VeriLabs launches kycDAO, the native Web3 interoperable verification service aligned with current regulations
We enable Web3 projects to operate in today’s uncertain regulatory environment with the peace of mind that they are fully compliant.
DENVER (PRWEB) February 24, 2023
VeriLabs, the company that lends credibility to Web3, today announced kycDAO, an easy-to-use compliance framework that takes well-established regulatory concepts and transfers them to blockchains. Designed as the first interoperable native web3 compliance framework, kycDAO works with existing regulated entities to create digital evidence of compliance and on-chain it as reusable kycNFTs in the web3 ecosystem. kycDAO creates significant opportunities for Web3 projects that want to be fully compliant while preserving privacy to leverage real-world use cases.
By replicating the compliance requirements present in our real lives and making them composable, kycDAO equips Web3 builders with easy-to-use development tools. This compliance framework will be used during ETHDenver’s BUIDLathon, where hackathon bounty recipients must join kycDAO, connect their wallets, and create a kycNFT to receive their on-chain payments. Members of kycDAO are Web3’s trusted anonyms. The system is expected to support approximately 5,000 registrations with payouts of over US$1 million.
“Rather than reinventing the wheel, kycDAO takes what already works in the real world and translates it to Web3. We enable Web3 projects to operate in today’s uncertain regulatory environment with the peace of mind that they are fully compliant,” said Balázs Némenthi, Founder and CEO of VeriLabs, Inc., kycDAO developers. “Having spent the past five years working on financial inclusion and digital identity projects, I deeply understand the complexity of a stack of identity technologies and the challenges of operating in the highly regulated world of finance. Now we’re sharing that knowledge to help transition Web3 to the mainstream. »
To provide regulatory advice, kycDAO recruited a former attorney from the US Department of Justice as a strategic advisor.
“I believe that strong due diligence programs are essential to maintaining the integrity of technology and building trust among those who use it,” said VeriLabs advisor Jane Khodarkovsky. “I’m impressed with kycDAO’s very thoughtful and deliberate approach to compliance, which only helps reinforce tech industry best practices and proves that Web3 can drive innovation and comply with the rapidly changing legal and regulatory landscape.”
Soulbound kycNFTs unlock compliance
A dynamic, soul-bound (non-transferable) kycNFT is the key to transforming proof of compliance into a reusable, blockchain-native primitive or string asset for building compliant dApps, smart contracts, and Web3 services. kycDAO does not offer to sell or solicit an offer to buy any securities or tokens. Using the kycDAO framework, a regulated entity such as a bank, centralized exchange, or fintech company vouches for the compliance of the crypto wallet owner. This proof is made available on the chain, minted as kycNFT. It works like credit card networks, where a bank account holder’s proof of compliance is available to Mastercard. kycNFTs are web3 primitives, composable and approved by developers to develop their dApps and services. They represent valid proof of compliance, against which smart contracts can protect themselves without knowing their users.
kycDAO ecosystem partners
kycDAO creates a network through a growing number of regulated partners to make compliance available to organizations that seek it. kycDAO has more than 30 partners committed to the kycDAO ecosystem, including ETHDenver (bounty), Bancor (DeFi), Li.Fi (Bridge), Disco (identity), Xternity (gaming), OpenQ (grants), Superform (vaults) , KaliDAO (DAO) which ensure compliance in non-sanctioned countries. Blockchains live on kycDAO today include Polygon, Celo, and NEAR.
We seek to partner with fully compliant regulated entities such as centralized exchanges, on-ramps and fintechs to enable their user base to reuse on-chain compliance evidence in our growing ecosystem . Web3 builders and users can join kycDAO and become a trusted anon. To commemorate the launch and reward early adopters, kycDAO is offering a free first year membership until March 24, 2023. Join at https://kycdao.xyz/join.
About VeriLabs
VeriLabs brings Web3 technology to the real world. Founded by an advocate for financial inclusion and privacy-preserving digital identity, VeriLabs’ kycDAO ensures that Web3 projects are trustworthy, ready for real-world adoption, and equipped with compliant development tools to easily create. Our vision is to build a compliance infrastructure that goes beyond blockchains and makes financial services and digital trust accessible to everyone.
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