Just read the article on medium and was impressed, especially what it tells about KYC,
but read yourself.
Ever since the announcement of Voice Social Network on the EOS Mainnet by “Block.one”, there has been a lot of FUD spread around the mechanism of distributing Voice tokens with KYC (Know Your Customer). Irrespective of what FUDers have to say, we feel Voice platform will come out to be the leading platform for the blockchain industry and will take cryptocurrencies towards mass-adoption!
Although many details have been shared by Daniel and Brendan around the bigger vision of creating Voice, this article aims to connect the dots of information shared on various platforms to tell the world why VOICE really matters!
“Exploration and experimentation is what drives innovation. Innovation drives economic development”
First thing first, Why KYC?
Bytemaster has been dropping hints around the solution invented by him to tackle unique identity without the need of KYC, then why are we still moving towards the old age tech of identifying people?
Know your customer, alternatively known as know your client or simply KYC, is the process of a business verifying the identity of its clients and assessing their suitability, along with the potential risks of illegal intentions towards the business relationship. The term is also used to refer to the bank regulations and anti-money laundering regulations which govern these activities. Know your customer processes are also employed by companies of all sizes for the purpose of ensuring their proposed customers, agents, consultants, or distributors are anti-bribery compliant. Banks, insurers, export creditors and other financial institutions are increasingly demanding that customers provide detailed due diligence information. — Wikipedia
KYC is a lot more than just identifying users. It’s one of the ways which could act as a bridge supporting the banking services we have today and the blockchain tech services we will see in the future.
KYCing individuals and entities on Voice will help the founding company, B1, to be compliant with the regulation in different jurisdictions and stay out of bars or hefty fines. It would also help them in innovating the platform in numerous other ways without getting distracted of laws and regulations.
1. Social Media in itself!
Those who have been following the idea of a social media network from early EOS launch days would have a little understanding of the need for Unique Identity for the social media platform.
Voice tries to solve the reputation, bots, trolls and whales issues we faced on Steemit and other platforms. Also, disrupting the economics of data scrapping by Facebook. With unique identities, report functionalities many such problems are tackled quickly, and we could have a real social media platform.
No more data scrapping without your permission, instead content creators and users would be rewarded for their content, likes and shares. Even just your presence every week will help to earn a few tokens. Sounds impressive? Well, that’s not all.
Voice isn’t just a social media; it’s an entirely different layer created by Block.One team which could help to kick-start a lot of innovation using the unique identifies accounts. Let’s try to look through some of the ideas we could see developing in future leveraging individual identities.
- A threat to Globalcoin!
GlobalCoin is one of the news which every individual or enthusiast in this industry must have followed. As per the reports, Globalcoin will be introduced as a stable coin which would supposedly not only enable transfer with FB application suite but also outwards.
FB is targeting the Indian continent as one of the strategic markets to help the Non-Resident Indians sending money across the borders and vice-versa. FB allegedly is discussing the laws of several other countries jurisdiction to launch their currency soon. As they are not banks, we could expect them to follow KYC instruction, much like PayPal and Skrill.
Ironically, the company accused of scrapping data of its users and infringing privacy will either be doing KYC for GlobalCoin or will partner with the banks who do.
Anyways, Daniel Larimer has been suggesting that proper implementation of a Stable Coin would help do wonders for the EOS Blockchain, in fact, he had shared the idea of the stable coin algorithm with the community which still is a pinned tweet on ByteMaster’s twitter profile.
Have a great day, exciting times....