$3.75 -0.94%
EOS · 18w

WORBLI - Getting to the Point: KYC and Identity Being Discussed

The delay of the Worbli User Portal (Worbli is a EOS code fork), finally brought up valuable details about how KYC is performed and handled, together with an exciting discussions about how identity is defined, secured and stored on the blockchain. I think it helps us to get a better idea oabout what the KYC  process with Worbli will look like:

The discussion was basically sparked by a user “Jack” who heavily critisised KYC as such, deeming it an endpoint to crypto, as he sees it, by helping the old system to onboard onto the new:

Whereas i agree, that KYC is not the final answer, if we take a look at the crypto reality, when it comes to adoption and onboarding, KYC is basically inevitable. To acquire any initial holdings of crypto you would need to go through KYC to transfer your fiat. There might be a few exceptions, with Steemit, and actually Trybe here, basically everyone engaged into crypto has already done KYC. The number of early adopters, who managed to mine some btc, with their desktops is long gone. 

So you might not find this ideal, but what Worbli does, is simply to take an existing feature on the blockchain level. The benefit of course, is, you only need to do it one with one – let’s say trusted –  partner, on not spread your identity on every dapp you are using (and on the other end, sparing dapps to do the ever same procedure. So practiality wise this is a big win. Worbli Head Domenic Tomas responded in this regard. 

This might not be a big deal, to learn that the KYC will require you to provide an identity, and that the procedure will be performed by a thrid party, but (at least to me) this is the first time, Worbli disclosed this important information to their potential users. The security measures, apparently are currently in review, and although this has been confirmed to be the reason for the delay, this is an important fact. I think we can also take Domenic now by his word, that as soon as it has been finalised wh...

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