identity

Feb 18 2021

Blockchain Platform Qtum Teams Up with Blockpass to Provide On-Chain KYC Services

Blockchain platforms Qtum and Blockpass have teamed up in order to deliver on-chain (or blockchain-based) Know-Your-Customer (KYC) services.

As part of the agreement, Qtum will be providing subsidies to “specific” members looking to achieve regulatory compliance through Blockpass’s On-chain KYC solutions.

Adam Vaziri, CEO at Blockpass, stated:

“We’ve known and been fans of the Qtum team and network for a long time, and it’s great to have the opportunity to work closely with them. The Qtum network is innovative, and we’re excited to be able to bring the benefits and possibilities of On-chain KYC to developers and users alike. Facilitating fast, simple and efficient regulatory compliance on Qtum creates more opportunities for everyone, and spreads the phenomenon of On-chain KYC to an even wider audience.”

Qtum Co-founder Jordan Earls noted that on-chain KYC will become a vital component for many different protocols on the decentralized web or Web 3.0. He added that instead of hindering or inhibiting innovators who are focused on complying with regulations while enabling new technologies, the Qtum Foundation would “like to support those builders by backing Blockpass’ expansion to the Qtum blockchain.”

Earls added:

“Blockpass’ solution has exceeded our expectations when it comes to cost, which is an order of magnitude cheaper than traditional services, and its ability to only allow non-sensitive pieces of information to touch the blockchain.”

Qtum is an open-source, public (or permissionless) blockchain or distributed ledger technology (DLT) platform that aims to leverage the security of unspent transaction outputs (UTXOs) along with Ethereum Virtual Machine (EVM) smart contracts.

Secured by a proof-of-stake consensus mechanism, Qtum has introduced its own Decentralized Governance Protocol (DGP) that allows specific blockchain or DLT settings to be modified, “leading to the possibility of increasing Qtum’s block size without the need for a hard fork” or backwards incompatible upgrade.

Blockpass is a digital identity verification provider that aims to offer a “one-click” compliance gateway to financial services and other regulated sectors. Through the Blockpass platform, users are able to create, store, and manage a “data-secure” digital identity that may be used for a complete ecosystem of services, token purchases and to also gain access to “regulated industries.”

Blockpass is reportedly offering a 90% discount on its services in order to support clients during the COVID-19 pandemic.

Blockpass, which claims to be a pioneer of On-chain KYC, is a “fast, comprehensive” KYC and AML screening software-as-a-service for blockchains, crypto, DeFi and other regulated sectors. The platform offers various compliance benefits such as “pay-as-you-go,” no setup costs, no integration required, free-of-cost testing, and “immediate launch” services.

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Jan 17 2021

IOHK, which Supports Cardano (ADA) Development, has Announced 11 Winning Proposals to Receive Funding, as part of Project Catalyst

IOHK (or Input Output Hong Kong), an organization focused on supporting open-source projects such as Cardano (ADA), a major platform for building decentralized applications (dApps), has announced the first winning proposals for Project Catalyst.

The community has spoken and 11 initiatives are now expected to acquire funding in order to further enhance the Cardano ecosystem.

As explained by IOHK, Project Catalyst is “an ongoing experiment” in exploring or looking into different ways that “decentralized” innovation and collaboration can be carried out “at its highest level.” As the initial stage in the Voltaire roadmap, it aims to challenge ecosystem participants to “pool their ingenuity, creativity and passion to identify ground-breaking projects that support Cardano’s growth,” the IOHK team noted.

Fund2 was reportedly the first time that Project Catalyst participants had the opportunity to pitch, debate, refine, and vote on various proposals using “real” ADA, which is the native cryptocurrency for Cardano’s distributed ledger technology (DLT) network. As confirmed by IOHK, this was “aimed at enhancing and bringing new value to Cardano.”

As mentioned in blog post published by IOHK:

“We challenged Fund2 participants to come up with ways to encourage Cardano ecosystem development in the next six months. With an available initial ADA fund worth $250,000, we are able to fund 11 proposals.”

The IOHK team confirmed the following funded proposals as part of Fund2:

PoolTool platform upgrade: This project aims to open up “avenues to build businesses and applications on Cardano that differentiate between stake pool operators by offering additional products.” This update is aimed at promoting infrastructure “diversity” across the Cardano ecosystem.

