Developers Forum for XinFin XDC Network

Discussion on: Update Request of Masternode Interface

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Salomon Morales

This is an excellent request and after speaking with you recently, I hope that the KYC integration is seamless. One thing to consider is when people with multiple nodes KYC, that the website recognized the person, so they dont have to KYC multiple times.
This is an effort that Matt and I, including Billy have been talking about for a while but required different pieces that due to market constraints we could not achieve at the time. It will be nice to have a more detailed explanation of what are the changes you propose. Maybe timeline for this integration, etc.
Some KYC providers ask their clients to host the KYC'd data, and during our conversations about it, we figured to neither us nor the KYC providers should hold the data (most don't want to be responsible for the data either) so there were a few KYC providers we had meetings with suggested that they could KYC the customer, hash the data and provide some type of verification that will trigger the next phase to stake the masternode. That way, we gatekeep the access to stake the nodes via the KYC process. So the flow could be this way.
Masternode candidate will log in with crypto wallet (hardware wallet preferred) and begin the process of connecting wallet where the funds are held, and then once that's setup the candidate will KYC to be able to access the function of staking the node. If candidate has multiple nodes, or wants to stake multiple nodes, then there should be an option that the candidate can provide (KYC confirmation number or some sort of unique ID given after KYC) that can be used to identify the same candidate that has a second or third node (this is more likely to apply to previous masternode holders and institutions that will be KYC'ing to stake their nodes). Then the KYC data gets purged.
Additional to this, and Im sure this will take more time to implement. We need a way to change wallets where masternodes deposit the rewards as many as currently using the XinFin Web wallet and we are moving to increase security of our nodes and how we access them, we need to find a way to be able to create a new wallet using the current hardware wallets that support XDC. That way, every masternode holder can secure their assets via hardware wallets.

I know other masternode holders will have requirements or other inputs as well.