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This page answers common questions about Kinto.
Kinto is an L2 focused on providing safe and insured access to financial services. It's built on top of the Ethereum network using the Arbitrum stack and is non-custodial, transparent, permissionless, and will be governed by the community.
“Kinto" means golden road. In this case, a safe road to bridge the gap between traditional finance and the blockchain-based financial system.
- Financial institutions that want to invest in digital assets, but existing solutions don't meet their compliance requirements.
- Developers that want to build an innovative contract application but are afraid of intelligent contract hacks.
- Investors who are tired of being victims of smart contract hacks, rugs, and scams.
The full launch will happen in February 2024, but Engen (Soft-launch) will start at the end of November 2023.
Mamori Labs is the core development team that is bootstrapping Kinto.
The Mamori Labs team is responsible for developing the Kinto chain and bootstrapping its ecosystem. Key decisions will eventually be delegated to governance.
The Mamori Labs team includes seasoned entrepreneurs and technologists with experience across the DeFi and TradFi spaces. The team has worked at companies like Y Combinator, OpenZeppelin, Google, Zynga, SyncRTC, Bridgewater and more.
User-owned KYC or Self-Sovereign KYC enables the difference between owning your identity and having no identity.
To create a wallet on the Kinto network, every user must pass a KYC check, but PII is NEVER tied to the user’s blockchain identity.
Users can selectively reveal the minimum possible identity information to access certain financial services while retaining complete sovereignty over their identity.
With user-owned KYC, Kinto retains decentralized finance's openness and self-sovereignty while eliminating the barriers to integration and usage between traditional financial institutions and decentralized protocols. Learn more about user-owned KYC here.
Account abstraction enables users to access crypto financial services without being forced to install a browser extension or store seed phrases/ private keys. On Kinto, applications can offer easy onboarding and account creation through username/password, 2FA, or mobile device keys while remaining non-custodial.
The Kinto ID is an NFT token that grants access to Kinto. It is provisioned to the user upon successful KYC completion with the users’ chosen KYC partners.
Users cannot send a single transaction on the Kinto network without it. The token cannot be transferred to a different wallet. These NFTs are unique; one real-world identity can only receive one NFT.
Kinto does not store or own ANY user data. None.
PII is only saved in identity providers approved by governance and selected by the user. Information held by the identity providers cannot be linked to users' on-chain accounts except when each user chooses to do so with an application that requests it.
Kinto provides KYC, insurance, AML, and fraud monitoring at the blockchain level.
Kinto will have a two-layer governance system fully on-chain. The protocol parameters, sequencer, and treasury will be voted on-chain by 9 Nios (Guardians).
Token-holders will elect these 9 Nios on a rolling 6-month basis.
There is currently no guarantee that a token will be released at any time.