No ID? No problem.
TL;DR
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Binance desires to create a token that enables anybody that has KYC’d on their platform to mechanically be KYC’d on another platform that requires the identical ID verification.
Full Story
You already know these easy concepts that simply have a number of too many shifting components to work?
E.g. “If everybody in our pal teams throws in $1k, we might all purchase a ship and dwell the summer season of our desires!”
Sounds superior, however convincing everybody to undergo with it’s a tall order.
Effectively, Binance is taking up a type of challenges.
Their platform requires customers to undergo ‘Know Your Buyer’ (KYC) verification — the place customers ship of their ID, proof of deal with, and so on.
Most platforms do.
However Binance now desires to create a token that enables anybody that has KYC’d on their platform to mechanically be KYC’d on another platform that requires the identical ID verification.
The concept is that: they’ve gone by way of the difficulty of creating positive the title, delivery date, and deal with in your ID are legit — so why ought to each different platform on the market must do the identical?
As an alternative, third social gathering platforms can simply test customers’ pockets for a Binance Account Sure Token (BABT) and approve them mechanically (trigger they know Binance have already completed the heavy lifting).
It’s a helluva idea! And one we’d like to see come to actuality.
Solely downside is, very like shopping for a ship with your mates, coordinating to get everybody on board to affix the brand new system is…
Messy.
