To extend its offerings, Binance will investigate new blockchain-based solutions for Twitter. Additionally, Binance will collaborate with one of Twitter’s new equity partners to advance this objective.
To Help Elon Musk Explore New Blockchain Opportunities
The trading platform said that it is assembling a staff at the moment. The team’s goal is to figure out how blockchain and cryptocurrency can support Twitter’s new purpose.
This will turn Twitter into a well-moderated public forum for everyone. However, rumors are already circulating. These rumors continue despite the team’s unannounced items and solutions.
However, it is known that the study team, which is now being formed, will look at possibilities. This will open channels for integrating on-chain solutions to deal with spam and bot problems.
These are the problems that the corporation faced, according to Musk. For example, Crypto needs authentication before registration to verify both new and current accounts.
Elon Musk’s redesign of the platform is focused on addressing the problem of spam and bots. Unfortunately, this topic nearly resulted in the cancellation of the agreement.
Musk disputed Parag Agrawal’s estimate of the number of bots on the site and demanded the exact number. Agrawal served as the CEO during that time.
All of this occurred while the company-related negotiations were still in progress.
The wealthiest man in the world is now in control, and he must try to change this. Additionally, he could intend to do this via blockchain through Binance.
There is no specified timescale for Binance’s quest for crypto-related solutions. It’s still determined whether each equity partner would be allowed to provide anything special.
This is about contributions that will influence the future development and direction of the business.
Blockchain Solutions Are Nothing New for Twitter
As a publicly traded firm, Twitter is familiar with blockchain-based goods and services. So, in November 2021, the corporation established an inside team to develop such items.
This work led to the introduction of Non-Fungible Token (NFT) functionality for Twitter Blue subscribers.
Jack Dorsey has tried to align the company’s viewpoint with similar projects. As a result, he had a crucial role in laying the groundwork for most of the current work.
Dorsey served as the social media company’s former CEO and founder.
According to Elon Musk’s vision for the firm, blockchain should host the platform’s codes. This information was made public as a result of the shareholder dispute.
Those in the know claim that the plan was scrapped after much consideration. They said that it was seen as being unrealistic.
A valuation of Binance’s 500-million-dollar Twitter investment was made public. According to existing indicators, the company may be more interested in developing the next generation of goods.
These are goods that, in the opinion of many, will help the business stand out from its competitors in the social media space.