Ouroboros over RINA: Deploying a proof of concept (PoC) stake pool and relay solution of Ouroboros over RINA by using “Ethernet/WDM at two sites in Tokyo, Japan.”

Haskell/Plutus/Marlowe education: Developing educational material or content that aims to convey complex ideas and information in a structured manner, “supplemented with examples that inspire ideas.” This proposal aims to “make it easier for new developers and entrepreneurs.”

Create a message-signing standard: “Generating a message-signing standard to prove reserves, identity, and stake pool delegation. “

Liqwid: Cardano lending markets for decentralized finance or DeFi: Developing an open-source, non-custodial liquidity protocol to “earn interest on deposits and borrow assets on Cardano.”

Cardano for mobile (decentralized application) dApp developers: “Turning mobile platforms into the first-class citizens of the DApp world with mobile SDKs, mobile-first DApp experience and app store compatibility.”

GimbaLabs – starter kits and tools: GimbaLabs is a startup platform “providing free and open source APIs, lessons, and project-based learning resources to help people bring their ideas to life on Cardano and so drive adoption of the blockchain.”

Lovelace Academy for Marlowe and Plutus: Establishing an online academy “to attract, inspire and educate individuals and companies to create applications on Cardano’s smart contract and native assets platform.”

Sign Tx Arduino: Starting a library for code written in the C programming language that is “compatible with the Arduino development environment.” Sign local Cardano transactions in advance of smart contracts “being available to enable applications for the internet of things (IoT).”

Pet Registry DApp with ₳Pay: Helping developers “accept ADA payments on websites.” The Pet Registry DApp, built on ₳Pay, will “service a global audience in a cheaper, better way.” Devs are “inspired by successful apps and the tools needed to build them, By creating both, we can inspire and accelerate devs and their solutions.”

Japan Cardano Governance Association: Meetings & Communities & Podcasts: “supporting online/offline meetups, governance podcasts etc. for our Japanese community.”

As confirmed by IOHK, each funded team will get their ADA tokens by the end of this month, so that they’re able to start on their projects and hopefully bring them to life in the foreseeable future. IOHK also mentioned that they’re now looking forward to seeing the impact of these initiatives on the evolving Cardano ecosystem.

While 11 ideas or projects have acquired funding for now, there are several other legitimate contenders that managed to meet the community voting threshold. However, these initiatives still missed out on funding this time around. As noted by IOHK, certain projects were able to secure “community funding.” There were also some initiatives that had been approved for funding by the community, however, the treasury didn’t have enough funding needed to support their proposals for the time being.

IOHK added:

“We’ll be encouraging these proposers to resubmit their ideas for the just-launched Fund3 where relevant (with its focus on the DApp ecosystem) and we hope to see the best of these funded by the community next time. We have bold and ambitious plans for Project Catalyst in 2021, with ADA worth millions of dollars being made available to fund innovation on Cardano. Submission for proposals for Fund3 [reportedly opened on January 13, 2021].”

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Dec 20 2020

Crypto Wallets Could Come Under Bank Secrecy Act

A bureau of the US Treasury Department, FinCEN, recently proposed that banks and money service businesses should record transactions to private crypto wallets. The bureau suggests that these rules will help in combating illegal activity in the crypto space.

Speculations ring true

The Treasury Department has proposed new regulations for crypto wallets after weeks of speculation that it is working on stricter oversight in the sector. Today, the Financial Crimes Enforcement Network (FinCEN) issued a new proposed ruled that will require “require banks and money service businesses (‘MSBs’) to submit reports, keep records, and verify the identity of customers” who are making cryptocurrency transactions into private/unhosted wallets.

The rules will be open to public comments till January 4, 2021. Apart from recording transactions to money service businesses, the rules also seek the classification of legal tender digital assets and convertible virtual currency as monetary instruments. This will subject these digital currencies to the Bank Secrecy Act (BSA).

What else do the rules suggest?

Under the new rules, any transactions totaling over $10,000 in a 24-hour period must be reported to FinCEN. The identity of the customers must be required. Some transactions may demand an even lower threshold of $3,000. This will automatically make know-your-customer (KYC) rules applicable to private crypto wallets.

FinCEN suggests a targeted expansion of recordkeeping and reporting obligations under the Bank Secrecy Act will help in stopping illicit financing via cryptocurrency. It states that an increasing number of malicious actors are using CVC for evading sanctions, transnational money laundering, weapons proliferation, terrorist financing, and trade of stolen identifies, counterfeit goods, controlled substances, and computer hacking tools alongside toxic chemicals and firearms.

