Designed to enable compliant smart contracts, kycDAO debuts at ETHDenver
DENVER, Feb. 24, 2023 /PRNewswire-PRWeb/ -- VeriLabs, the company infusing credibility into Web3, today announced kycDAO, a simple-to-use compliance framework that leverages well-established regulatory concepts and transfers them to blockchains. Designed as the first interoperable, web3-native compliance infrastructure, kycDAO works with existing regulated entities to create digital proofs of compliance and mint them on-chain as kycNFTs that are reusable across the Web3 ecosystem. kycDAO creates significant opportunities for Web3 projects that want to be fully compliant while preserving privacy to tap into 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 at ETHDenver's BUIDLathon, where hackathon bounty recipients need to join kycDAO, connect their wallets, and mint a kycNFT to receive their on-chain payments. kycDAO members are the trusted anons of Web3. The system is expected to support ~5000 signups with payouts of more than $1 million USD.
"Rather than reinventing the wheel, kycDAO leverages what already works in the real world and translates it to Web3. We're empowering 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, developers of kycDAO. "After dedicating the last five years to financial inclusion and digital identity projects, I deeply understand the complexity of an identity technology stack and the challenges of operating in the highly regulated finance world. Now we're sharing this knowledge to help Web3 transition into the mainstream."
To provide regulatory guidance, kycDAO has enlisted a former U.S. Department of Justice attorney as a strategic advisor.
"I believe robust due diligence programs are key to maintaining the integrity of technology and building trust among those who use it," said Jane Khodarkovsky, advisor to VeriLabs. "I'm impressed with kycDAO's very thoughtful and deliberate approach to compliance, which only helps to reinforce the tech industry's best practices and proves that Web3 can foster innovation and comply with the fast-changing legal and regulatory landscape."
Soulbound kycNFTs unlock compliance
A dynamic soulbound (non transferable) kycNFT is the key to transform proof of compliance into a reusable, blockchain native primitive or on-chain asset to build compliant dApps, smart contracts, and Web3 services. kycDAO is not offering to sell or soliciting an offer to buy any securities or tokens.Using kycDAO's 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-chain, minted as a kycNFT. This works like credit card networks, where proof of compliance from a bank account holder is available to Mastercard. kycNFTs are web3 primitives, composable and trusted by developers to build out their dApps and services. They represent a valid proof of compliance, which smart contracts can gate against without knowing their users.
kycDAO Ecosystem Partners
kycDAO is creating a network through a growing number of regulated partners to make compliance available for organizations looking for it. kycDAO has 30+ partners committed to the kycDAO ecosystem, including ETHDenver (bounty), Bancor (DeFi), Li.Fi (Bridge), Disco (identity), Xternity (game), OpenQ (grants), Superform (vaults), KaliDAO (DAO) who provide compliance across non-sanctioned countries. Blockchains live on kycDAO today include Polygon, Celo and NEAR.
We are looking to partner with fully compliant regulated entities such as centralized exchanges, on/off ramps, and fintechs to enable their user base to reuse compliance proofs on-chain across 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. Sign up at https://kycdao.xyz/join.
About VeriLabs
VeriLabs is ushering Web3 technology into 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 developer tools to build with ease. Our vision is to build a compliance infrastructure that scales beyond blockchains and makes financial services and digital trust available for all.
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Media Contact
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SOURCE VeriLabs
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