Binance CEO Changpeng Zhao (CZ) has proposed an additional payment for Twitter users to check the use of bots. CZ suggested to Twitter owner Elon Musk that “people you do not follow” should pay a certain amount to comment. The option would make it expensive for bots and generate more revenue for the micro-blogging platform. CZ suggested users could pay using crypto and asked Musk to introduce a structure that would make the payment shareable between Twitter and its users. He promised to donate all his proceeds to charity if Twitter implements the idea.
CZ raised this suggestion while contributing to a conversation between renowned venture capitalist Paul Graham and Elon Musk over the events following Twitter’s monetisation of the “blue tick” verification symbol. Graham had tweeted that deleting the original blue checks makes it easier to see what proportion of users pay for them. He identified a pattern among his followers who have subscribed to the Twitter Blue check. According to Graham, a higher percentage of the blue check subscribers on his followers’ list are tech-inclined. The rate of Blue Check subscription among those he follows who are not in tech is only 10%. He considers this pattern suspicious.
In response to Graham’s observation, Musk offered to pay for his blue check, a gesture that Graham appreciated, offering to pay it forward if the Twitter team would restructure the blue check subscription model to allow users to pay for accounts they want to support. As of the time of the conversation, Graham was yet to pay for the blue check. A curious user asked why he hadn’t done so, and he replied that he wanted to observe how the item would read to him in a couple of weeks, considering it is no longer based on merit.
The use of bots on social media platforms has been a growing concern for years. Bots are computer programs designed to mimic human behavior on social media platforms. They can be used to spread fake news, manipulate public opinion and increase the number of followers of a particular account. Twitter has been taking steps to combat the use of bots on its platform. In 2018, the company removed millions of suspicious accounts from its platform.
Twitter’s monetisation of the “blue tick” verification symbol has also been the subject of controversy. The blue tick symbol was originally introduced to verify the authenticity of accounts belonging to public figures, celebrities, and brands. However, Twitter’s decision to monetise the symbol has led to accusations of elitism and unfairness. The symbol is now available to anyone who pays a fee, regardless of whether they are a public figure or not.
CZ’s proposal to introduce an additional payment for Twitter users to check the use of bots is an interesting one. It could potentially help to reduce the number of bots on the platform, which would be a positive development. However, it is unclear how Twitter would implement such a payment system and whether it would be effective in combatting the use of bots.
The use of crypto to make payments on social media platforms is not new. In 2019, Facebook announced plans to launch its own cryptocurrency, Libra. The project was met with significant opposition from regulators around the world, and Facebook eventually scaled back its plans. However, the idea of using crypto to make payments on social media platforms remains an intriguing one.
In conclusion, CZ’s proposal to introduce an additional payment for Twitter users to check the use of bots is an interesting one. It could potentially help to reduce the number of bots on the platform, which would be a positive development. However, it is unclear how Twitter would implement such a payment system and whether it would be effective in combatting the use of bots. The use of crypto to make payments on social media platforms is an intriguing idea that could have significant implications for the future of social media.