Given the current situation, Ethereum co-founder Vitalik Buterin believes that it is better to have regulations that allow internal freedom with crypto projects. Although it hinders broad acceptance, Buterin shows.comment :
“I’m actually happy that a lot of ETFs are still lagging. Because ecosystems also need time to grow. before we get more attention.”
The use of know-your-customer (KYC) on frontends with decentralized finance (DeFi) was another concern that Buterin pointed out, however, he continued to highlight the need for KYC in crypto exchanges.
“Using KYC on DeFi frontends will affect users. But it doesn’t protect against hackers. Because hackers will write code to directly interact with contracts.”
Finally, Buterin recommends using zero-knowledge proofs for compliance. while maintaining user privacy by stating “I would love to see rules written in such a way that the requirement can be fulfilled by zero knowledge proofs as much as possible.”
The post Vitalik Buterin reveals that KYC in DeFi makes people not want to use it. and does not help protect against hackers appeared first on Bitcoin Addict.