Terra Classic: A Proposed KYC Framework for Developers
The Terra Classic blockchain has faced challenges due to the potential for anonymous code contributions, which could lead to malicious activities. In response, a new proposal aims to introduce a Know Your Customer (KYC) framework for developers working on high-impact code changes.
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The Need for a KYC Framework
The primary goal of this proposal is to enhance the security and trustworthiness of the Terra Classic blockchain. By implementing a KYC process for developers, the community, investors, and utility providers can have greater confidence in the integrity of the codebase.
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This framework seeks to address concerns raised in previous proposals, such as the need to balance security with accessibility for developers.
Key Components of the Proposal
- Code of Practice: This document will outline the procedures for assessing and recording developers who wish to be included in the approved contributor list and the approved supplier of KYC services list.
- Approved Contributors: Developers working on high-impact code changes will be required to undergo a KYC process conducted by an approved KYC service provider. Once approved, they will be added to the approved contributor list.
- Data Privacy: The proposal emphasizes the importance of data protection and ensures that only relevant information is collected and used for KYC purposes.
Balancing Security and Accessibility
A critical aspect of this proposal is to maintain a balance between security and accessibility. By introducing a tiered approach, the community can ensure that high-risk code changes are subject to stricter scrutiny while allowing for broader participation from developers.
The proposal also acknowledges the need for a mechanism to accommodate non-approved contributors, potentially through a supervisory model where approved contributors oversee their work.
Next Steps
The proposed KYC framework represents a significant step towards improving the security and transparency of the Terra Classic blockchain. If implemented successfully, it could enhance investor confidence and attract new developers to the ecosystem.
It is essential to engage the community in discussions and gather feedback on this proposal to refine it further before implementation.
Disclaimer: This information is intended for general knowledge and informational purposes only. It does not constitute financial advice.
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