Elon Musk, Twitter’s new CEO, said he intends to change the blue checkmark criteria system and making it available to the masses on a subscription basis for only $8 per month.
Cardano founder Charles Hoskinson quickly responded to Musk’s tweet, agreeing with his decision. Furthermore, Hoskinson believes the move will help Musk generate over $500,000 in annual revenue.
Furthermore, doing so will eliminate much of the confusion surrounding the verification criteria, etc. The IOHK founder also stated that a Digital IDentity (DID) for verified tweets would be required.
On the contrary, Ethereum founder Vitalik Buterin believes that Musk’s proposal to charge a fee for verification could jeopardize the blue check’s anti-scam role.
Buterin exclaimed, saying that how well this works depends on how much due diligence is done to ensure that blue checks are who they claim to be. Pay $8 per month and call yourself whatever would jeopardize the blue check’s anti-scam reputation.
However, if there is more actual verification, the outcome is very different. Buterin has questioned the authenticity of Twitter users after being able to add a blue tick against their names for a small subscription fee.
He goes on to say that the current system is far more exclusive than even yesterday’s $20/month level.
Bigbob7987, a crypto enthusiast, has joined the bandwagon, responding to Buterin’s tweet that by already integrating crypto payments on the platform, they could have KYC built into the validation system.
To add to that, Pixelmatic’s CEO, Samson Mow, joked that Elon should raise the price to $7.99.
Musk confirmed earlier this week that creators on the platform will be able to monetize their content. The new changes will also provide a revenue stream for Twitter to reward content creators.