🔻 Understanding KYC in Web3 🔻

KYC (Know Your Customer):

- Used on exchange platforms to prevent financial crimes.

- Requires name, ID, and liveness verification.

- Ensures user identity for security but doesn't guarantee platform safety.

Key Points:

- Platforms with KYC aim for compliance but aren’t always secure.

- Platforms without KYC can still function effectively.

- Completing KYC doesn’t ensure easier rights protection if a platform collapses.

Challenges:

- Anti-KYC tactics are evolving, making liveness verification breaches common.

- Platforms may tighten security, inconveniencing users.

- Technological progress can bring greater threats.

Beyond KYC:

- KYT (Know Your Transaction) monitors transaction processes for added security.

- Identifies suspicious activities and addresses.

- Challenges in subjectively determining abnormal transactions.

User Protection:

- Use cold wallets and independent platform accounts.

- Stay informed and cautious to navigate Web3 safely.

Embrace Web3’s evolving landscape with caution!

#Web3Security #CryptoSafety #KYC #BlockchainSecurity #CryptoCommunitys