2 MINUTES

Decentralized Identity by SelfKey: How Elon Musk Can Fix Twitter 🛠

How Elon Musk can fix Twitter using SelfKey & decentralized Identity Part 1 - Issues with identity, trust, and revenue. A Twitter Thread 👇🏼
21 Nov 2022
Sree
Twitter Elon Musk SelfKey

1) Two of the primary issues that @Twitter currently faces are bots and a lack of a proper check for recognizing real users and business brands from these bots.

 

2) Both these problems can be solved with a single solution - By issuing credentials to individuals and brands. Users can pay for the check, and the issued credential can be used on @Twitter as well as is interoperable and can function anywhere on the web.

 

3) The credentials should work on the Web3 standard and could be integrated by @Twitter’s team tomorrow. Moreover, new products and services can be launched from this starting point.

 

4) Decentralized Identities (DIDs)/credentials can enable payments (SelfKey uses DID:ETH as a starting point), so @Twitter can try new business models - like earn.com, started by @balajis, which allows users to pay to message certain people.

 

5) Imagine being able to message all verified crypto CEOs and ensure the message lands in their DM. That’s cool, but it’s somewhat transactional. @Twitter needs to go public again - but public investors love recurring revenue.

 

6) How can we get a recurring revenue model to maximize shareholder value? Imagine a ‘closed circle’ on @Twitter where you could connect pseudonymously with other verified business owners (who perhaps have submitted proof of ownership over a company/organization).

 

7) Furthermore, the same ‘closed circle’ of crypto CEOs (a userbase with discretionary spending, who, by and large, respect and admire @elonmusk) require a monthly access fee.

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8) Use this exact same @Twitter codebase but with a paywall, and facilitate occasional ‘masterminds’ (exclusive @TwitterSpaces) again based on credentials. This will unlock value for users by connecting them to like-minded individuals to help each other.

 

9) Even further, @Twitter feeds could be filtered/customized to show posts from users that have a certain credential (republican, millionaire, business owner), which allows users to find and subscribe to new closed circles.

 

10) TL;DR

@Twitter can solve the identity issue, become an integral provider of decentralized identity for #Web3 (or #web5? whatever @jack calls it nowadays), and find new recurring revenue streams.

 

11)@Twitter can start by rolling this internally or opening up APIs so external companies can do it. @SelfKey has a decentralized identity protocol founded by KYC-Chain.com (a b2b KYC SAAS tool) and can enable what’s described above.

 

12) We’ve barely scratched the surface in this - there are much more, starting with the POI/Sybil attack prevention mechanisms discussed in the latest whitepaper, composable NFTs, new revenue for @Twitter avatars, monetization of TwitterUsernames/DIDs.

 

13) @elonmusk Contact @SelfKey, the future of @Twitter and free speech - depends on it. And our devs won’t walk out on you!

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