If you are against KYC policies and wouldn’t paste your personal documents out there then you will know just how annoying it is to alway see KYC as a mandatory option when performing tasks online or trying to onboard into some new crypto project. Currently most of these all new crypto projects are beginning to make it a mandatory requirement before one can claim their reward. Yet most of these platforms claim to be Web 3.0, although some of them try to claim this is mandatory because it helps reduce and discourage sybil attack. Sybil on the blockchain is when one user has different identities for several reasons. It could be a malicious one or it could be done to milk or cheat the system. If one user has numerous identities, they can easily use that opportunity to claim multiple rewards thereby giving less people the chance to claim rewards. Using KYC stops that to an extent, because one face can’t submit different means of identification and names using one face.
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But aside that, there is no other necessary reason to ask for KYC. Some projects don’t directly ask for KYC but ask you to use galxe passport profile as a means for KYC, since you need to KYC to get the Gale Passport. Its ironic how some certain crypto project preach through decentralisation and anonymousity while some build their project based on collecting your data. Heard that a new crypto project called world coin will go as far as scanning your eye balls into verifying your identity. They claim that your data will be collected but then is very safe and won’t be shared, how can we trust what they said? This is why I am rooting for Hive for providing the essence of true decentralisation. You don’t have to know most Hive users identity to believe they real or something. Most people here, I use their profile picture as a form of identity, that is, if they use an NFT, then their identity becomes an NFT to me, if they use real pictures then it makes the identification easier.
As for other platforms, can we truly trust them with our identity details? Dont forget that some of these people might not truly believe in true Web 3.0 decentralisation but just looking for a means to capitalise on the Web 3.0 opportunity. They might be collecting these data and selling them, ask Facebook we heard that is part of the means he used to grow his wealth. Data farming is quite lucrative, so why not use the Web 3.0 as a means to farm it and incentivise with few tens or hundreds of airdrop in the name of airdrop.
