In the past, I often thought that Ask anyone who's opened an account at more than one financial institution and they'll tell you the same tired thing: you prove who you are, again, every single time. Same passport photo, same proof of address, same forms re-uploaded into another company's database that will, eventually, get breached. KYC isn't done once; it's done everywhere, forever.
For regulated assets this gets worse, not better. To hold a security you often have to prove not just who you are, but that you're allowed accredited, in the right jurisdiction, not on a sanctions list. Every venue re-checks it. Every check is another copy of your identity sitting somewhere as a target.
Putting this "on-chain" the naive way is a disaster. A public ledger where eligibility is visible turns the whole thing into a permanent, searchable honeypot. So the real problem isn't verification it's proving you qualify without handing over your life story, and without doing it from scratch at every door.
This is where something like Dusk's approach gets interesting to me: an asset that checks a credential are you eligible, yes or no rather than demanding the documents behind it, with disclosure to an authorized reviewer only when the law genuinely needs it.
Who'd want this? Anyone tired of being their own liability. What kills it? If "reusable credential" still quietly means one more database with your name in it.
@Dusk_Foundation
#dusk
$DUSK
For regulated assets this gets worse, not better. To hold a security you often have to prove not just who you are, but that you're allowed accredited, in the right jurisdiction, not on a sanctions list. Every venue re-checks it. Every check is another copy of your identity sitting somewhere as a target.
Putting this "on-chain" the naive way is a disaster. A public ledger where eligibility is visible turns the whole thing into a permanent, searchable honeypot. So the real problem isn't verification it's proving you qualify without handing over your life story, and without doing it from scratch at every door.
This is where something like Dusk's approach gets interesting to me: an asset that checks a credential are you eligible, yes or no rather than demanding the documents behind it, with disclosure to an authorized reviewer only when the law genuinely needs it.
Who'd want this? Anyone tired of being their own liability. What kills it? If "reusable credential" still quietly means one more database with your name in it.
@Dusk_Foundation
#dusk
$DUSK