BTC continues to hit new highs. Can mainland users also purchase cryptocurrencies legally?

Author: Biteye core contributor Viee Editor: Biteye core contributor Crush

BTC has soared to over 90,000. If Trump passes the stablecoin bill, the market value of stablecoins will rise rapidly and immeasurably.

In some areas where the crypto market is heavily regulated, a breakthrough KYC identity verification solution becomes even more important if you want to participate in this carnival.

This is also the reason why Flare Networks, which was born in the public chain, has once again attracted market attention. How can mainland users hold cryptocurrencies in compliance? This article explains it to you!

01 What is Flare Network?

Flare Networks is a Layer 1 blockchain similar to Ethereum. It is unique in that it can not only process on-chain transactions, but also obtain high-credibility data from other blockchains and the Internet, providing developers with a data-rich decentralized platform for on-chain applications to obtain more diverse external data.

So, what technology does Flare use to achieve this function?

1. FTSO (Time Series Oracle)

Flare's built-in FTSO is a highly decentralized oracle that selects data providers every 1.8 seconds and provides real-time data to on-chain applications. FLR holders can be rewarded by delegating tokens to support data transmission. FTSO ensures the accuracy and security of on-chain data.

2. Data Connectors

Data connectors allow Flare to securely bring off-chain events to the chain. This technology can be used to verify transactions or other external events on a blockchain (such as sports results), ensuring that on-chain applications obtain real data and provide support for applications such as finance and identity verification.

Through these technologies, Flare brings developers decentralized, trusted and diverse data sources, enabling them to build more applications related to the real world, highlighting its own advantages among many public chains.

Official website: https://flare.network/

02 Flare Network latest progress

Recently, Flare Networks has made two important progresses: First, in cooperation with Red Date, it launched an unprecedented decentralized identity KYC for mainland users; second, it included DOGE in the fAssets bridge to further promote the development of the multi-chain ecosystem.

What everyone is most concerned about is the KYC of mainland users. This program includes two major pilots:

1. The first pilot anonymous registration of stablecoin applications, users anonymously register on a regulated stablecoin application and complete the necessary KYC verification. This anonymous verification ensures compliance without exposing personal identity information (PII).

2. The second pilot is to purchase tokenized financial products through stablecoins, that is, to allow users to use stablecoins to purchase tokenized financial products, which brings higher privacy protection to transactions.

Note: It is still in the trial stage, the purpose is to prove the technical feasibility, and it is subject to regulatory approval. To learn more about stablecoins, you can listen to the AMA recording.

https://x.com/FlareNetworks/status/1856048154921091136

Anonymous registration: Designed for mainland users visiting Hong Kong to solve identity verification pain points

The decentralized verification method allows "compliance and privacy to coexist." To expand, Flare Network uses the oracle "Flare Data Connector" to seamlessly authenticate across blockchains, providing a powerful alternative to traditional centralized KYC systems, allowing users to maintain control of their personal data.

This is also the highlight of the above pilot - it guarantees the anonymity and data security of users. This means that in the future, mainland Chinese tourists visiting Hong Kong will be able to use their China RealDID to register a wallet and access IDA-issued stablecoins (such as HKDA) and other token-based financial products without exposing their personal information, without submitting their passports or bank statements. By minimizing the exposure of personal information.

Integrating Meme Coin New Features: Launching FAssets Public Beta, which can add $DOGE

$DOGE is unstoppable these days! Users can go to FAssets Beta (https://fasset-beta.flarelabs.org/) to test the newly supported Dogecoin by minting, redeeming, and providing collateral. Those who participate will be eligible for retroactive airdrop rewards.