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Showing posts with the label KYC

Who Gets to Rewrite the Crypto Origin Story?

In October 2008, two things quietly entered the digital world. One was Bitcoin’s whitepaper—a document that would spark a global shift in how we think about money. The other was a Twitter account created by Dr. Nicolas Kokkalis. That overlap isn’t just trivia. It’s a moment worth pausing for. Bitcoin’s birth is well-known. But Nicolas’s quiet entry into the digital space that same month adds a strange symmetry. Years later, he would go on to build Pi Network—a project that doesn’t just echo Bitcoin’s ideals but claims to upgrade them. The Timing That Raises Eyebrows A Coin and a Creator Enter the Scene Imagine two digital seeds planted in the same soil, at the same time. One grows into a decentralized currency. The other, into a system that challenges its predecessor. That’s the setup we’re looking at. Bitcoin introduced peer-to-peer finance and decentralization. But it came with limits: slow transactions, energy-heavy mining, and no built-in identity layer. Pi Network steps in with a ...

Discover How Mandatory KYC Systems Strengthen Digital Accountability And Transparency Against Fraud, Learning Lessons From MtGOX And FTX

Many people assume blockchain technology is a perfect defense built to stop all forms of financial fraud. It is known for being secure, transparent, and tamper-proof. So, when major centralized crypto platforms like MtGOX and FTX collapsed, the question naturally follows: “If blockchain is so safe, how did this happen?” The answer is straightforward:  Blockchain technology does not prevent human dishonesty, it helps reveal it. Blockchain works by recording transactions in a way that is permanent and cannot be changed later. Once a record is written onto the blockchain, it stays there forever. This is excellent for keeping records clean and providing an auditable trail. However, it does not stop individuals from lying, stealing, or misusing customer funds before those transactions are officially created. In the cases of MtGOX and FTX , the issue was not the blockchain itself. It was the people and the centralized entities running the platforms. They had discretionary co...