ckBTC and KYT Compliance

General
173

Look guys, this is the sort of stuff that makes people question impartiality or even judgement of some decisions within the ICP community - and this spreads like wild fire outside the community

You might consider this small but is big enough to campaign for public awareness over this

You guys are smart, you know the obvious problem with this

  1. Why do we now have to rely on a third party to manage a component of ckBTC?

  2. (Sorry in Advance Toniq) We all know the period of non response from toniq to projects last year - if there are issues which Toniq needs to be present to solve - what then? They’re a self admitted small team unable to focus on all of their deliverables - Cronics investors are pissed that they cant deliver their promise of the game when a lot of ICP was put in by investors at PEAK bull run and now we want to add them as a layer of reliance on ckBTC, an essential chain level service

  3. Toniq gets paid per Transaction - I can basically Guarantee that other builders on this eco will BID for lower payment. Not saying this is what you should do, but what makes Toniq special? Someone in Dfinity trusts them?

    Isn’t trust what we’re trying to eliminate?

  4. Dfinity already has control of ICP(Lets not argue semantics) - so it really doesn’t make sense why at WORST Dfinity controls the subscription?

    a) It doesn’t really increase the number of parties needed to be trusted
    b) You definitely can afford it
    c) Dfinity is the strongest of all the stakeholders on ICP - at this point, you literally ARE ICP
    d) If there are issues - you can move faster and turnaround time is quicker

  5. Why cant the NNS control it? is there some barriers to this?

  6. What exactly is the impact if subscription runs out?

  7. How long is the turnaround in case it runs out and we have to essentially DEFINE another KYT at that point, design and release?

  8. What happens in the mean time to people who hold ckBTC or people who are reliant on services using ckBTC and need to mint?

I hope this gets the attention it deserves before it goes to a proposal

Hope everything I’ve mentioned is reasonable talking points

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