After the announcement of Binance’s participation in the takeover of Twitter, Changpeng Zhao (CZ) clarified how his company can help Elon Musk. This will go through the implementation of Web3 functionalities and the fight against fake profiles.
CZ speaks out about Binance’s investment in Twitter
As we watched the epilogue of the long soap opera of Elon Musk’s takeover of Twitter last week, we learned at the same time that Binance joined the deal for $500 million.
In several talks, including one on CNBC TV, Changpeng Zhao (CZ), the exchange’s CEO and founder, gave more details about his vision for the social network as well as the value that Binance could bring to it.
He repeatedly insisted that one of the reasons Binance’swas sitting at the table» held in part to Elon Musk’s vision concerning a “freedom of expression platform“. However, CZ also pointed out where Twitter could be improved, especially on the number of fake profiles :
“I believe Twitter hasn’t been well monetized, it hasn’t grown well, there are a lot of strategic issues like bots spamming my comments, there are scam accounts, it hasn’t not been well managed. But I think the platform has a big value in itself […]. »
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The war on bots
Thus, Binance, like Elon Musk and all Twitter users are aware of the pollution brought by fake profiles spamming publications. This is also a problem that is regularly highlighted and Binance thus wishes to provide added value to help resolve the situation.
In this regard, several of the inefficiencies of the social network should be resolved thanks to blockchain technologies :
“We want to help bring Twitter into Web3, when they’re ready. Yes, we want to help solve these immediate problems [comme] subscription billing [Twitter Blue, ndlr], which can be done very easily using cryptocurrencies. »
If all these future features are yet to be precisely defined, there is no doubt that now Twitter is at a turning point that will lead to its metamorphosis into a Web3 platform. It remains to be seen to what extent this will be done and whether concrete decisions will be taken to eliminate the bots.
👉 On the same subject – Twitter would develop its own cryptocurrency wallet
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Sources: CNBC, Reuters
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