/biz/ - Business & Finance

>>56130078
>>56130072
Enjoy this.
Everest is the only *identity* provider because it uses biometry at the base level. Everything else so far are glorified credential sharing platforms. It doesnt matter how many fancy zkps are used to wrap up a piece of identification, that piece of identification can always be faked. Also the regulatory compliance.
The following is from Bob (I got criticized for casting pearls before swine last time I posted it, rightly so perhaps but whatever):

DeFi will be regulated……that means a full compliance suite
-Identity verification, deduplication
-KYC/AML
-Risk rating
-Ongoing monitoring
-Reporting
-License
-BSA
-Policies, procedures, insurance, etc…...
Problems……DeFi players
1) don’t have any of this, nor know how to do it, and they will need to outsource all of this, and
they want to stay clean holding any identity data or KYC checks anyway
2) 99% think that a green check mark on a wallet from a SW vendor will satisfy these requirements……It’s honestly driving me crazy
a) DIDs…..hashes of credentials will not satisfy the above. And you can launder money money with DIDs. And you don't derive an identity from credential - it's vice versa.
b) SoulBound Tokens……..cute idea, might be relevant for reputation, but if you’re using just those without a real identity underneath, you’re going to jail
c) Zero knowledge proofs……wrap a KYC green checkmark inside of an encrypted proof……again, not compliance, not identity, no way to do any reporting, etc……I can launder money with it, and DeFi suppliers will go to jail
Solution…….
- Contract with an entity that has the same reporting, data retention & protection laws……so a licensed crypto custodian
- Risk rate users and transactions
- Perform ongoing monitoring
- Don’t actually pass the data to the DeFi project (keeps them clean), but have it available on-demand
Guess who is uniquely positioned to supply the solution? Everest.

Drop some Redpills
Meme up some magic.
Regulations are coming
Manifest you're future

EU passed a bill requiring KYC/AML + Identity Verification for all payments to crypto services over 1000 Euro:
https://www.coindesk.com/policy/2023/03/27/eu-lawmakers-to-vote-on-limited-ban-on-self-hosted-crypto-payments/
>Under the current proposal, traders would be forbidden from making or accepting anonymous crypto transfers over 1,000 euros (US$1,080)
> If the customer's identity can be verified or if a regulated crypto provider is involved, the transaction would be allowed.
>Crypto transfers among private individuals – such as large payments between two friends – would still be allowed. (Just be careful not to be friends with any arms traders)

This is a preliminary before MiCA is passed later this month, and earlier last month the Data Act was passed making all of these laws apply to Smart Contracts + DeFi.

Everest is the ONLY provider that makes meeting these requirements available as an embeddable service for others. In short term most of the industry will need to implement Everest.
>"But shill there are 100s of KYC providers. LMAO even"
Identity verification is required. These KYC providers don't match the user to their Identification, honeypot for fraud. Everest's biometric wallet creation limits to 1 per user & matches the user's face to their ID.
>"Le X DID can do something like that"
Great, are they licensed to provide KYC globally? No they arent. Banking institutes wont accept the risk of a bad KYC from a random provider. Everest is certified to provide via its MFSA license, Le X DID can meet standards by partnering with Everest.
>"Dapps will never have to comply with this they are anonymous!"
You think the regulators don't know where the developers live? Tornado Cash was ripped apart with Devs tossed in jail within hours. The Data Act was passed, they fall under these rules.

Everest has already won the regulation battle before the battle was fought.

>>52251305
Cope.