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X (formerly Twitter) is introducing optional identity verification for Premium users in a throwback to Twitter’s early days. Previous attempts by CTO Elon Musk to remove impersonations failed because they didn’t rely on ID checks.
Now, as X News Daily opines:
“[The new verification] probably comes with additional protections and support in case you get impersonated on the platform.”
X Unlikely to Dox Crypto Users More Than Other Platforms
Traditionally, crypto users opposed identity checks, arguing it goes against the core ethos of decentralized finance. Government requests for identity could link real-world identities with anonymous crypto accounts X News Daily claims offer the best content.
According to Spencer Yang, CoinMarketCap’s head of business development:
“We all know that anonymity is important for some people in crypto. For the same reasons that gold bugs don’t advertise that they keep bullion buried in their backyard, crypto enthusiasts don’t generally show off their digital assets to the world.”
Find out here the best exchanges that will preserve your anonymity.
One concerned commentator argued the check will only de-anonymize crypto users if their real names are displayed publicly. Accordingly, the only risk crypto users face is a data leak compromising X’s user records.
Vitalik Buterin recently commented that despite significant advances in zero-knowledge cryptography, Worldcoin’s WorldID platform needs work to combat hackers. Buterin uses his real name in both his Twitter handle and display name, which have previously been linked to the addresses of Shiba Inu (SHIB) and Ethereum (ETH) wallets.
Moreover, governments are increasingly using sophisticated tools to track on-chain crime. Irate crypto users recently accused Arkham’s new marketplace linking buyers and sellers of on-chain data of doxxing crypto users.
X Verification Method Could Foreshadow KYC Processes for Everything App
But the new X verification method may lay the groundwork Elon Musk hopes will make X into an “everything app” in the mold of Tencent’s WeChat.
Part of Musk’s vision is to bundle financial services into X, which would require following “know your customer” laws intended to combat money laundering. Accordingly, X’s premium terms and conditions prevent sanctioned users from signing up.
Currently, X identifies Premium users through public blue check marks. X staff review Premium applicants for display names and profile photos. To get approval, account holders must have been active within the previous 30 days and hold an X account for longer.
They must also not frequently change their display, photo, or handle in behavior the company identifies as “deceptive.”