Maxonrow KYC Blockchain commenced its Technology Consensus Forum on BitHub on the 28th, making it the first stop on their Global Meetup tour.
Maxonrow’s Asia Region CEO, Jin Tai, along with Technical Director, Carlo, presents Maxonrow’s technical aspects in detail while sharing some of its visions. Special guest speakers Chester Kuo, Co-founder of eosCity.io and Dr. Lin Meng-shiang, associate professor at Ming Chuan University School of Financial Technology and Department of Financial and Economic Law, discusses the significance and challenges of consensus mechanisms and KYC in regards to the subject of public chain and regulatory authority.
Maxonrow’s Technical Director, Carlo, explains how the current potential risk of a centralized dPOS can be eliminated by Maxonrow’s unique regulatory compliance node mechanism by laying down rules to prevent regulator node violations. Three stages of verification mechanism are implemented through an improved version of the pBFT to ensure reliability and trust. To maintain its compliance to AML, Maxonrow will whitelist identities onto the chain that are KYC verified, as well as meeting any regulatory stipulations in any country through cutting-edge technology. In order to expand its developer community, it is essential for Maxonrow’s SDK to seamlessly assist developers without any blockchain programming experience, allowing easy access to features like Wallet creation and management, balance inquiry, user aliases, KYC, asset issuance, etc. The program language is Ethereum-friendly, providing smooth transitions for accustomed developers.
Chester Kuo, Co-founder of eosCity.io, said that the truth is, many worldwide businesses and corporations have already begun the adoption and use of blockchain technology, but the fact that it wasn’t built on a public structure makes the use cases unfamiliar to the general public. For example, numerous enterprises are minimizing paperwork and increasing efficiency by employing IBM’s supply chain blockchain platform. Dr. Lin Meng-shiang gave his input on how to achieve standardized governance on the legal regards of blockchain consensus mechanisms. He also states that the question to really ponder is, if the KYC mechanism can provide a less centralized system and be beneficial if adopted by the general public and traditional entities, then why not use blockchain?
During a seminar, Jin proposed several questions about blockchain use cases, while co-founder of eosCity.io, Chester Kuo, states that there are many entities with demand for the implementation of credible data, such as the case of fake diplomas and certifications. Carlo extended the topic into use cases in the educational sector where efficiency of payments for tuition and transportation can be significantly increased through Maxonrow blockchain. When asked about the subject of STO’s, Dr. Lin believes that the current legislation proposed by Taiwan’s Financial Supervisory Commission has to consider the limitations on the quality of investors and quantity of investments for new projects.
STO project circulation periods may be affected when obtaining a license or going into sandbox when it comes to exchanges. In terms of dividend-type security token offerings, they are considered to suit the current market scale while being legally justifiable. Dr. Lin is certain that laws regulating STO’s will evolve new paths for blockchain development. Since Maxonrow’s KYC Blockchain places great emphasis on building the trust of users and governments through regulatory compliance, Jin was inquisitive to the guest speakers on how blockchain can effectively assist government sectors. Carlo adds that digital identities as a use case can provide governments a quick and trustworthy solution in areas such as verification of licenses and certifications, and increased work efficiency.