Currently, there isn't really a KYC 0 delineation in the KYC system. There is KYC 1-N, where 1 is just the first address to ever publish a create_registrar tx type. Attestations between addresses that are not on that list of registars, would qualify as KYC id 0.
The following acts require KYC 0:
Trading Native Derivatives.
Trading Oracle Derivatives pubished with KYC 0 in their array.
Trading or sending issued tokens with KYC 0 included.
The following acts can be done with no KYC whatsoever:
Trading or sending ALL and native tokens.
It's possible to have a null parameters in the KYC array or a lack of an array issue a token that is free to move like their cousins on Omnilayer, the legal use case for that would be collectibles. If I create a token with [] or just leave that blank, I could sell it on a no-value-claimed basis, like it could be a CryptoKitty. But that stuff is dumb and clutters up the protocol, we could just as easily say null defaults to 0 and all issued tokens require at least a self-cert/KYC-0.
I will now flip a 1989 quarter to make this momentous decision:
Heads, all issued tokens are presumed securities and we want to keep this at least semi-clean.
Tails, collectibles and airline miles and loyalty points and gift cards could clutter our property registry.
Ok best 2/3.
Ok 3/5
Heads it is! Default is 0, all issued tokens are restricted to addresses of people who have at least implied legal responsibility for their representation to the world viz their blockchain tx that they are not resident in a country where it's illegal to trade. This puts training wheels on the protocol forever but having seen the nightmare mess of Omni tokens, scam tokens and fake name tokens, I think the coin made the right decision.
Currently, there isn't really a KYC 0 delineation in the KYC system. There is KYC 1-N, where 1 is just the first address to ever publish a create_registrar tx type. Attestations between addresses that are not on that list of registars, would qualify as KYC id 0.
The following acts require KYC 0:
Trading Native Derivatives.
Trading Oracle Derivatives pubished with KYC 0 in their array.
Trading or sending issued tokens with KYC 0 included.
The following acts can be done with no KYC whatsoever:
Trading or sending ALL and native tokens.
It's possible to have a null parameters in the KYC array or a lack of an array issue a token that is free to move like their cousins on Omnilayer, the legal use case for that would be collectibles. If I create a token with [] or just leave that blank, I could sell it on a no-value-claimed basis, like it could be a CryptoKitty. But that stuff is dumb and clutters up the protocol, we could just as easily say null defaults to 0 and all issued tokens require at least a self-cert/KYC-0.
I will now flip a 1989 quarter to make this momentous decision:
Heads, all issued tokens are presumed securities and we want to keep this at least semi-clean.
Tails, collectibles and airline miles and loyalty points and gift cards could clutter our property registry.
Ok best 2/3.
Ok 3/5
Heads it is! Default is 0, all issued tokens are restricted to addresses of people who have at least implied legal responsibility for their representation to the world viz their blockchain tx that they are not resident in a country where it's illegal to trade. This puts training wheels on the protocol forever but having seen the nightmare mess of Omni tokens, scam tokens and fake name tokens, I think the coin made the right decision.