What will Crypto Twitter look like after the acquisition? Blockchain leaders share their insights

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Nearly seven months after Tesla CEO Elon Musk first made a bid for social media giant Twitter, the $44 billion deal has finally come to an end, looking like a big deal. part of the original conditions despite a corporate showdown. As a platform for news announcements, marketing, and developer-user blockchain communications, crypto enthusiasts have already started speculating about Twitter’s future now that it’s among the hands of billionaire tech entrepreneur.

At the annual Web Summit in Lisbon this week, Changpeng Zhao (CZ), CEO of cryptocurrency exchange Binance, said the first feature he would like to see Twitter implement is to accept emails. crypto payments. Previously, Binance invested $500 million in the acquisition, and CZ cited the platform’s support for free speech and monetization potential as the main reasons why he and the exchange decided to participate in the deal.

“The first step is just accepting crypto. To get the $8 verification paid in fiat, you need to integrate over 200 payment processors because Twitter has users all over the world. But if you’re using crypto, you just add it, then you’re done.”

CZ also has declared that “expecting to use a tool created by someone else for free is just not… a free market. subscribe to a subscription plan in order to express their opinions on Twitter.

Other stakeholders, such as co-founder Hayden Adams of decentralized exchange Uniswap and founder of cryptocurrency exchange FTX Sam Bankman-Fried, seemed more concerned on the centralized structure of the platform. “Twitter spam is only difficult with the unnecessary constraint that it remains centralized in one company. They could just open up the APIs and allow developers to build on them, and other people would fix it for them,” Adams said. Bankman-Fried also chimed in, adding:

“If only there was a decentralized API-like layer that multiple companies could interface with without permission and that could pass information between people in real time around the world.”

November 3, Bankman-Fried revealed that FTX considered (but ultimately dropped out) joining the Twitter deal because “it didn’t seem like our strengths were what was needed for Elon’s vision for Twitter”. In a previous thread, the FTX chief explained, “Twitter needed a leadership overhaul, so Elon did it,” adding that sometimes the FTX team prefers to remain advisers to a company or of a vision rather than participating in it.

Ethereum (ETH) co-founder Vitalik Buterin also joined the discussion, raising concerns that a global subscription could damage the platform’s anti-spam features for Twitter Blue. “Pay $8/month and call yourself in a way that could harm the blue check’s anti-scam role. But if there’s more real verification, the outcome is very different,” he said. wrote. Buterin went on to explain that Twitter Blue’s pre-acquisition verification system was far more proprietary than a $20 per month subscription proposal and that: “Ideally, however, verification would be billed at cost and separate from other premium services.”

But like Adams and Bankman-Fried, Buterin argued for more decentralized but controlled features to be built into the platform. “The ideal solution: localized trust based on social networks instead of global scores,” he said. wrote. Adding that mechanisms such as identity checks without knowledge and tabulating account quality scores could potentially help reduce anonymous scams in such a setup. Changes to Twitter Blue are currently underway after Musk completed the acquisition and assumed single direction control of the company two days before.

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