Over the last few days as Elon had to wrap up his acquisition of Twitter by today I saw more and more rumblings that Binance was going to be a major part of this acquisition. Earlier this year Binance had pledged a $200 million investment into the Hong Kong SPAC that was going to take Forbes public. When that deal fell apart Binance had $200 million returned to it that it had earmarked for investments in the media space.
When the opportunity then arose to participate in the Twitter deal was an easy call for Binance to make given its size and influence. On top of that Elon Musk is well known for his interactions with cryptocurrencies especially his love of Doge. This deal also sets up Binance to be a huge partner if/when Twitter becomes a much more crypto/blockchain-based service and they have the knowledge and connections to be able to make this happen.
A huge issue known to both people in the crypto space and those who are not is the bot farms and misinformation that can catch fire and take over Twitter. Currently, Twitter is garbage at handling this issue and it almost ruined the deal when Elon raised concerns about it. Now with the deal done Binance has announced it will be forming an internal team to focus on ways that blockchain and crypto could help Twitter.
Involving blockchain in some way shape or form would be monumental in creating a way to address these issues. This is where Jack Dorsey's new project Bluesky comes into play as it is supposed to be very Twitter-like but on a blockchain. Creating a web3 or blockchain social media has been talked about for some time now yet has not yet really taken hold due to a wide variety of issues like transaction times, gas fees, etc. If Binance though was able to figure out how to run a parallel chain to the underlying structure of Twitter this could really help bridge the gap between current social media and what many expect social media to end up being in the future. This ability would require so much more effort to be put into misinformation and would make it much more difficult to spread thus helping clear up the space overall.
I would imagine that something like this will face a couple of issues the biggest of which is going to be money. Developing, testing, and implementing something like this is not going to be cheap and will take a lot of time. With the transaction closed now, we will see if Elon is willing to take the time and spend the money that could flip Twitter and the way it is run on its head.
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