Post
Topic
Board Development & Technical Discussion
Re: Proposal for some BIP with KYC elements
by
teukon
on 26/04/2015, 01:40:31 UTC
Implementing this "trust" layer on wallets should be a decision of the wallet developers,if they decided to add a BIP like that,they will be responsible for verifying their customer's information,otherwise their service will not be considered 'trusted',(i didn't mentioned that,but its the wallet service provider responsibility).

Ok.  So they are responsible for verifying the information but are not to be aware of which transactions their users are involved with.  This is easy enough to arrange; each user will simply need to create a signing/encryption key-pair.  I expect it would be better to keep all the extra data off-chain (on-chain metadata would be an expensive way of dodging ip-logging issues).

The direction here is to create some standard for verifying identities,because i see that every new bitcoin "company" trying to create her own standard and what i think is that we need to create some consensus in a much lower level then everyone apps/services.
If you set a single and simple way for every wallet provider for verify his customer (merchant/costumer) then is a much better way to start and create trust between wallets-merchants-costumers.

I don't agree with this.  Wallet service providers (let's say "wasps") requiring identity verification can just as easily increase trade efficiency (lower fees, instant transactions) for their users with such a standard as without one.  A standard merchant-wasp communication protocol could make this process easier but this would be orthogonal to your proposal.

A metadata standard is primarily of value to merchants and the regulators they are required to report to.  Such entities will be spared an often costly data-sanitation step as they use the data for marketing or crime-fighting purposes.  The standard could also be used by consumers to share lists of their favoured merchants with their friends (potentially helping a valuable web-of-trust recommendation system to replace central ratings companies such as TripAdvisor).

In brief: Standardising trust communications increases the efficiency of trading.  Standardising metadata communications increases the efficiency of finding traders.

About your second question "Why do you consider the Bitcoin technology noble?"
For me bitcoin is not money,its "Value over the Internet",it can be the "next generation of money",i never see other platform that works worldwide so good that can transfer any value within a seconds,its just something amazing.

There are many companies which offer "value over the internet".  Try OKPay for example:  You can send US dollars to other OKPay users instantly, convert them to euros instantly, and send them on as you please.  It's all really quite easy.

I would argue that the extra universality and "just works" magic of Bitcoin is made possible primarily by the lack of KYC regulations.  Currently, a merchant that accepts Bitcoin is offering to do business with anyone.  I believe that should such developments come to pass, regulations will require merchants to reject non-verified users and "we accept bitcoin" will effectively be reduced to "we accept bitcoin approved by one of the following wasps" (basically what we have now with PayPal and friends).