Elon Musk seeks to drastically change the way the platform works. Reuters
Elon Musk seeks to drastically change the way the platform works. Reuters
Elon Musk seeks to drastically change the way the platform works. Reuters
Elon Musk seeks to drastically change the way the platform works. Reuters


Twitter's blue checkmark: verification badge or digital status symbol?


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November 15, 2022

Last week, Twitter launched a new pay-for-checkmark scheme. The identity-verifying blue checkmark, once reserved for notable individuals and institutions, is now available to all. Since the update was first announced, the price has changed, and details of the verification process are, at best, uncertain. The current state of play is captured in a tweet by Elon Musk, the company's new owner: "Please note that Twitter will do lots of dumb things in coming months. We will keep what works and change what doesn't."

As it stands, the new scheme is part of an update to "Twitter Blue", the social media platform's premium subscription service. Along with the blue checkmark, anyone willing to pay the fee – $7.99 per month – will also get early access to new functions, such as the ability to edit tweets. For the time being, this is rolled out only in certain geographies. Twitter claims the changes are part of a verification revamp motivated by a desire to reduce fake, untrustworthy accounts.

So far, so bad. Since the launch of the new scheme, the platform has been plagued by fake accounts, many sporting the blue checkmark that once signified account authenticity. For example, there was a fake George W Bush account, tweeting that "I miss killing Iraqis", to which a fake Tony Blair replied, "Same tbh". Similarly, a fraudulent Nintendo account posted a picture of the gaming character Mario making an obscene hand gesture.

Elon Musk said Twitter Blue was 'probably' coming back next week in a Twitter exchange on Sunday. Photo: Twitter
Elon Musk said Twitter Blue was 'probably' coming back next week in a Twitter exchange on Sunday. Photo: Twitter

Twitter makes most of its revenue from advertising. So if brands are being brought into disrepute, that is going to be bad for business. At the time of writing, Twitter has, at least temporarily, suspended the new blue checkmark scheme amid a wave of people impersonating notable brands and individuals.

Overlooking the chaos of Twitter's blue checkmark free-for-all, the fact that people will pay to verify their identity reflects our changing attitudes toward technology. In the early days of internet chat rooms, the forerunners to social media platforms, almost nobody used their real names. Service providers actively discouraged users from disclosing too much personal information. Anonymity and pseudonymity (fake names) were internet norms.

Today, many people strive for hyper-authenticity, real-time sharing of the most intimate and traditionally private details of their daily lives. And while most of us are not serial over-disclosers or online exhibitionists, we have become far more willing to share aspects of our identities. For example, many of us share our most recent accolades (LinkedIn) or our opinions (Twitter) or even what we are about to eat for lunch (Instagram).

Along with us being OK about projecting our true identities online, we are also increasingly required to verify that we are who we say we are. Web-based services actively and repetitively encourage us to share additional verifying information with them. For example, an email service might request our mobile phone number to help us regain access to accounts should we forget our password.

This need for online verification, and the protection of our digital identity, will only intensify as more of our daily tasks and social transactions move online. Apple, Microsoft, Google and other tech giants have already committed to greater use of biometrics – Face and Touch ID – to access online accounts. Ultimately this move is designed to do away with time-consuming passwords, which are hackable, sharable and forgettable.

The need for verifiable identities will increase as the internet expands. The next significant phase in the evolution of the internet is being called the metaverse. This term first appears in Neal Stephenson's 1992 novel, Snow Crash. The author uses the word to describe a persistent virtual world, a successor to the internet, populated by millions of people in digital avatar form. Stephenson's virtual reality world features places of work, rest and play where people purposefully interact with each other.

While the details have yet to be fully agreed and ironed out, the emerging metaverse greatly resembles Stephenson's vision. This computerised universe is widely envisaged as an immersive 3D digital ecosystem, a network of unending and interconnected virtual worlds. In his book, The Metaverse: And How it Will Revolutionise Everything, Matthew Ball describes it as "a parallel plane of existence for millions, if not billions, of people, that sits atop our digital and physical economies".

Today, we are "on" the internet. Tomorrow, we will be "in" the metaverse. The need for verifiable identification in such a digital ecosystem will parallel the need for passports, social security numbers and national identity cards in the physical one.

