Elon Musk and Binance team up to battle Twitter's bot problem using blockchain

Jimmy2x

Posts: 147   +12
Staff
What just happened? The largest cryptocurrency exchange in the world has reportedly invested $500 million in Elon Musk's Twitter buyout. Binance will work with Musk's teams to develop and incorporate blockchain-based solutions for social media platforms. The partnership allows Binance an excellent opportunity to integrate social media and news into Web3's envisioned future.

Binance CEO Changpeng Zhao, also known as CZ, has supported Musk's Twitter ambitions since the early stages. As an equity co-investor, Binance joins the ranks of Musk's other partners, including Sequoia Capital, Fidelity Management, Andreessen Horowitz, and Brookfield.

Analysts questioned Binance's commitment to the investment following Musk's hesitations earlier this year. In a June Bloomberg interview, Zhao clarified his company's position, stating his support would only remain if Musk followed through: "...If he's off, we're off."

An October 27 tweet from Zhao responded to inquiries asking whether or not the exchange held to its word and followed through on the investment. An additional tweet on October 28 confirmed the commitment was indeed completed, proudly stating, "Let's unleash the bird."

The move toward blockchain-based technologies isn't a new step for Twitter. Last November, the company tasked a team of cryptocurrency and blockchain experts to research and develop new blockchain-based technologies and solutions. The effort led to Twitter allowing users to have non-fungible tokens (NFTs) as avatar photos.

Binance aims to leverage its investment to drive progress toward Web3, an updated, decentralized version of the internet focused on promoting user ownership, censorship resistance, decentralization, better identity solutions, and native payments that do not rely on today's financial institutions. The shift in focus represents a departure from today's Web2.0, which emphasizes user participation, user-friendly content generation, and interoperability across platforms and solutions.

Binance also hopes to aid Musk in reducing the number of bot accounts in use. Bots were a central point of contention for Musk throughout the acquisition. He insisted they were far more prevalent than previously reported. Binance has expressed its desire to develop an on-chain solution to combat the proliferation of bots. However, Twitter's new management has not yet revealed designs or plans to combat the problem.

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human7

Posts: 152   +131
"Our intern says we wired the $500 million 2 days ago"

Ah yes, nothing like trusting the largest money transfers to an intern. Great for the intern's resume, though, I guess.
 

brucek

Posts: 1,352   +2,031
"updated, decentralized version of the internet focused on promoting user ownership, censorship resistance, decentralization..."

BS and BS , it's just for the money , nothing else
What's further BS is that the US already has strong property rights, and strong freedom from government censorship, and is fully de-centralized in that anyone can stand up their own web server and put whatever they'd like on it.

For the people who want to go further than this, what they mean is they not only want to be able to spout say their say KKK or Nazi nonsense (which they are already legally entitled to do today on any platform that will have them, or on their own platform), but also expect to be able to do so in a mainstream, large-audience, advertiser-funded venue. And that's where it falls apart, because the practical restrictions on doing that having nothing to do with laws or technology, but the simple reality that as long as each person is free to choose where they spend their time and money, most people will choose to leave such a venue.

I strongly support Musk's right to do whatever he wants with Twitter, with minimal prior restraint, but of course with accountability for actions taken, which has always been the best version of the American way. He can open it to all the vile speech he wants. He just shouldn't expect there to be many users left after he's done so.
 

psycros

Posts: 4,578   +6,901
What's further BS is that the US already has strong property rights, and strong freedom from government censorship, and is fully de-centralized in that anyone can stand up their own web server and put whatever they'd like on it.

For the people who want to go further than this, what they mean is they not only want to be able to spout say their say KKK or Nazi nonsense (which they are already legally entitled to do today on any platform that will have them, or on their own platform), but also expect to be able to do so in a mainstream, large-audience, advertiser-funded venue. And that's where it falls apart, because the practical restrictions on doing that having nothing to do with laws or technology, but the simple reality that as long as each person is free to choose where they spend their time and money, most people will choose to leave such a venue.

I strongly support Musk's right to do whatever he wants with Twitter, with minimal prior restraint, but of course with accountability for actions taken, which has always been the best version of the American way. He can open it to all the vile speech he wants. He just shouldn't expect there to be many users left after he's done so.

Twitter was already home to most vile speech imaginable: it was Mecca for the "woke" fascist hate-mongers. Musk's acquisition can only make things better.
 

RudyBob

Posts: 898   +917
Things tend to degrade, ever noticed? Maybe this will be an improvement. The in and outs mean nothing to me I hope for the best for Musk, his investors and all those that use Twitter. In a year I may join
 

ScottSoapbox

Posts: 446   +810
"Our intern says we wired the $500 million 2 days ago"

Ah yes, nothing like trusting the largest money transfers to an intern. Great for the intern's resume, though, I guess.
The intern just conveyed a message to his boss. That doesn't mean he did it himself. He's an intern.
 

AlaskaGuy

Posts: 752   +629
Things tend to degrade, ever noticed? Maybe this will be an improvement. The in and outs mean nothing to me I hope for the best for Musk, his investors and all those that use Twitter. In a year I may join
If you enjoy good free entertainment then you want to join twitter ASAP. It's been a non stop meltdown on there for the past few days by the left as Elon has been freeing wrongfully banned accounts and crushing bots.
 

fps4ever

Posts: 1,111   +1,799
The left loves their blockchain/crypto but on the other hand hate Elon with a passion. That ought to spin some heads out of control LOL.
 

wiyosaya

Posts: 8,430   +7,877
Typical buy-out move. Fire everyone who knows anything about the software, and bring in "experts" (who have no clue about the software) to straighten it out. 🤣🤣🤣🤣🤣🤣🤣

Musk has no clue; his royal genius has to bring in "experts" ? What a f'ing clown. This is the beginning of the end for Twitter and all the crap it brings to the world.
 

wiyosaya

Posts: 8,430   +7,877
If you enjoy good free entertainment then you want to join twitter ASAP. It's been a non stop meltdown on there for the past few days by the left as Elon has been freeing wrongfully banned accounts and crushing bots.
I wouldn't waste my time - or money. IMO, Twitter has been a waste of time and internet space since its founding.
 

p51d007

Posts: 3,434   +3,112
Personally, I'd like to see twitter, parler, truth social, facebook, instagram, tik-tok etc all go
belly up if for anything else, get people to talk to each other face to face instead of on (un)social
media. Plus, how many times have you heard a so called journalist say "so and so said something on social media and it is blowing up the internet". So? That's "news"?
100,000 clowns press a like/share button is considered news?
 

Axle Grease

Posts: 286   +233
Please correct me if I'm wrong, but 'Block Chain Technology' does not imply or require (or even suggest?) proof-of-work cryptocurrency mining.

Exactly. Crypto is one use of blockchain technology. It became very useful as a way of maintaining a network distributed history of transactions/records that can't be altered such as land titles, medical records, licensing agreements, digital contracts, etc.
 

AlaskaGuy

Posts: 752   +629