A Tale of Two Blockchains: Privacy and the Public Ledger
A rose by any other name will smell just as sweet. So is the decentralized revolution currently sweeping across the global financial landscape. This decentralization is not only changing how we spend, send, lend, and earn but has also become the backbone of the Fourth Industrial Revolution alongside AI and Big Data. Decentralization through blockchain technology puts users in complete control of their funds and assets without the need to establish trust through intermediaries for transactions. However, while it’s a no-brainer imagining how the absence of intermediaries and their attendant costs can drastically reduce costs for businesses, blockchain adoption has been lukewarm at best by big businesses and corporate entities. The reason for this is not far-fetched; Trust.
The blockchain is a peer-to-peer, trustless technology, meaning it doesn’t require any third-party to mediate exchanges between parties. All transactions are recorded on a public ledger that cannot be tampered with. Unlike traditional financial institutions where banks not only mediate every exchange but are also custodians of funds and legal identity, the blockchain doesn’t require the establishment of any legal identity and uses a combination of public and private cryptographic code to receive and access accounts. This simplicity has made it possible for anybody to create accounts and be their own bank in seconds without any restriction. However, this simplicity seems to have become a double-edged sword for blockchain adoption. On one hand, there’s no barrier to entry, especially for the 2 billion unbanked population. On the other hand, not all businesses and official agencies want their entire financial operations out in the open. This conundrum has led to calls for private blockchains for businesses to enable them to tap into the benefits of the blockchain without compromising their privacy. However, private blockchains tend to be more centralized and often lacks the resources to protect themselves against attacks.
But why compromise between public and private ledger? Can’t we have the best of both worlds?
With Skelpy, we can.
Skelpy project is a blockchain completely decentralized and comprehensive blockchain in which all portfolios have a certified digital identity. Certified identities are the pillars of all transactions on the network, ensuring that users have complete control over the privacy of their transactions.
A certified portfolio is safer than an uncertified portfolio because it has access to additional features and services. A certified wallet confirms that a specific subject recognized by the system is the owner of that portfolio, this allows transparency and security in transactions between two parties. The process of certification of a portfolio is an irreversible procedure since only a single physical or juridical subject can be uniquely associated to a portfolio. Certified portfolio owners can also own uncertified wallets for public transactions just like any other blockchain.
Portfolios certified are based KYC, AML, CTF protocols required for complete legal compliance and are of three levels of visibility:
Public visibility: This level of visibility is available to all users registered on the network without a request for recognition.
Private Visibility: A portfolio with a “Private” level of visibility will only be accessible to authorized users after the rightful owner has accepted the request for recognition sent by the applicant.
Visibility Only: A portfolio with “Solo” visibility level differs from private visibility as it cannot receive requests for recognition but only send them to portfolios with private visibility.
By giving users complete control over the level of privacy and providing a legally compliant, blockchain platform, Skelpy is set to finally ease blockchain adoption and usher in the next level of the ongoing revolution.
Learn more: https://www.skelpy.co