Key Takeaways
- The social media giant Twitter post-acquisition has sparked various debates among crypto users about how the platform should function.
- Various blockchain executives, including Changpeng “CZ” Zhao, Vitalik Buterin, Hayden Adams and others, have stated their opinion on the future of the bird app.
- Users on the platform have also begun speculating on some changes especially following plans by the new CEO, Elon Musk, to start billing users for the verification badge.
Following the post-buy of the social media giant bird app Twitter, many crypto enthusiasts wonder what will be the fate of cryptocurrency and its assimilation into the social platform.
Blockchain experts and executives have weighed in on the topic, giving various opinions on how the two industries can work together to deliver a near-perfect digital space.
Hayden Adams, the co-founder of the decentralized exchange Uniswap, and Sam Bankman-Fried, the founder of the crypto exchange FTX, appeared more concerned with the platform’s centralized design. “Twitter spam is only hard with the unnecessary constraint that it remains centralized to one company. They could just open up the APIs and empower devs to build on top, and other people would fix the problem for them,” according to Adams.
Bankman-Fried added: “If only there were some decentralized API-like layer that multiple companies could interface with permissionless that could transmit information between people in real-time globally.”
Bankman-Fried stated on Nov. 3 that FTX explored the Twitter deal but finally decided against it because “it didn’t seem like our strengths were what was needed for Elon’s vision for Twitter.”
In an earlier thread, the FTX CEO said, “Twitter needed a revamping of leadership, so Elon did that,” He added that the FTX team occasionally prefers to act as advisors to a firm or idea rather than to become a part of it.
The CEO of cryptocurrency exchange Binance, Changpeng “CZ” Zhao, stated this week at the annual Web Summit in Lisbon that allowing cryptocurrency payments would be the first feature he would like to see implemented by Twitter.
CZ mentioned support for free expression and the platform’s potential for monetization as the key reasons he and the exchange opted to take part in the deal. Binance spent $500 million on the purchase of the social platform.
CZ said, “The first step is to just accept crypto. For the $8 verification to be paid in fiat, one has to integrate 200-plus payment processors because Twitter has users worldwide. But if you use crypto, you just add it, and then you’re done.”
Additionally, CZ has said, “expecting to use a tool built by someone else for free is just not… free market. Think all freemium social/chat products.” This was in reaction to a debate started by US Representative Alexandria Ocasio-Cortez about whether users should be required to sign up for a subscription plan in order to express their opinions on Twitter.
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Vitalik Buterin, the co-founder of Ethereum, also contributed to the conversation and voiced worries about how a flat subscription fee may affect Twitter Blue’s anti-spam functionality on the platform, “Pay $8/month and call yourself whatever would damage the blue check’s anti-scam role. But if there’s more actual verification, the result is very different,” he stated.
Buterin continued, “Ideally, though, verification would be charged at-cost and separate from other premium services,” adding that the Twitter Blue verification system before the acquisition was much more exclusive than a $20 per month subscription proposal.
Final Thoughts
The debate on how the bird app should run post-acquisition has heated up, and it is obvious various experts and executives have different points of view. This will likely impact Twitter in one way or another as users keep speculating on which direction the social platform is headed next.
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