Zero KYC Proposal: A New Step to Secure P2P Crypto Transactions

New Zero KYC Proposal Aims to Secure P2P Crypto Transactions

Reddit user ShadowOfHarbringer proposed a draft proposal for the "Zero KYC Assurance Mechanism for Trusted Funds Transfer" (ZKAM-FMT). The proposal aims to prevent man-in-the-middle (MitM) financial scams in peer-to-peer (P2P) cryptocurrency markets.

ZKAM-FMT seeks to secure transactions without relying on the Know Your Customer (KYC) process, which is burdensome and privacy-invading for privacy-conscious users. The mechanism proposes integrating a browser in P2P market applications to verify transaction details, including amounts, transfer titles, and account numbers, without storing sensitive user data or interacting with banking systems.

While the proposal offers a new way to prevent fraud, it also brings some implementation challenges, such as the potential complications of integration with bank websites. The Reddit user also pointed out that the inability of young people to use bank websites to transfer money is also a major drawback of the scheme.

Overall, this proposal aims to secure P2P crypto transactions while mitigating the impact on user privacy, but some implementation issues still need to be addressed.

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