The authority specifically mentions that cryptocurrencies with enhanced anonymity, like Monero, have a well-documented use in illicit activities. The FinCEN suggests that even though the rules are open to public commentary, these requirements are inapplicable for the proposal. This is because the proposal is related to foreign affairs related to the US because of which public procedure becomes unnecessary, impractical, and even contrary to the public interest.

Crypto Wallets Could Come Under Bank Secrecy Act

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Dec 12 2020

Africa is the future of DeFi, argues Cardano’s Charles Hoskinson

In one of his frequent Youtube missives to his following, CEO of IOHK — the developers behind the Cardano Blockchain — Charles Hoskinson revealed that the company’s long-term developmental focus will hinge on Africa, going so far as to say the world’s second-most populous continent might be the future for decentralized finance (DeFi) development.

““When we ask ourselves, ‘who will be the consumers of DeFi who will be in need of identity systems and payment systems and new ways of representing equities’ — will it be the ossified, highly regulated markets of the western world, which are invitation-only […] or will it be the agile and nimble countries of Africa, Southeast Asia, who have no incumbencies and are desperately to compete and thus are open and friendly to retooling and ideas?”

“Given that the human capital, physical capital, and economics are all moving in the right direction, it is my belief that Afria will be the most promising economic environment in the next ten years,” Hoskinson concluded.

Hoskinson isn’t alone in thinking that the next wave of DeFi’s adoption will begin in Africa. In a previous interview with Cointelegraph, Patrick Rawson of blockchain think tank Curve Labs said that reaching “the last mile” of users will require DeFi developers to tailor their products to un-and-underbanked users.

The specifics of how Cardano will grow in the world’s second most populous continent were scarce, however. Hoskinson teased that Cardano has successfully built “networks and relationships” which provide the blockchain project with “strategic partners and relationships and political access in the right places.”

He added that he believed these connections will lead to “flagship deals,” which will in turn help to land “much larger deals.” While he notes that there is $5.6 trillion in wealth across the continent, little of which is available to global markets, he offered little by way of a roadmap towards Cardano capturing that value.

The founder did promise a future, dedicated Youtube episode which will lay out the strategies and details of Cardano’s Africa rollout with greater clarity and strategy specifics.

“As we see that 5.6 trillion in wealth, it is my hope that the representation of that wealth will live on the Cardano blockchain,” he said.

Hoskinson previously discussed Cardano’s Africa push in an AMA with the community, where he did reveal the details of contracts that IOHK has managed to win so far, as well as one instance where the company was underbid. IOHK also houses its headquarters in Addis Ababa, the capital of Ethiopia.

Africa is the future of DeFi, argues Cardano’s Charles Hoskinson

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Dec 11 2020

Vouched Announces $3M Funding Round to Accelerate AI-Based Identity Verification Platform

Vouched, a developer of proprietary artificial intelligence and computer vision for end-to-end identity verification and real-time fraud detection, announced on Thursday it has raised $3 million through its latest funding round, which was led by Flying Fish Partners.

Founded in 2018, Vouched describes itself as a proprietary AI/CV/ML that powers real-time visual ID verification to onboard customers and drive revenue for customers across town or around the world. The company noted it accelerates revenue growth and provides a “seamless” user experience by rapidly and securely verifying and onboarding end users through a sophisticated, end-to-end visual ID verification and fraud detection solution.

“Vouched serves disruptive startups, fast-growing unicorns, and the Fortune 1000 enterprise. Focused on regulated and security sensitive industries, more than 50 companies in banking and financial services; healthcare and telemedicine; and gig and sharing economy companies rely on Vouched for identity verification.”

While sharing more details about the company, Vouched Co-founder and CEO, John Baird, stated:

“The ability to see a person and verify their identity online is required for complex regulated activities such as Know Your Customer (KYC) in banking and the rise of Know Your Patient (KYP) in healthcare and telemedicine. Increasingly, security-sensitive transactions such as peer-to-peer sharing of expensive goods like motorcycles, cars and RVs also depend on identity verification. We are helping to meet those growing needs.”

Vouched went on to add that it’ll use the investment round’s funds will further accelerate the growth of its identity proofing platform across the banking, fintech, and healthcare verticals.

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