Also for what's worth, I've been deploying Let's Encrypt into production recently using Caddy and (on-demand) TLS and while it works, the rate limits being reset weekly is really scary and VERY VERY easy to hit. I know myself and my clients would be willing to pay for Let's Encrypt Pro (higher rate limits, etc). Take our money.
And as a fellow person who does real business at times, I often prefer paid products because I know I can get support from the company backing it. I don't think Let's Encrypt will replace the entire CA industry, and I don't think it should. (As tyingq says, monocultures are bad.)
How does Verizon (to take your example) ensures this? They have the same zero verification process for the non-EV cert.
I can use my CC to buy faccebook.com, and I will get it (again, outside of EV).
I may then be tracked by Interpol for fraud, but to the end user this does not change anything: Verizon has issued a certificate for my faccebook.com
The average user is going to blame Facebook anyway if they get duped into logging in at faccebook.com, and it goes to protecting their brand (trademarks are weakened if the owner doesn't defend them).
My point is that you can buy any site from a CA and no verification is done, exactly as with Let's Encrypt.
Even with an EV there is no guarantee that the requester is genuine ("best effort" to check)
1. Does this entity exist, e.g. it's in an official government business directory and the address details match what was specified 2. Use a third party directory (e.g. Dunn & Bradstreet) to look up this entity, and phone them. Ask to talk to some specific role at the company e.g. "Head of the IT department" and then confirm the details with that person.
This involves actual humans, albeit basically call centre employees, looking at paperwork, making telephone calls, that sort of thing. I guess you could label it "best effort" but to me that signifies much less.
For Americans a surprise problem with EV is that your country doesn't _have_ a central business directory. Each State runs its own directory, most businesses are registered in Delaware, regardless of their actual home state.
https://stripe.ian.sh/ has a completely genuine Stripe, Inc. EV certificate, issued to a Stripe, Inc. just not the one that's famous.
Verisign sold their certificate business a long time ago to Symantec.
Symantec had a contract with a Korean company "CrossCert" in which Symantec would issue certificates (including "Verisign" certificates) based on CrossCert's validation.
We don't actually know what CrossCert's validation practices were, because during investigation of problematic certificates Symantec found that CrossCert wouldn't give them the paperwork they should have been keeping to track this work so that it could see what they'd done. It had never asked to see that paperwork previously (over years of the relationship) and had simply accepted a Korean auditor's finding that everything was fine without really inspecting anything itself or letting anybody know about this arrangement with CrossCert.
Did you know about? When you see "Verisign" do you think "Or, you know, maybe some Korean company, but that's fine?"
Never mind, this scandal eventually resulted in Symantec exiting the CA business late in 2017, and today "Verisign" certificates are issued by DigiCert, another company you've probably never heard of.
This where LE is for me different from usual cert providers.
Currently (today, 21 February 2018) the limit is 39 months, starting 1 March 2018 the limit becomes 825 days. These limits are set down in the Baseline Requirements, which are rules agreed between the Certificate Authorities and Browser vendors (in practice mostly OS vendors) at their standing meeting. Chrome at least actually implements these in software, ie leaf certificates which seem to have a longer lifetime are simply invalid and don't work.
In practice commercial CAs tend to sell products as 1 year, 2 year or 3 year, and then they use the extra days in the BRs to let you "keep" the extra days if you renew early, so that you don't feel the need to wait until the last minute to renew to get maximum value.
It's not really that hard. I manage a dozen+ certs manually, I get reminder emails 30 days before they expire, and it takes literally a few minutes to submit a new CSR. I could autmate it even more than I do, but https://xkcd.com/1205/
I don't have any bright and practical ideas to fix that, however. Short of some other consortium making an equivalent, but with different tech underneath.