Binance invested $500 million in Elon Musk’s Twitter purchase. The exchange’s chief strategy officer, Patrick Hillman, has now said that this investment was driven by hopes that Binance would use Twitter as a “sandbox” for Web 3.
Binance hopes to use Twitter as a sandbox for Web 3
While speaking in an interview with CoinDesk, Hillman discussed how Binance saw the potential of the web 3.0 & crypto sector and how the exchange would help Musk solve several issues on Twitter, such as bots.
According to Hillman, the investment was “a massive historic opportunity for R&D {research and development]. He also added that it would be the ideal chance to transform a web 2 platform by using it as a sandbox and addressing the most popular challenges in the web 2 space.
The Binance executive also said that Binance wanted to be a “critical partner” that would support the growth and innovation of Twitter and address some of the evident challenges on the platform. One of these challenges is using non-fungible tokens (NFTs) to authenticate users and assessing whether Twitter could be used as a payment platform to support small micro-transactions.
Solving the issue of bots
The crypto Twitter community is massive. However, like other Twitter users, this community has complained of bots on Twitter that target naïve users and dupe them into following phishing links.
One of Hillman’s proposals to address the issue of bots on Twitter is implementing a payment strategy. These payments will ensure that the average user can bear the cost, while it will be expensive for bots to sustain their activities.
Hillman added that the issue with bots went beyond traders attempting to pump coins. He said that bots have made it hard for the crypto community to use Twitter as a platform where they could speak freely. Therefore, by addressing bots, it will be possible to have a healthy dialogue about web 3.0 & crypto industry.
Musk is one of the co-founders of PayPal. Therefore, he is in a position to transform the social media company into a payment system according to the proposal made by Hillman. Musk is already bringing changes to Twitter. The billionaire said that users who want to maintain their blue checkmark would have to pay $8 monthly. According to Musk, this payment would make it expensive for people to run bot accounts.
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