Wyre is the first validator in a new digital jurisdiction that allows projects to leverage multiple sources of truth to determine who can transfer their digital assets on an ongoing basis.
By Connor Spelliscy and 0age
Wyre and Zeppelin share an ambition to lower barriers to entry for blockchain entrepreneurs, so we’ve spun up an integration of the Transaction Permission Layer (“TPL”) and YES Token which does just that.
TPL allows blockchain projects to control the ways in which their native digital assets are transferred by assigning metadata (or “attributes”) to Ethereum addresses. These attributes then form the basis for designing systems that enforce permissions when performing certain transactions.
At the core of TPL is the digital jurisdiction — a single smart contract that links attributes to addresses. This digital jurisdiction does not set attributes itself, but rather defines a valid set of attribute types and designates validators that are approved to issue specific attribute types.
YES Token uses a different mechanism for setting attributes, known as minting, where possession of an ERC721 token signals the existence of the attribute. However, TPL is built with composability as a core design principle — external sources of information can be designated by the jurisdiction as an authority for determining the value of particular attributes. Then, as additional registries come online, they in turn can be integrated using a common framework. This allows YES Token to serve as an authoritative initial source of verification information, while also providing a path toward greater diversity and decentralization of information sources.
The quality of a digital jurisdiction is intrinsically tied to the quality of its validators, which is why we’re so excited to work with Wyre! As Money Services Businesses, Wyre and its MSB partners are required to run checks and maintain detailed information regarding KYC and AML for any user for whom they mint a YES Token. TPL uses the public list of YES Token addresses to build a digital jurisdiction that identifies addresses which have been validated as belonging to US citizens who pass AML checks.
As of now, our digital jurisdiction is limited to identifying US citizens who are complying with AML regulations, as Wyre and its MSB partners only work with US clients. However, we hope to keep expanding the scope of TPL’s digital jurisdictions as Wyre and other qualified partners begin to produce high-quality validations. If you run an organization that could qualify as a validator, or you run a project that would be interested in leveraging this registry, reach out to us here.
