Know Your Customer: Balancing Privacy and Security in DeFi
In conventional finance, the user's identification is established, while transaction details remain confidential. However, in DeFi, the user's identity is unidentified, and transaction records are accessible to the public. The DeFi KYC concept endeavors to combine Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations with DeFi's concepts of user confidentiality and unrestricted access. As one can envision, achieving this is not a simple task.