X Introduces Optional Identity Verification for Premium Users

X (formerly Twitter) is introducing optional identity verification for Premium users. This move is a throwback to Twitter’s early days and aims to tackle impersonation issues. CTO Elon Musk’s previous attempts to remove impersonations failed because they didn’t rely on ID checks. The new verification process is expected to come with additional protections and support in case users get impersonated on the platform.

X Unlikely to Dox Crypto Users More Than Other Platforms

Crypto users have traditionally opposed identity checks, as it goes against the decentralized ethos of the industry. Government requests for identity could potentially link real-world identities with anonymous crypto accounts, which many believe compromises privacy. However, X News Daily argues that X is unlikely to dox crypto users more than other platforms. They claim that X offers the best content for crypto readers and may provide additional safeguards to protect users’ identities.

X Verification Method Could Foreshadow KYC Processes for Everything App

The new verification method introduced by X may lay the groundwork for Elon Musk’s vision of turning X into an “everything app,” similar to Tencent’s WeChat. Musk aims to bundle financial services into X, which would require compliance with “know your customer” (KYC) laws to combat money laundering. Currently, X identifies Premium users through public blue check marks, but the new verification process may lead to the implementation of more stringent identity verification measures.

Concerns and Criticisms

One commentator expressed concerns that the identity check could de-anonymize crypto users if their real names are displayed publicly. However, the only risk crypto users face is a potential data leak compromising X’s user records. Additionally, some governments are using advanced tools to track on-chain crime, raising concerns about user privacy.

Hot Take

While optional identity verification on X may have its advantages, it is crucial to balance user privacy with the need for security. Striking the right balance will be key for X to gain trust from its crypto users and successfully implement its vision as an “everything app.”