’s growth and direction moving forward.
Twitter Not New to Blockchain Solutions
Twitter as a publicly listed company is not in any way new to blockchain-based products and services. The company launched an internal team to build such products in November 2021, an effort that birthed the launch of Non-Fungible Token (NFT) support for subscribers to Twitter Blue.
A part of the new blockchain-based solutions that Binance will be exploring for Twitter may also entail expanding this service.
Jack Dorsey, the former founder and CEO of the social media company had made attempt to position the firm in line with related initiatives, and he helped set the foundation for most of the work that has been done thus far.
The Musk vision for the company initially entails placing the platform’s codes on the blockchain as revealed as part of the litigation with the company’s shareholders. According to those with knowledge of the matter, this move was later canceled as it was not deemed feasible.
The Binance stake in Twitter was pegged at $500 million but from current indications, the firm may have a bigger stake in creating the next phase of products that will arguably help set the company apart from its peers in the social media world.