Twitter will be a Web3 'Sandbox' for Binance, helping Elon Musk to get rid of bots

Key points: 

• Binance will use Twitter as a platform to create a Web3 social-media 
• Such an approach can help Elon Musk to fend off bots 

Binance Chief Strategy Officer Patrick Hillman took to Twitter to discuss the goal of helping Elon Musk fend off internet bots and why Binance sees potential in Web3 innovation after investing $500 in the social media company.

According to the exchange's chief strategy officer Patrick Hillman, Elon Musk's equity partner Binance has invested $500 million to acquire Twitter, hoping to use the social media platform as a "sandbox" to address Web-3 usage.

“We see this as a huge historic opportunity for [research and development],” Hillman said on CoinDesk TV’s First Mover on Tuesday. "[This is] an opportunity to leverage the well-known Web2 platform and use it as a sandbox to start breaking down some of the challenges we've synthesized in the Web2 space."

Hillman said the world’s largest cryptocurrency exchange by trading volume will be a “key partner” for Twitter’s growth and innovation, turning to “Web3 solutions” to address some of the platform’s challenges, such as Non-Fungible Tokens (NFTs). User authentication and whether the platform can be used as a payment system to "create small micro-transactions".

In addition to Tesla and SpaceX, Musk is the co-founder of payments giant PayPal.

The payment strategy could be used as a means of deterring bots, putting "the average user at the cost" while keeping the bots "incredibly expensive," Hillman said.

The problem with bots “goes far beyond people trying to pump coins,” Hillman said, adding that bots hinder the crypto community’s ability to use the Twitter platform as a place to speak freely.

"Being able to attack and address this bot problem is critical to reopening healthy conversations about crypto," Hillman said, adding that other issues, including pump-and-dump programs, must also be addressed.