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GVA Research, an identity verification utility token
GVA Research, an identity verification utility token
Security

GVA Research, an identity verification utility token

By Fabio Lugano - 13 Jul 2018

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For GVA Research CEO David Garrity, a coin would be the best way to verify the true identity of Twitter users through the blockchain

David Garrity, CEO of the crypto asset finance company GVA Research and formerly the CFO of large listed companies, says the best way for Twitter to delete fake accounts would be to introduce an identity verification utility token.

The topic of fake accounts, where identities of other people or fantasy figures are stolen, is of great importance to social networks.

Only Twitter found itself obliged to delete 70 million profiles in March 2018, a huge number that corresponds to the total number of users throughout the United States.

Such a large number of inexistent people can also change the perceived political position within social networks, influencing real users and making social media a tool of manipulation.

There is also an economic problem for the companies that control these media, which is that they can’t certify that the public is real and that the figures required for advertising are fully justified.

Yet the periodic “cleaning” of accounts by social media is not particularly effective because it is not able to prevent the creation of fake accounts. At this point, it becomes an opportunity to use blockchain technology for account verification.

In this regard, Garrity says:

Twitter should develop a utility token that users could use to access its platform. If in the absence of precise regulations, Twitter wants to implement a better verification of its users, then the blockchain can be an application of value and interest, which also allows the verification of the activities that are carried out on the platform. Distribution would be important for the presence of a plurality of actors interested in checking and maintaining the platform’s efficiency.

David Garrity’s interview is particularly interesting, especially if we consider that Twitter’s CEO, Jack Dorsey, is active in the cryptocurrency and blockchain world and that not long ago he said that soon there will be only one world cryptocurrency and that he hopes it will be bitcoin.

Fabio Lugano
Fabio Lugano

Graduated with honors from Bocconi University, Fabio is a consultant for companies and wounded shareholders of the Banche Venete. He is also the author of "Scenari Economici", and lecturer and analyst of cryptocurrencies since 2016.

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