Unnecessary risk
What is the first thing you need to do to access any new project or portal? You have to pass KYC. I do not have to say anything bad about KYC and AML procedures, because they are pretty useful and they allow to eliminate fake traders and illegal money from the market. In the same time, KYC in the cryptocurrency world makes me laugh almost every time I hear about it. Imagine that there were 100 shops and you would need to verify your identity every time you use your credit card in shop. It takes a lot of time and increases operational costs. I am so happy that I managed to find Vena Network and its DID technology, which should help to make cryptocurrency market much more safe place. However, now we need to talk a little about the project itself to find out why solution, which is offered by Vena is the best option on the market. Let’s go!
All the people, who pay much attention to the ICOs and other blockchain projects may know, how it may be annoying to pass KYC every time. The main issue is that none of the projects are able of performing KYC on their own. It means that they need to involve third parties for verification process every time. I do not want to give my sensitive data to several dozens of different companies, because I could not be sure about the ways of using it. In such terms, it is obvious that I would rather ignore investment opportunity that I will risk my data.
Unified solution
I am completely sure that we cannot create single blockchain service that will allow all the people to pass KYC for once in a lifetime and then just use verified data. That is why Vena is not going to capture all the market, Vena creates simplified solution for passing of KYC and it is called DID. Since I believe that Vena ecosystem will be extremely huge in the nearest future, I consider that there will be a lot of users for this tool.
In addition, all the data in DID will be encrypted and stored in the decentralized serves, which almost completely eliminates the chance of stealing of your personal data. Once you have obtained verified DID, you will be able to use it in dapps, which are connected to the Vena Ecosystem. By the way, DID stands for Decentralized Identifiers and Identity Credentials, so you may found more about this technology on the web.
However, there is one more advantage that will make users to trust Vena DID much more than results of ordinary KYC. If I got Vena WP right, you will be able to verify your data in Vena Node, personally, which increase the trust by several times, because in Vena Nodes it will be possible to check and verify every document. Since other solutions offer only online KYC, I consider that it would be easy for Vena to spread own solution far beyond the Vena Ecosystem.
Vena Network website - http://vena.network/en
Whitepaper: http://whitepaper-en.vena.network/
Telegram - https://t.me/vena_network
Facebook: https://www.facebook.com/Vena-Network-207271413455484/
Author Anicasalar : https://bitcointalk.org/index.php?action=profile;u=1347520