EzKYC (Know Your Customers) Announces Their Cloud-based Voluntary Public Identity Verification Service to Protect Bitcoin from Another Mt. Gox-Like Failure

EzKYC.US is a cloud-based open API service that enables multiple distributed exchanges and ATMs to be created with limited funding and infrastructure. This will move the point of failures of crypto protocols from large exchanges or large mining pools to multiple distributed nodes.

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Cambridge, MA (PRWEB) March 31, 2014

EzKYC (Know Your Customers) announces beta version of their cloud-based voluntary public identity verification service adding another layer of safety to the Bitcoin, Litecoin, Dogecoin, or any other existing or new crypto protocols.

EzKYC survey shows Bitcoin or other peer to peer trust conservation and propagation protocols can vastly solve the stolen wallet problems if the exchanges are more distributed. Recent debacles of Mt. Gox and several other crypto exchanges proved that storing massive amount of private keys and their associated values can attract hackers, and eventual loss of values, and catastrophic failure of an exchange. This jeopardizes the very existence of the protocols like Bitcoin.

Any entity having a public key can voluntarily verify the public address the same way they do at Coinbase or other large exchanges. Unlike large exchanges, EzKYC will not hold any private key of the verified entities. Entities can verify their public addresses related to any protocol by visiting the following:

http://ezkyc.us/

EzKYC can be used to verify any public address using simple API (Application Programming Interface) calls. Client codes in PHP, JSON, and in other platforms are provided. Small or large exchanges or ATMs (Automated Teller Machine) can use the service free of charge by getting an API key from the following:

http://ezkyc.us/request-api-key.php (to request an API key)
http://ezkyc.us/api-doc.php (example of a client)

EzKYC Identity server not only encourages distributed exchanges, but also allows more possibilities of ASIC (Application-specific Integrated Circuit) resistant protocols (proof-of-work) due to an improved access to more exchanges even for a newly developed protocol. Access to exchanges are important for the growth of a new protocol, and using EzKYC is a new way to improve the access.


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