Effects of KYC and Blockchain Technology

1. As we all know, the nature of cryptocurrency—the ability to buy and sell it anonymously is part of what makes it so appealing to scammers. Cyber-criminals can liquidate accounts and disappear without a trace by using stolen credit cards or account credentials to trade anything from Bitcoin to non-fungible tokens (NFTs). Businesses, on the other hand, have effectively fought back against the tide of crypto-hungry fraudsters by deploying fraud protection solutions on both the back-end (fraud-prevention technology) and the front-end (with "Know Your Customer" technology) levels. Fraudsters appear to have discovered ways to get through these Know Your Customer (KYC) systems. KYC is a term that refers to the procedure that organizations employ to verify that a customer is who they claim to be. This involves confirming a customer's ID, as well as other pieces of data that aid in determining consumer validity by ensuring that the various pieces of data match up to the "real" user. Phemex for example has adopted KYC procedure to better comply with local regulations and to ensure secure platform operations for all users. Customers who do not complete KYC will face certain service restrictions on the platform, such as not being eligible for a premium membership, various bonuses, and more. How can we survive the circumstances in the crypto sector in terms like this? During my research, I found that blockchain-related projects are a superior alternative. And my favorite reason for using Plugnet is because they are KYC compliant. I'll go into further detail about this. There are lots of features about Plug^net which pique my curiosity. Some of which include decentralisation and serves as the foundation for #Web3, #NFTs, and #DeFi technologies. Security and Safety among others that are completely appealing.
2. [22:25]Plug_net is a decentralised network. By allowing assets to be synthesized and put into a block-chain ecosystem where smart contract protocols may be deployed in a decentralised context, the synergy is achieved. They also make it simple to invest in #DeFi products (such as borrowing and lending platforms and derivatives markets) and allow holders to diversify their investments across multiple indexes without incurring any impermanent losses. Currently, you may participate in plug^net's #ottoblockchain pre-mining by staking $PLUG and receiving PLUG and OTTO coins at the end of the 25-week event, which began in December last year. One of the aspects I enjoy is how it uses NFT attestation for KYC verification. Is also runs on PoS and is about 2000tps 80x faster than ERC Recall Plug_net NFT attestation is a KYC verification process where users are able to be verified anonymously. So your privacy is maintained, but in the case of a scam, your transactions could be traced. And Its capacity to conduct transactions that are entirely synthetic, ensuring that the assets are safe and secure The blockchain, as a project that aids in the recognition of web3, is one of the most original ideas today. It will be the most conducive environment for developers and supporters to advance their projects. I am committed to the project. It will drive us to the glorious future with ongoing innovation and a continuous commitment to improvement.