AML-KYC stands for Anti-Money Laundering Know Your Customer, a series of best practices applied by financial institutions to reduce crime.
After the KYC feature is released, the MonetaryCoin series (MERO and MCHI today) stakeholders may elect to add or subtract AML-KYC information to a MonetaryCoin wallet address. It then falls to the receiving party to verify the accuracy of the personal information. Most parties insisting on AML-KYC are regulated financial institutions with verification and record keeping processes.
If you ran an ICO without gathering and securely storing AML-KYC information about your investors, fiat banks may refuse to open an account…
How I learned to stop worrying and love the Oracle
An econometric oracle is a computer program that securely moves economic data from the outside world into the blockchain. It can help a cryptocurrency tie information from the slow moving market for goods and services to the hyperactive market for tokens. This connection makes for lower long run volatility and greater day-to-day usability of a currency.
The MonetaryCoin Series makes use of a secure econometric oracle to help determine the number of coins available to mine in a given period. The oracle in this case is a Bloomberg terminal that…
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A high return on capital from depositing bitcoin mining rigs in the cool of one’s basement has probably disappeared for good. What struck me about early bitcoin mining was that households suddenly had something akin to a mineralogical resource. That resource was later removed by a combination of the bitcoin’s ever increasing mining difficulty and those with the capital to mine from remote mega-farms. For moviegoers, we had all struck oil (bitcoin) under the house, until Daniel Day Lewis showed up one day and drank our collective milkshakes.
John Oliver, sometimes controversial but always entertaining.
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