- Binance is assembling a crew to solve Twitter bot issues via an on-chain solution.
- The crypto community thinks DOGE may become an official utility token on Twitter.
- Previously, an engineer hinted that Twitter was working on a crypto wallet prototype.
The largest crypto exchange Binance is assembling a crew to look at ways that blockchain and cryptocurrencies could combat some of the issues bedeviling the social networking platform Twitter.
According to a finding by Bloomberg, a spokesperson at Binance said the exchange will create an internal team to brainstorm plans and strategies to actualize Elon Musk’s vision via blockchain solution. Emphatically, it includes on-chain solutions to address issues such as the proliferation of bot accounts in recent years.
Previously, the new billionaire owner of Twitter stressed the prevalence of fake accounts as a problem and even used the argument to justify attempting to back off from the Twitter purchase deal.
Notably, Binance Holdings Ltd. is an equity investor in Twitter after contributing significantly to the success of Elon Musk’s contract. According to several reports, the crypto company committed $500 million to the $44 billion Twitter acquisition. Changpeng Zhao (CZ), the CEO of Binance, said in a statement:
We aim to play a role in bringing social media and Web3 together to broaden the use and adoption of crypto and blockchain technology.
In related news, the crypto community speculates on the likelihood of the Dogecoin meme token becoming an official utility token on Twitter as the father of DOGE takes over the social networking platform.
Charles Hoskinson, the creator of the Cardano Blockchain, stated that he sees a chance for DOGE to become tenable as payment for advertising on Twitter. Previously, a software engineer tweeted that Twitter was working on a wallet prototype for crypto deposit and withdrawal.
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