While KYC-enabled network might please regulators, it could push Cardano away from ideal of decentralization
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.Cardano is one of the most notable cryptocurrencies on the market, evidenced by its increasing popularity in recent years.
Much of this popularity comes from the founder of ADA, Charles Hoskinson. With his controversial statements on crypto and non-crypto topics, the entrepreneur is also in the spotlight. Recently, he made headlines by engaging in aabout whether or not to add the Know Your Customer process to the first layer of the Cardano blockchain.
KYC is an identity verification practice used on the cryptocurrency market and other financial sectors, with the aim of preventing money laundering, financing terrorism and other illegal activities. It involves collecting personal and financial information from the client, such as name, address, date of birth, occupation, source of income and other relevant data, as well as identification documents such as a passport or identity card.
It is worth noting that the idea of adding KYC to Cardano is not new in Hoskinson's mind, as he has addressed this idea of contingent processes at least 10 times. One of Ethereum's competitors' goals is to become a network that more people can use in their daily lives. The executive believes that the validation practice can help a lot in this respect.
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