Code Is Law

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I saw the craziest article on cointelegraph yesterday, talking about Defi and the implementation of KYC. This is the stupidest pair of bullshit to try bringing together. Considering the word "Decentralization" and "Anonymity" being the heart of crypto, it can be crazy to think "KYC" when what should really be thought of is developing "Easy Buy" structures.

Piece by piece

Now when I talk about easy buy, I'm not referring to the financial transactions of a product cost, paid installmentally, rather, I am talking about a fiat-to-crypto framework, designed as a bridge to the off-chain, to facilitate payments and crypto purchases. People worry too much about the wrong things, and currently, this is the case with the embedded article. Talking about regulations and Defi, and hitting at KYC? That's crazy knowing that it goes against all the values of this network.

Building Around Centralization

The key is to build something that stands in the gap to connect, rather than give room for a third party. The Defi space doesn't need to verify identities, when buying up real estate in the metaverse, maybe then it will be needed, which in my opinion should be documented in the form of NFT, which automatically gets burned when ownership is transferred. But in the Defi space, there's no need for such, rather, there's a pressing need to bridge this gap that gives centralised exchanges a chance to read data…

How I envision this code to look like is simple, I can recall the process of buying airtime with crypto, it's always been a smooth transition that takes a few minutes to complete, I don't exactly know the system of codes, but there's the possibility. However, I expect an improvement to that. I'm looking at a code that reads data, sends outputs as fiat transactions get verified, then further encrypts the user info into a contract that only the user can decrypt.

This is an awesome way to go about it because the transaction still shows up in the blockchain obviously, all the blockchain needs to record is the transfer from address A to address B, the accountability stays, while user data is still protected.

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Code Is Law

There are two ways in which I understand this phrase, one is how it tells a story of a self operating structure, and secondly, how it's an ever expanding system, with enormous possibilities. There's so much to do with codes, and the beauty lies in both that, and its self managed functions.

This is the development that is likely going to build around many governmental structures, it's already building blocks on the financial system, soon, it will touch other major sectors. The move towards the metaverse, the move into the sporting communities with fan tokens and new governance structures, built on tokenization is around a hint, even companies like travala, are you looking to take over the airlines? Can crypto fuel that market?

Inflation is creeping in, a litre of petrol costs more than $0.50 down here, something that was relatively low years back, and diesel is like over a dollar. Investors are diving into profitable ventures, the property markets, housing, rental, but is there enough cake for everyone? For those of you observing, crypto will be a fancy choice to add to the list, it's inevitable.