PLUGnet, a multichain synthetic asset network, claims that on-chain KYC solutions are an urgent necessity for the development of the crypto space.
CoinQuora spoke to a representative at the company who outlined a major issue in the crypto space. Every signed or proposed legislation today makes note of KYC requirements for compliance, alleging that it is necessary to prevent money laundering and other illicit activities. PLUGnet believes this has led to issues in operations, scalability, and business strategy.
According to the firm, clients can use PLUGnet’s Ottó blockchain to launch their projects without implementing KYC requirements. This will, reportedly, be taken care of by the network’s verification technology.
The network relies on NFTs that represent every user wallet’s KYC metadata. This allows the network to partner with payment providers and embed credit card services into Web3 wallets. Users can also take digital assets directly out of their wallets to shop online.
Earlier in March, PLUGnet COO Jeff McDonald had announced the public Beta for the customer portal on Ottó. The announcement came after an important upgrade to the network that allowed for it to handle a higher throughput.
Moreover, PLUGnet recently integrated with decentralized payment protocol Immersve. Reportedly, the partnership has been instrumental in Immersve’s role in facilitating Mastercard’s ongoing experimentation with the metaverse.
The PLUGnet team stated that it is designed to provide innovative DeFi services and leverage assets from any blockchain. It reportedly allows anyone holding PLUG tokens to participate in the decentralized governance of the network and connect to several partnered exchanges, custody providers, asset managers, and staking farms within the PLUGnet Partner Alliance.
In short, the team states that those building the next generation of compliant DeFi applications on PLUGnet will have market-leading advantages over projects on other platforms.
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Source: Cryptocurrency - investing.com
