Last updated: 28 August 2022 08:45 AM
The current KYC process that a DAO Grantee goes through is cumbersome, has severe security issues and also forces many individuals out of anonymity. This is something that can be made trustless by incorporating ZKPs.
As a DAO grantee in order to receive funds, one must go through a verification process (KYC) which is extremely time-consuming and also forces a person out of anonymity. This is something that can be tackled by the product that we are building, where when a DAO requests its grantee for certain parameters to verify their identity eg. Membership Token, Age, Name etc. the individual only needs to upload documentation which is private to them but returns a proof to the DAO that the individual satisfies that parameter. The individual is then awarded an NFT which serves as proof of verification and also includes the time stamp of when the NFT was created and when the particular parameter (in the case of a document) expires. Eg. Individual uploads Identity documentation, which is then scanned to satisfy the parameter (Age>18), on doing that it is identified that said individual is over the age of 18 and hence is awarded an NFT. The particular identity document is set to expire 1 year from the date of verification. In the case of documents with a set expiration date, that date will be considered as the expiry of the Verification.
Lack of documentation for Arcana, were not able to find the right docs to build. Lack of Deep tech mentors - we overcame it by connecting with individuals from our personal network who were able to help us.
A point we would like to raise as an all-female hack team is that we would have appreciated it if there were more female mentors that we could have approached. Slow Internet was a hindrance and the power cables weren't working for quite a while, which slowed the team down.