Twitter's blue checkmark scheme looks like it is having some teething troubles. However, rigorous and robust identity verification will eventually become a prerequisite for participation in many walks of online life. I also suspect that many people want, or wanted, Twitter's blue checkmark as a status symbol, the digital equivalent of a branded T-shirt. The blue check, after all, implies that you are worthy of impersonation. The fact that we are prepared to spend money on our digital identities, enriching them with digital status symbols, also fits with future economic visions of the metaverse. As it is offline, so shall it be on the web.

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home. 

The currency conundrum

Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”

Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.

This is a race to the bottom, and everybody wants to be a winner.

UAE currency: the story behind the money in your pockets
Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

STAR%20WARS%20JEDI%3A%20SURVIVOR
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Respawn%20Entertainment%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Electronic%20Arts%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20PC%2C%20Playstation%205%2C%20Xbox%20Series%20X%20and%20S%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
War 2

Director: Ayan Mukerji

Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana

Rating: 2/5

UAE currency: the story behind the money in your pockets
Scoreline

Real Madrid 1
Ronaldo (53')

Atletico Madrid 1
Griezmann (57')

Sunday's fixtures
  • Bournemouth v Southampton, 5.30pm
  • Manchester City v West Ham United, 8pm

Fighting with My Family

Director: Stephen Merchant 

Stars: Dwayne Johnson, Nick Frost, Lena Headey, Florence Pugh, Thomas Whilley, Tori Ellen Ross, Jack Lowden, Olivia Bernstone, Elroy Powell        

Four stars

hall of shame

SUNDERLAND 2002-03

No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.

SUNDERLAND 2005-06

Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.

HUDDERSFIELD 2018-19

Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.

ASTON VILLA 2015-16

Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.

FULHAM 2018-19

Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.

LA LIGA: Sporting Gijon, 13 points in 1997-98.

BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

if you go

The flights

Flydubai flies to Podgorica or nearby Tivat via Sarajevo from Dh2,155 return including taxes. Turkish Airlines flies from Abu Dhabi and Dubai to Podgorica via Istanbul; alternatively, fly with Flydubai from Dubai to Belgrade and take a short flight with Montenegro Air to Podgorica. Etihad flies from Abu Dhabi to Podgorica via Belgrade. Flights cost from about Dh3,000 return including taxes. There are buses from Podgorica to Plav. 

The tour

While you can apply for a permit for the route yourself, it’s best to travel with an agency that will arrange it for you. These include Zbulo in Albania (www.zbulo.org) or Zalaz in Montenegro (www.zalaz.me).

 

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Story of 2017-18 so far and schedule to come

Roll of Honour

Who has won what so far in the West Asia rugby season?

 

Western Clubs Champions League

Winners: Abu Dhabi Harlequins

Runners up: Bahrain

 

Dubai Rugby Sevens

Winners: Dubai Exiles

Runners up: Jebel Ali Dragons

 

West Asia Premiership

Winners: Jebel Ali Dragons

Runners up: Abu Dhabi Harlequins

 

UAE Premiership Cup

Winners: Abu Dhabi Harlequins

Runners up: Dubai Exiles

 

Fixtures

Friday

West Asia Cup final

5pm, Bahrain (6pm UAE time), Bahrain v Dubai Exiles

 

West Asia Trophy final

3pm, The Sevens, Dubai Hurricanes v Dubai Sports City Eagles

 

Friday, April 13

UAE Premiership final

5pm, Al Ain, Dubai Exiles v Abu Dhabi Harlequins

Medicus AI

Started: 2016

Founder(s): Dr Baher Al Hakim, Dr Nadine Nehme and Makram Saleh

Based: Vienna, Austria; started in Dubai

Sector: Health Tech

Staff: 119

Funding: €7.7 million (Dh31m)

 

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

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Du Football Champions

The fourth season of du Football Champions was launched at Gitex on Wednesday alongside the Middle East’s first sports-tech scouting platform.“du Talents”, which enables aspiring footballers to upload their profiles and highlights reels and communicate directly with coaches, is designed to extend the reach of the programme, which has already attracted more than 21,500 players in its first three years.

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Updated: November 15, 2022, 9:00 AM