I was also fooled into this saying of 'God mode supervision.' I thought this was great; in the future, facing audits, I wouldn't be the underdog but the boss. As a result, I started hands-on with the KYC Demo of @MidnightNetwork , and wow, the ideal was full-bodied, but reality directly stuck me at the first step. I chatted with a friend who works in compliance, and his one sentence left me confused: 'You can't delete this on-chain data, and users have the right to be forgotten according to GDPR, what will you do?' I went to check the official documents, and not a word was mentioned. I asked in the community, and my messages fell into the sea. This is not a small issue; this is a compliance flaw that can directly kill the project implementation. I was instantly discouraged.
The time cost is real. I used another solution to verify a privacy transfer logic, which might take the time of a cup of coffee. On Midnight, I set up the environment, deciphered error messages like riddles, and waited for community responses; three days passed, and the core regulatory validation issue is still a mystery. Testnet data also indicates a problem; the transaction volume looks considerable, but most is basic transfers, and complex contract calls haven't increased, indicating that there are still not many people truly developing with it for $UP, they are all observing.
So my view is that if you are not a geek enthusiast but genuinely want to do compliance-oriented business, it’s best not to go all in right away. Its narrative is very attractive, but the pitfalls underneath have not been filled. At least wait until it clearly lays out the decentralized solutions for audit nodes and the data compliance retention paths that are not clearly written in the white papers.
I, for one, am withdrawing first; I will use traditional architecture combined with zero-knowledge proof components for more peace of mind. Let's wait until Midnight addresses these 'skinny' real issues and fleshes them out.
Anyway, my keyboard cannot type 'deployed' for now.
@MidnightNetwork $NIGHT #night
The time cost is real. I used another solution to verify a privacy transfer logic, which might take the time of a cup of coffee. On Midnight, I set up the environment, deciphered error messages like riddles, and waited for community responses; three days passed, and the core regulatory validation issue is still a mystery. Testnet data also indicates a problem; the transaction volume looks considerable, but most is basic transfers, and complex contract calls haven't increased, indicating that there are still not many people truly developing with it for $UP, they are all observing.
So my view is that if you are not a geek enthusiast but genuinely want to do compliance-oriented business, it’s best not to go all in right away. Its narrative is very attractive, but the pitfalls underneath have not been filled. At least wait until it clearly lays out the decentralized solutions for audit nodes and the data compliance retention paths that are not clearly written in the white papers.
I, for one, am withdrawing first; I will use traditional architecture combined with zero-knowledge proof components for more peace of mind. Let's wait until Midnight addresses these 'skinny' real issues and fleshes them out.
Anyway, my keyboard cannot type 'deployed' for now.
@MidnightNetwork $NIGHT #night