After various ICO scams, the DAO hack, the Bitfinex debacle, and other mishaps—it’s clear that blockchain technology, while nearly limitless in its potential, still poses some obvious flaws. These hurdles are what’s standing between blockchain and its mass adoption. Without airtight security and stability, gaining consumer’s trust as well as the level of compliance needed to get government support for the technology will prove difficult.
Nowhere can this impact be more apparent than the price fluctuations of one of blockchain’s most popular coins: Bitcoin—which had previously dropped from $17,000 to below $4,000 in December 2017; but has regained massive ground over the past year, just a year later.
Despite the doubt and skepticism, one chain that seemed perfectly positioned to be adopted by individuals, corporations, and governments alike—Facebook’s Libra—if for no other reason than the social media giant’s access to resources, brand awareness, and unmatched reach. However, these hopes appear to have come to a crashing halt since major backers of the association are considering to pull out due to growing pressures from the EU, U.S. government agencies, and others.
So, what’s the solution? How can the benefits of blockchain technology—from leveling the playing field for developing countries to providing crafty entrepreneurs everywhere with incredible opportunities—become reality? What characteristics does a chain need to possess in order to make it appealing and functional to the influentials, governing bodies, and to the everyday consumers?
Singapore-based blockchain platform: Maxonrow—believes it has the answer. By being built on a KYC–compliant (short for “Know Your Customer”) blockchain, along with innovative and accessible features, Maxonrow intends to become the go-to blockchain solution for governments and enterprises, worldwide.
In order to gain unfettered support from governments and remain fully compliant with various legislations, blockchain technology needs to be as bulletproof as possible against potential cyberattacks and frauds. While complete anonymity was initially a core principle of the blockchain ecosystem, the inability for regulatory agencies to trace nefarious activities back to the offender has been a roadblock to mass adoption.
With the implementation of KYC systems, the reliability of identity verification is significantly increased—reducing the overall risk of fraud. Security is one of the biggest question marks looming over blockchain. With KYC, these concerns are largely remedied.
When Maxonrow leaders—Mark Homeier and Jin Tai—got together, they envisioned a blockchain platform solution centered around security, affordability, and universal trust. The team wanted to birth a blockchain for the real world as opposed to only being used by hobbyists and tech entrepreneurs. Today, the company has grown to exceed 100 team members, and the momentum continues to snowball.
To accomplish this, Maxonrow is working with government organizations and enterprises hand in hand when developing their suite of products. By partnering with these entities, Maxonrow has been able to identify the components needed for compliance, security, and functionality directly from the source instead of relying solely on hunches and hearsays.
With these insights, the Maxonrow team created real-name authentication system that integrates KYC and AML (Anti-money Laundering) protocols. Thus, only verified individuals can access and use the system, this makes everything trackable and holds users accountable and liable in case of malicious attacks or cybercrimes.
“There are segments of the economy where blockchain is utilized brilliantly but you still need to have identity if you want to have ownership. STO securities, real estate, and art are all examples of assets where you want to know who the owner is. Our system allows identity to be encrypted and it has developed a way to store your identity so that it is secure, but still on the chain.” – Mark Homeier, CEO of Maxonrow
By working with government organizations to ensure compliance, full integration into the public sphere will be that much closer for blockchain technology—and it’s clear that Maxonrow has a head start.
What Makes Maxonrow Different?
On top of its real-name authentication technology, Maxonrow has rolled out a number of features to make their vision a reality. Here are just a handful of them:
- MAX-Wallet: Besides facilitating the trading of MXW tokens back and forth between users, MAX-Wallet will also allow users to create and manage multiple MXW currency wallets and even issue custom tokens. Backers will also be able to communicate with other community members in real time with MAX–Wallet’s chat feature.
- Governed Delegated Proof of Stake (GDPOS): With safety and security being a core tenet of its product, Maxonrow’s unique GDPOS ensures liveness and speed while maintaining the integrity of the system.
- True Asset Issuing: With Maxonrow, any and all transactions will only come from real users with real assets. Before any party is allowed to distribute assets on the public chain, they are required to pass KYC verification to validate their identity.
When asked to describe the company’s focus on universal appeal, Homeier said: “We offer all of the tools that are traditionally reserved for Wall Street’s biggest companies and safely give those tools to anyone who can use a smartphone, without compromising security.”
As earth-shattering as blockchain’s potential impact on the economy is, many of its benefits will only come to fruition when the technology is utilized at a near-universal synchronization. In order to get there, this space needs support from government organizations and private enterprises alike—not just individuals. Because of its secure, affordable, and compliant solution, Maxonrow appears to be in an excellent position to help move the needle in a positive direction when it comes to mass adoption.
To stay in touch with Maxonrow, be sure to follow them on Telegram, Twitter, and Facebook. You can also follow the #MaxonWorld hashtag on social media to see if they’re hosting a meetup in a city near you!