Identabit

Banks, Governments and Corporations will attempt to drive adoption of a self serving independent token. Efforts to drive adoption for a proprietary token, coming from either the public or private sector, will ultimately be limited to those accepting their influence. Leaving the door open to a neutral digital medium of exchange that respects regulat... ory boundaries. To comply with legal requirements banks and exchanges must report suspicious transactions inclusive of counterparty identification. Regulators, looking to prevent anonymous cross border transactions, will discourage banks from passing currency to a wallet empowered to send anonymous transactions. With the recent FATF report and consequent guidelines, we are witnessing the door closing on anonymity, requiring steps to ensure decentralized, open source projects survive. We are driven by a desire to see decentralized technologies disrupt and disintermediate. We believe the fight to see Bitcoin accepted by regulators is lost and is undermining the possibility of seeing a neutral global currency gain acceptance. In essence, we see it as naive to believe that governments can tacitly ignore the issues associated with anonymous cross border transactions and if a decentralized alternative is not deployed, we will see banks and centralized operators seize the spotlight and suppress the potential of decentralized technologies. Identity based transactions are intended to make theft and extortion illogical, given a thief must pass proceeds to an identified party. All aspects of anonymous crime by definition should be and will be contained by enforcing identity. As a consequence society and our children are protected from exploitation and criminal abuse. If we put aside the moral issues of empowering crime, how can we ignore a bank's responsibility to report suspicious transactions. How can institutions recognize an anonymous neutral currency when to do so would mean they potentially break the law? Identabit enables institutional support. Identabit is an open ...Read More