Twitter Space Synopsis — KYC Spider (Nov 15, 2022)
Topic of the space focused on IAMX partnership with KYC Spider.
Ambassador Feature: Germán (@PibeAge)
Germán is an IAMX Ambassador and Discord moderator from Argentina. Twitter handle @PibeAge is based on his love of the game “Age of Empires.”
Germán is a lawyer who works with banks, specializing in compliance, data protection, and loss. Argentine law tends to follow European regulatory standards.
Has been involved with crypto since 2012. Given his background with both crypto and the legal side of identification and based on recommendations from both @Cardano_Whale and @Eilert, IAMX caught his attention early.
Primary focus as an IAMX ambassador will be to apply his knowledge and experience to communicate his understanding of the IAMX proposal in both short and long formats.
Germán stresses the importance of owning and controlling our identities, without the need for centralized authorities.
Special Guests: KYC Spider CEO Bruno Kellenberger (@BrunoKYC) & IAMX CEO Tim Heidfeld (@Tim_W_Heidfeld)
Bruno has banking experience in common with Germán, particularly the experience of having worked in these highly regulated environments. He believes crypto is currently in a state of transformation as regulations change between jurisdictions, and data-storage regulation in particular is specified. Zero-knowledge proof solutions will be particularly instrumental as these develop.
Bruno has a strong conviction that we as a society should strengthen individuals to regain control of our own data.
Background — Bruno & KYC Spider
Bruno was a banker, and then transitioned to outsourced services provided to banks doing business in Europe, Asia, and Australia. Is well-versed in the shifting regulatory environment between geographies and jurisdictions. Invested in KYC Spider a few years ago and is both CEO & investor.
KYC Spider began as a joint venture of the Swiss Federal Institute of Technology in Zurich, and a law firm that specializes in compliance and crypto. Three years ago, KYC Spider formed its current company structure and began to grow its business. In the last two years they have doubled their client base. One early use case was to utilize data and their knowledge & experience to prevent auto sales to sanctioned / criminal individuals.
KYC Spider also plays the role of Oracle, validating and verifying centralized data.
How did IAMX & KYC Spider find each other, and what common interests and values inform this partnership?
KYC Spider is “a partner that does Know Your Customer processes on a state level…. We need this partner because the goal that we have is to deliver the best and most valid KYC checks in the world to each customer.”
~Tim Heidfeld
“We are perfectly complementary, and from our perspective the partnership with IAMX is actually boosting ourselves really in a strategic direction we wanted to go anyway. It just creates massive synergies and speed to entry into that space.”
~Bruno Kellenberger
This partnership allows both parties to focus on their core strengths and win time to market, which is believed to be crucial.
Now that this partnership is formed, how will how will this be used on and off the blockchain?
Combined software & tech stack enables immediate ability to provide proof of identity. Provides a joint solution to businesses and clients.
IAMX first product is live as of a couple weeks ago, “Verifiable NFT” which enables a proof of NFT creator, and aims to reduce NFT fraud to zero.
New product is live as of a couple days ago, called Verifiable Pools, which is live on Cardano but is useable on any proof of stake ledger. Creates a verifiable imprint displayable in the extended metadata of the pool, adding regulatory compliance to staking.
Upcoming products will be applying these same logics to transactions, tokens, DAOs, etc. Biometric inclusion, fingerprint & liveness check, to be shown in Lausanne (Cardano Summit).
Please elaborate on the use of KYC on Decentralized Exchanges (DEX)
A KYC has up to 20 “modules” depending on jurisdiction. KYC Spider is the partner that can provide whatever KYC required depending on said jurisdiction, and these KYCs are reusable, with no need to complete these twice.
KYC modules required differ between purchasing age restricted alcohol, opening a bank account, and travel. There are many versions of KYC some of which could require liveness checks.
KYC Spider / IAMX would provide a one-time, “heavy” identification process to cover these modules, and the user would then control what portions of this identifying information is released, to whom, and when depending on what they’d like to prove.
This one-time KYC can be applied to DEX compliance, based on user discretion. This prevents supplying more identifying information than necessary, and limiting what data is made available for certain firms to sell as has become a common practice.
Are you focused on a specific blockchain, such as Cardano? Will this be opened up to other chains as well?
The Worldwide Web Consortium in March 2022 accredited IAMX as the standard for decentralized identities as a worldwide standard, and completely blockchain agnostic. Wherever you want to store your Decentralized Identifier (DID), any ledger is supported.
Do you find this accreditation and the responsibility that brings, intimidating? Or is it as you have expected from the start?
“I have never expected this. I have never experienced something comparable to this in my life. To me, the complete thing that we are doing here together… feels like the movie The Social Network, so it’s really that we have found something that will change strongly with such a strong impact doing so many good things for every person. No, I never expected this. It is the first time in my life that I do something meaningful, not just measured in just selling more units of, whatever. This is the first time that I’m doing something that makes the lives of the people better.” — Tim Heidfeld
The internet up to this point has not been built with a layer of identity and authentication. The IAMX solution provides a core building block for that identity layer of the internet. The sort of opportunity attached to a development like this only happens in technology every 15 years, or so.
For more information on Verified Pools, Stakepool operators please email Tim@IAMX.id
IAMX will pay the costs of the first 100 pools.
