You mean knowing the team behind the project by asking them for a proof of identity and/or proof of address (where the project is being established)? It's actually a great idea but will those guys hiding behind the project names itself and showing just an image of theirs on their website page actually give any real proof? Like if we ask someone from a Project X to show up with an identity proof as well as an address proof and click a selfie while holding a paper in his/her hand on which his/her name, the project's name as well as the date when clicked is written, they will need to complete all these KYP checks before anyone takes interest in their project and start investing with them?! If that becomes possible, at least 50% of these projects will disappear.
Exactly, if KYP is also going to be implemented, half of the existing project are going to disappear, because (1) they don't want to comply, (2) they are all fake.
KYC itself is very dangerous as we don't know who is handling our data, whether it's the services itself on another third party. And we have heard stories of third party selling our data, or hackers selling it underground.
It's actually a dangerous thing to give your most sensitive stuff (home Address, signature, DoB, fingerprints, Name etc) to total strangers on the internet. It is worrying to see people take risk that could have long lasting consequences.
I wonder if there are penalties to people who have custody of the identities and lose them to hackers or misuse them. And how about compensating the owners? That will most likely force companies to adopt a very safe ways of collecting and storing them... and "unqualified people" will be too afraid to demand for such sensitive information.
