Verilabs Unveils Web3 Compliance Infrastructure February 25, 2023 February 25, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsFebruary 25, 2023 by Kelly Cromley

Verilabs Unveils Web3 Compliance Infrastructure

VeriLabs, the company imbuing Web3 with trustworthiness, has introduced kycDAO, an easy-to-use compliance platform that translates well-established regulatory aspects to blockchains. As the initial web3-native, compatible compliance framework, kycDAO collaborates with prevailing regulated firms to generate digital credentials of conformity and generate them on-chain as Web3-compatible kycNFTs. Real-world usage scenarios can be accessed through kycDAO by Web3 initiatives that would like to be entirely compliant while maintaining privacy.

By simulating real-world compliance standards and rendering them composable, kycDAO provides Web3 developers with simple development tools. This complaint mechanism will be utilized at ETHDenver’s BUIDLathon, where hackathon reward winners will be required to become members of kycDAO, attach their wallets, and generate kycNFTs in order to get their on-chain payouts. kycDAO participants are Web3’s trustworthy anons. It is anticipated that the system will handle 5,000 signups with payments exceeding $1 million USD.

Instead of recreating the wheel, kycDAO uses something that already works in the actual world and adapts it for Web3. Creators of kycDAO, VeriLabs, are enabling Web3 initiatives to function in today’s challenging regulatory structure with the assurance that they are fully cooperative, according to Balázs Némenthi, Founder and CEO of VeriLabs, Inc. “Having devoted the past five years to financial intermediation and digital identity initiatives, I have a thorough understanding of the complexities of an identity technological infrastructure and the difficulties of working in the strictly regulated finance industry. Currently, we are disseminating this information to facilitate Web3’s widespread adoption.”

In order to offer regulatory assistance, kycDAO has hired an ex-Justice Department counsel as a strategic advisor. Jane Khodarkovsky, a VeriLabs advisor, stated, “I believe comprehensive due diligence programs are essential to sustaining the integrity of technology and establishing trust among its users.” “I’m pleased by kycDAO’s very considered and intentional strategy to compliance, which only strengthens the tech sector’s best practices and demonstrates that Web3 can promote creativity and conform with the rapidly evolving legal and regulatory environment.”

A vibrant soulbound (non-transferable) kycNFT is the key to transforming proof of compliance into a reusable, blockchain-native primitive or on-chain commodity for the development of conforming dApps, smart contracts, and Web3 applications. kycDAO does not propose to sell or seek an invitation to purchase any securities or crypto tokens. Using kycDAO’s architecture, a regulated firm including a bank, centralized market, or fintech business attests to the conformance of the cryptocurrency wallet proprietor.

This proof is issued as a kycNFT and given access on-chain. Mastercard has access to evidence of conformance from bank account holders, similar to credit card networks. kycNFTs are web3 primitives that can be composed and are relied upon by coders to construct dApps and applications. They constitute legitimate proof of conformance against which smart contracts can be gated without identifying their customers.

kycDAO is establishing a system of regulated collaborators in order to make conformity accessible to organizations seeking it. kycDAO has more than 30 partners dedicated to the kycDAO network, such as ETHDenver (bounty), Bancor (DeFi), Li.Fi (Bridge), Disco (identity), Xternity (game), OpenQ (grants), Superform (vaults), and KaliDAO (DAO), which offer compliance throughout non-sanctioned nations. Currently, kycDAO hosts the Polygon, Celo, and NEAR blockchains.

We seek partnerships with completely compliant regulated firms, including centralized exchanges, on/off ramps, and fintech, in order to allow their customer base to reutilize compliance proofs on-chain across our expanding network. Web3 developers and consumers are able to join kycDAO and become reliable anons. To celebrate the inauguration and award, early adopters, until March 24, 2023, kycDAO is providing complimentary membership for a period of one year.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.