No more Twitter scammers: Jack Dorsey intends to use Blockchain for users’ verification

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On September 5th, Twitter CEO Jack Dorsey took part in the US Congress hearings, where he stated that he considers Blockchain as a technology for fighting scammers in the net. Dorsey was talking about the scammers, who impersonated themselves as famous people and made money by fooling people. For example, last spring, Twitter was literally flooded by the fake accounts of Ethereum’s co-founder Vitalik Buterin. "Vitaliks" offered users to send them a little amount of crypto currency, promising to send much more in return. Unfortunately, many people have been fooled. It is estimated that the scammers managed to steal up to $100 000!

Jack Dorsey noted that the Blockchain is the ideal solution for establishing trusted relationships in the network. And that is true, it can be reached by the KYC procedure. Today only financial organizations, such as banks or exchanges, require to pass this procedure, but KYC is suitable for any other area, that is in need of verifying the person’s identity.

However, it is worthwhile to distinguish the KYC, which is carried out by a centralized organization, and KYC done on the Blockchain. The second option offers a lot more opportunities. The centralized system doesn’t allow to use the data and the results of the verification on the other platforms, while Blockchain provides such an opportunity.

It is also known that centralized platforms may use their clients’ data for their own benefits, including the sale. This means that a centralized system doesn’t allow you to own your data. Blockchain is a different story and it makes the data belong exclusively to its owner, who can manage it as he sees fit. If desired, one can even monetize it.

ENDO Protocol has already developed a special app - ENDO KYC - which allows to verify oneself quickly and conveniently and to save the results in a decentralized network. Thanks to the recent partnership with Civic, the geography of KYC coverage for our customers has expanded to the whole of Europe and many other countries of the world!

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