UNDERSTANDING BITCOIN HELPS YOU UNDERSTAND KYC
KYC is like Bitcoin with a proof of work change. BTC and KYC are analogous. Bitcoin and KYC are peer to peer networks that store and transmit value. In Bitcoin, miners buy mining hardware and electricity from companies. In KYC miners buy KYC from other KYC holders then use time to mine. KYC is Proof of Wait instead of Proof of Work.