The DasCoin Difference: KYC Comes First
Cryptocurrency, and the blockchain technology it runs on, is unlike anything the global financial system has ever seen before. For starters, transactions can be processed instantly, authority no longer rests with banks, and the costs of transactions are close to zero. However, Bitcoin, Ethereum, Litecoin, and a treasure trove of other digital currencies, are fundamentally flawed when it comes to anonymity. Anonymity is akin to a black cloak that hides the identity of all nodes on the blockchain network. It is impossible to trace anonymous transactions, which lends itself to a Pandora’s box of problems waiting to erupt.
The authorities are quickly moving into lockstep behind the idea of a regulated framework for cryptocurrencies. The anonymous blockchain transactions will face a tsunami of problems when compliance is warranted. Already, we have seen the Securities and Exchange Commission (SEC) pushing for all cryptocurrency exchanges to be fully licensed and regulated so that the traders and investors on the networks can be identified for tax purposes. Every time cryptocurrency markets get wind of impending regulation, massive volatility ensues.
DasCoin CEO Michael Mathias wanted to create a fully compliant cryptocurrency that would not run into any regulatory obstacles. This is smart thinking since it ensures that everyone within the DasCoin community – the DasEcosystem – has been authorized to be there. The KYC policy – know your customer – provides all the necessary checks and balances for ID verification, regulatory compliance, and security protocols. This ecosystem works in tandem with a fully secured wallet system known as WebWallet as well as the hardware device used to access client funds known as the Validator.
DasCoin’s Preference: Compliance Not Defiance
Compliance with anti-money laundering protocol is a step in the right direction for cryptocurrency in general. While anonymity per se does not exist, there are stringent privacy controls in place on the blockchain network. The management team administering the entire DasCoin blockchain comprises NetLeaders – a consortium of stakeholders whose primary function is to maintain equity, transparency, accountability, and compliance throughout. The integrated system of governance is dynamic. It can evolve to meet the ever-changing needs of regulatory compliance.
This flexibility is one of the core strengths of the DasEcosystem. Be advised that there is a central authority which oversees all operations across the DasEcosystem. This differs from the decentralized nature of Bitcoin, however the management team is needed to make strategic decisions, avoid volatility, and help to maintain the value of the DasCoin system. Updates and upgrades can be attended to with precision and urgency with this centralized control system however, it is spread across a community of NetLeaders to avoid corruption of the system.
Indeed, the world’s premier entrepreneurs in Richard Branson and Bill Gates both agree that while Bitcoin was a pioneer, it is not the be-all and end-all in the cryptocurrency arena. In the words of Richard Branson: ‘Bitcoin may not be the perfect global currency of the future yet, but it’s the pioneer of a global currency… There will be other currencies like it that may be even better.’ DasCoin’s aspirations are to continually evolve, eventually encompassing some 60 million merchants worldwide. DasCoin is for all intents and purposes a hybrid cryptocurrency.
But it is significantly better than what exists in the market. The DasCoin blockchain can confirm transactions in 6 seconds – regardless of how big the network grows. Plus, it has the capacity to process some 100,000 transactions per second. These are performance and processing feats of genius. DasCoin was introduced to the world on 31 March 2017. To enter this ecosystem, members must purchase a license. That’s when the KYC policy is implemented, and members are ushered through a decentralized system where equity, cost-effectiveness, and smooth transactions processing is assured.