After completing the Twitter deal, Elon Musk almost immediately began to actively manage the social media platform on his own.
First, the company laid off more than half of its staff and took full management control by removing the board of directors. In addition, Musk is ready to implement the new verification system, which has already faced some criticism.
Vitalik Buterin Outlines Criticism of Elon Musk’s Twitter Plans
According to Musk, the new system will allow anyone to pay $8 a month and say “whatever you call your name”.
The new system will be a new way to authenticate users and combat bots and spammers on the network. Currently, the blue tick only applies to a small percentage of users identified by Twitter.
How well this works depends on exactly how much due diligence is done to make sure blue checks are who they say they are. “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. https://t.co/BsQJCMsmDk
— vitalik.eth (@VitalikButerin) November 1, 2022
Ethereum Its founder, Vitalik Buterin, says the new system could become an effective way to combat large numbers of bots on the network, but it could be a problem as it would undermine the anti-fraud role of the blue tick. However, the result will be “very different” if there is an additional method of verification, according to Buterin.
After some criticism, Vitalik defended the new system, saying that charging $8 per month is okay and that the current blue tick system will not create an economic hierarchy as it is far more privileged than even a $20 monthly payment.
However, the Ethereum founder believes that verification should be charged separately from other premium services and at its cost.
The new system will bring verified users more benefits such as priority in replies, mentions and search, making it one of the most effective ways to beat spam and fraud.
*Not investment advice.
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