December 4, 2022

“90 percent of my comments are bots”, Musk tweeted on 5.9.

Even though Twitter insists on claiming that only 5 percent of its users are automated accounts or bots, the issue has become increasingly inflammatory as Musk has been trying to back out of the $44 billion deal just for his offer for months to be revived in early October, just before the start of the Delaware trial aimed at solving the problem once and for all.

Where do we currently stand with bots?

Musk’s theory that the prevalence of spam and fake accounts on Twitter is higher than on other social platforms of its size is backed up by a study by Cyabra, a data analytics company that uses publicly available data to claim with 80% certainty that Bots make up 11 percent of Twitter’s total user base, significantly higher than the five percent reported by the company itself.

The same issue regarding audience hype and social media bot proliferation applies to Facebook, now meta. In 2017, Facebook claimed it could reach more people than there are in certain age groups, at least according to U.S. Census data.

Musk’s desire to eliminate bots and fake profiles from Twitter, as well as his insistence on user verification, is very honorable. His call for more transparency is a message Silicon Valley needs to hear, just as it needs to know the positive impact of eliminating spam accounts.

Also Read: Is Twitter Playing Whack-a-Mole With Its Problems?

The first social media platform that can actually do this will have a great competitive advantage over their rivals because once you have a fully credible environment, you can start to develop many commercial applications around it and you set an example your colleagues.

Facebook against regulators

What went wrong with Meta’s Libra project, the permissioned blockchain-based stablecoin formerly known as Diem, was regulators’ – legitimate – concern that the company would completely control the world’s largest marketplace without any real system of checks in place and balances would be present.

And back when it was Facebook, Meta didn’t have the best reputation with lawmakers due to a series of controversies over issues like “privacy, misinformation, and alleged censorship.”

So far, Meta hasn’t proven its ability to handle the many pitfalls it’s encountered over the last few years in terms of security, fake profiles, scams and the like, nor does it have any real desire to do so.

After a start initially planned for 2002, Project Diem was eventually shelved in early 2022 after Meta and his Diem Association “it became clear from dialogue with federal authorities that the project could not move forward.”

How to solve the bot problem using Web3 technology

The solution to this is to methodically separate the company’s social media activity side from its commercial activity infrastructure.

In this case, an independent third party could develop a project like Libra completely autonomously, without the risk of interfering in different projects from one side or the other of the company.

This independent third party would need to be a major Web3 player with a scalable infrastructure supporting an independent token and would benefit from specific integration of an ID layer and zero-knowledge proofs.

Ditto for any social media company with a widespread bot problem. Applying the same concept to a platform like Twitter, a protocol-level ID layer, would enable a system of trust and credibility in which to continue to foster strong partnerships and generate positive commercial outcomes.

In a controlled and regulated environment, it would be infinitely easier to enable the right kind of business projects and also to support them by developing the necessary tools and services.

Balance between privacy and accountability

Balancing privacy and accountability is our motto at Concordium, and it has served us well. As a science-based blockchain built with business applications in mind, we help build the technology needed to migrate the world from Web2 to Web3 and beyond.

In the case of social media platforms, they urgently need to rethink their Web2 strategies for Web3 purposes and intent, and I believe blockchain-based innovations and companies like Concordium can help them do that.

As social media platforms currently allow anyone to create an account with just an email address on file, we have very little responsibility and absolutely no way of verifying anyone’s identity unless they want us to know who they are.

Also read: Elon Musk doesn’t pay attention to credentials when recruiting. Is that silly or annoying?

Casinos and online betting platforms have strict and efficient KYC (Know Your Customer) systems, so why shouldn’t sections like Instagram, Facebook or Twitter be in place? After all, we’ve all seen how automated accounts or bots help spread fake news and propaganda.

A hopeful vision for the future

In a statement from Diems CEO Stuart Levey announces the sale of Diem Group assets to Silvergatehe addressed the need for a payments network with controls against abuse, such as “a ban on anonymous transactions, which pose both sanctions and a risk of money laundering.”

And that need still exists; For a while its execution was botched, but Diem’s ​​vision and the ideals upon which it was designed were worthy and worth exploring. I think Meta’s idea was spot on.

Online businesses – which means any business these days – benefit greatly from access to online customers and the wide reach of their messages on social media platforms, but when Meta tried to control every aspect of such a large “database,” it grew a monopoly in everything but name. It was obvious the regulators wouldn’t let that happen.

A well-conceived and efficiently aligned partnership between a social media platform the size of Meta or Twitter and an outside and entirely independent ID provider would be less contentious for those in Washington who either green-light or social media expansion – Want to end business.

So far we’ve seen strained relations between the heads of Silicon Valley and lawmakers in Washington, but it doesn’t have to be that way.

Giving power back to users while balancing privacy with accountability and making everything transparent could usher in a new era of collaboration between the two parties with a common goal: to make the internet of the future safer, more inclusive, and less bot-friendly.

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The article Elon Musk wants to eradicate Twitter bots: how blockchain can facilitate the process first appeared on e27.