Written by: Biteye core contributor Viee
Editor: Crush, core contributor of Biteye
BTC has skyrocketed to over 90,000. If Trump passes the stablecoin bill, the market value of stablecoins will rise rapidly and immeasurably. 🤔
In some areas where the crypto market is heavily regulated, a groundbreaking KYC identity verification solution becomes even more important if you want to participate in the carnival.
This is also the reason why Flare Networks, which was born in the public chain, has once again attracted market attention. How can mainland users hold cryptocurrencies in compliance with regulations? This article explains it to you!
01 What is Flare Network?
Flare Networks is a Layer 1 blockchain similar to Ethereum. Its uniqueness lies in that it can not only process on-chain transactions, but also obtain highly reliable data from other blockchains and the Internet, providing developers with a data-rich decentralized platform, allowing on-chain applications to obtain more diverse external data.
So, what technology does Flare use to achieve this function?
1. FTSO (Time Series Oracle)
Flare's built-in FTSO is a highly decentralized oracle that selects data providers every 1.8 seconds and provides real-time data to on-chain applications. FLR holders can be rewarded for supporting data transmission by delegating tokens. FTSO ensures the accuracy and security of on-chain data.
2. Data connector
Data connectors allow Flare to securely bring off-chain events to the chain. This technology can be used to verify transactions or other external events on a blockchain (such as sports game results), ensuring that on-chain applications obtain authentic data, providing support for applications such as finance and identity verification.
Through these technologies, Flare provides developers with decentralized, trusted and diverse data sources, enabling them to build more applications related to the real world and highlighting their advantages among many public chains.
Official website: https://flare.network/
02 Flare Network Latest Development
Recently, Flare Networks has made two important progress: first, it cooperated with Red Date to launch an unprecedented decentralized identity KYC for mainland users; second, it incorporated DOGE into the fAssets bridge to further promote the development of the multi-chain ecosystem.
What everyone is most concerned about is the KYC of mainland users. This plan includes two major pilot projects:
1. The first pilot of anonymous registration of stablecoin applications, users anonymously register on a regulated stablecoin application and complete the necessary KYC verification. This anonymous verification ensures compliance without exposing personal identity information (PII).
2. The second pilot program allows users to purchase tokenized financial products using stablecoins, which brings higher privacy protection to transactions.
Note: It is still in the experimental stage, the purpose is to prove the technical feasibility, and it is pending regulatory approval. To learn more about stablecoins, you can listen to the AMA recording.
https://x.com/FlareNetworks/status/1856048154921091136
Anonymous registration: Designed specifically for mainland users visiting Hong Kong to solve identity verification pain points
The decentralized verification method allows "compliance and privacy to coexist." To expand on this, Flare Network uses the oracle "Flare Data Connector" to seamlessly authenticate identities across blockchains, providing a powerful alternative to traditional centralized KYC systems, allowing users to maintain control over their personal data.
This is also the highlight of the above pilot - it guarantees the anonymity and data security of users. This means that in the future, mainland Chinese tourists visiting Hong Kong will be able to use their China RealDID to register a wallet and access stablecoins (such as HKDA) and other token-based financial products issued by IDA without exposing their personal information, without submitting their passports or bank statements. By minimizing the exposure of personal information.
New Meme Coin Features: FAssets Public Beta Released, $DOGE Added
$DOGE is going strong these days! Users can head over to FAssets Beta (https://fasset-beta.flarelabs.org/) to test the newly supported Dogecoin by minting, redeeming, and providing collateral. Those who participate will be eligible for retroactive airdrop rewards.
