Ethereum founder Vitalik Buterin worried about Elon Musk’s Twitter plans

Vitalik Buterin. Source: Video screenshot, Grand Amphitheater/YouTube

Ethereum (ETH) co-founder Vitalik Buterin has raised concerns about scams related to Tesla and Twitter chief Elon Musk’s blue check system, but said there may be a solution.

On Nov. 1, Musk announced that it would be $8 after all, following a statement on Twitter that a blue checkmark for verified users could cost its owners $20 a month. “Twitter’s current system of lords and farmers who have or don’t have a blue checkmark is nonsense,” he tweeted.

However, Buterin commented on the announcement, particularly regarding the potential for scams. In a tweet, he said how well the new system, developed by Musk, works “depends on how much due diligence is actually done” to make sure the person behind the blue checkmark is really who they claim to be.

That is, there is a “but”. Buterin said after his statement:

“‘Pay $8 a month, call yourself whatever you want’ hurts the anti-fraud effect of blue checks. But with more actual verification, the results would be very different.”

While many have suggested in the comments that if it means gaining people’s trust and being able to make more money than the $8 “invested”, then paying $8 for the famous verification badge is worth it for any scammer —Others, similarly Buterin argues, that this can be avoided with more validation.

Ironically, however, cryptocurrency proponents and likely decentralization proponents advocate for more know-your-customer (KYC) type measures.

economic class?

“People Power Blue, $8 a month,” the new Twitter chief said in announcing the news yesterday.

But many argue that it’s not entirely clear how the power will be given to those who can’t pay for whatever reason — or how it should empower users to protect their followers.

However, Buterin disagrees, saying the current system is “far more unique than yesterday’s $20/month level.”

He doesn’t think this will create any form of “economic hierarchy”. However, Buterin added,

“Ideally, though, verification will be charged at cost and separate from other premium services.”

Source of information: Compiled from CRYPTONEWS by 0x information.The copyright belongs to the author and may not be reproduced without permission

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