An identity blockchain announced without an ICO and having a token

The new infrastructure aims to clean up the mess in the area of digital identity
26 February 2018   522

Digital Bazaar today announced an identity blockchain project Veres One. What's special about it is that the company won't hold an ICO or release a dedicated token. Although nowadays ICOs are a usual way to raise funds, the drawback of such approach is that it puts the project developers in debt of the investors.

Especially when the purpose is to improve such critical area as digital identity, it needs to be as cost-effective as possible. Besides, now of digital identity is maintained by centralized service providers. And the events of the last several years has shown terrible vulnerabilities and proved to be prone to hacking, breaching and identity theft. On top of that, such initiatives as identity blockchain should be a global utility tool made available even for the most needy groups of society.

Regarding the architecture, Veres One is a public permissionless blockchain with a unique system of governance that include nodes, maintainers and a board of governors. Maintainers are going to further develop and improve the ledger while the board that consists of diverse (ethnically, geographically, culturally) individuals will establish the operational rules of the network. Such hierarchy will provide the necessary level of control and and balance.

Without a native internal currency, the blockchain will include fees set at $1 and promised to stay low. The project is at the testing phase. And if all goes well, then the launch is going to happen in the coming 2 to 4 months.

Fundamentally, what we're trying to do is build a fit for purpose ledger that is built for [the digital identity] use case and only for that use case - no token, no speculation. And we're inviting developers to bang on the network and break it.

 

Manu Sporny

Team Lead, Digital Bazaar

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   74

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.
 

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.
 

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.