Doxxing a project developer could mean more troubles down the line.

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2 years ago

As we all know, El Salvador made Bitcoin a legal currency, and it is enforced by law that you must accept it as a payment method. The government created an application that citizens can use to store their satoshis. It is a custodian service which means the government holds your private keys, and as such, the government knows your identity. You must input your accurate information to get access to the application in the first place, which makes it a custodian application and an ID because it holds your precise information.

You can't get a Chivo account if you are not a legal citizen of El Salvador. As such, your account is thoroughly verified. As a result, you are KYC. That is a tool that can be used to verify your identity on the internet, and it is from a government which means it is trustworthy at least as much as others trust that government, for that instance.

Why would you KYC yourself on the open internet?

One reason could be to show that you are an actual human and that you don't have multiple accounts, and that you are responsible for your content and as such you won't publish stuff that will hurt others, pretty much that you will be responsible with the tools at your disposal, and that you will play by the rules as well.

DeFi projects like Tango Swap have implemented some KYC to trust they won't get a rug pull and lose their investments, but they are using third parties that are not trustworthy or at least not recognized as governments are. As long as you dox a project using third parties that are not trustworthy, your doxxing is as good as nothing; in my opinion, if you want to truly show you are a legit project that will respect all the rules, you will use or try to use a government KYC system.

El Salvador is looking for funds from the Bitcoin crowd, and they have been building Bitcoin City, which promises to be the next high tech city, decentralized projects that which to be recognized with a legit system could try to work with that government or the tools that the government is offering.

In conclusion, what I am saying is that you could use the Chivo wallet to verify your identity if your project or idea requires it.

Now El Salvador is not a particular country at the moment, and crime is ramping in that nation, so KYC yourself in that country could be an actual nightmare thanks to organized crime from gangs and other criminals. Still, the option is there if you must have a way to prove yourself. I am not recommending this at all, and I am just proposing a solution that could work.

In the future, more countries will make Bitcoin legal currency, and hopefully, we will have a more secure way to provide identity verification if a project needs it; now, many of the crypto projects operate within the gray area already and could be catalogized as securities, so that could be a problem in the future, case and point UniSwap.

Why would you try to KYC a project or the people behind it is beyond this article, and what I am trying to say is that in reality, knowing the person who created the project only adds more issues down the line. We have more than 200 countries around the world, and just because you can KYC and operate under one jurisdiction doesn't mean you will have a free pass on other nations, the contrary those that engaged in El Salvador may find themselves at odds with the United States, as such you will be better off just not relying on doxxing practices at all.

Short answer: I don't believe that knowing the developers' identity of your preferred project would help you if they decide to leave or not work for the project.

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Good writing and well balanced, it is not taking side of anyone, I too don't like to share KYC with unrecognized parties.

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