Maxonrow — the advanced KYC-focused blockchain — is set to announce its anticipated Max-Wallet at The MaxOnWorld global meetup in New York this Thursday, August 29th. MAX-Wallet is the native wallet connecting to the Maxonrow mainchain, embedded with advanced, mandatory KYC catering to governments and enterprises worldwide.
The MAX-Wallet rollout will cover both Android and iOS mobile operating systems and will be one of the first fully-compliant KYC integrated wallets for enterprises to manage and issue digital assets.
“We provide the equalizer – we offer all of the tools that are traditionally reserved for Wall Street’s biggest companies and safely give those tools to anyone who can use a smartphone without compromising security,” detailed Mark Homeier, CEO of Maxonrow in the firm’s press release. “It’s a game-changer.”
At a time when the crypto space in the US is converging towards more mature market oversight and a defined regulatory framework, MAX-Wallet presents the type of KYC-compatible wallet that provides the identity features necessary for the further growth of concepts like STOs, tokenized real estate, art, and enterprise-grade data storage solutions.
Towards A Regulatory Framework
Maxonrow’s emphasis on embedding advanced KYC/identity into its blockchain network is representative of a larger trend at work in the regulatory landscape in the US and around the world. The general hesitation by financial institutions, large enterprises, and governments to interact with digital assets largely derives from their history mired in scams, hacks, and pseudonymous operations.
The opaque nature of many ICO projects, and the consequent tempered approach taken by regulators to digital assets has hindered the progress of many narratives that emerged with fervor in 2018 — ranging from security token offerings (STOs) to the rollout of fractionalized ownership in commercial real estate assets with digital tokens.
While a large swathe of the crypto industry strives to preserve anonymity at all costs, Maxonrow is pushing for the balance that regulators and enterprises want for the real-world application of blockchain technology. Until the underlying technology can broach the conversation on embedded KYC/AML into public networks, the friction between regulators and innovation will continue.
Maxonrow’s vision is to bridge that gap, ushering in the long-awaited developments like enabling the STO or asset based Tokenization process — without sacrificing user privacy.
“There are segments of the economy where blockchain is utilized brilliantly, but you still need to have an identity because you want to have ownership,” said Homier in the aforementioned press release. “STO securities, real estate, art, for example – some systems want to know who the owner is — ours is encrypted and anonymous, but we have also developed a way to store the ownership and identity so that it is secure but still on the chain.”
The next step in Maxonrow’s roadmap is its native wallet, MAX-Wallet, which is at the core of its platform offering.
The MaxOnWorld Global Meetup and Max-Wallet
Taking place at the WeWork office on Lexington Avenue in New York City, Maxonrow’s MaxOnWorld Global Meetup is the feature event where they will unveil the Max-Wallet and its unique features.
At a high level, the Max-Wallet is the gateway to the Maxonrow blockchain, embedded with an advanced KYC protocol that preserves user privacy and data via attestations to the validity of their identity — without exposing sensitive details. Passing the KYC processes opens up the management of encrypted assets via the Maxonrow blockchain, along with asset issuance ranging from ICOs to STOs.
“MAX-Wallet enables enterprises to fractionalize ownership of real estate and other assets, which was previously challenging from a regulatory standpoint because there was no blockchain natively integrated with KYC/AML systems,” says Homeier.
The wallet even comes with a proprietary chat system for participants in the ecosystem to communicate with each other directly through their wallets. Maxonrow’s performant infrastructure facilitates the exchange of assets on the network, including the MXW token which serves as the medium of exchange used for transferring value and paying transaction fees on the Maxonrow blockchain.
Homeier is set to present on some of the practical applications of Maxonrow during the New York event, and Maxonrow is presenting a KYC-compliant global blockchain network. However, Facebook’s proclivity for data abuse and tenuous relationship with regulators has caused the social media giant’s plans for Libra to fall into limbo after significant resistance from the broader financial industry and regulatory regimes
