Radical Transparency: Declare 'Source of Funds'....Is this the way forward for Steem?

Hacks, Scams, Fraud, Money Laundering, Terror Financing, Money Washing, you name it, its all happening in today's financial system. Wherever there is a profit to be made, people get creative. Often these ill-gain schemes only benefit a select few, while maximizing lost for others. Some may say that the financial misfortune of 2008 were the primary factor birthing Bitcoin and the underlying Blockchain technology. Game changer, probably one of the phrases that are thrown around and rightfully that phrase may have its merits, but the hacks, scams, fraud and money washing of ill-gains are still flourishing within the Blockchain ecosystem. As a blockchain enthusiast I must understand the narrative shared or else I be championing a cause of fantasy. It is this thought process I hope the Steem blockchain can distinguish itself with transparency unparalleled to any other blockchain project.

One of the first areas that can be addressed, "Source of Funds", I like to think of this as an imperative step especially when investment exceeds pre-defined threshold. I believe this is essential in countering any possible washing or disguise of ill-gain capital. It also shows regulators that this project is taking the necessary regulatory steps to enforce industry standards. Furthermore, these ill-gain actors are only concern about furthering their cause, given that the 'reward pool' can be seen as a public purse where 'stake holders' determine its expenditure, this self-check may help in protecting the pool from these actors.

Another controversial aspect of this radical transparency is having legal names attach to accounts. While I understand the need for anonymity in some cases, this anonymity leaves an exploit for these actors to further their cause. It's no easy step addressing this issue and probably this decision should be left to 'stake holders' themselves to identify themselves if they choose to.

As we eagerly await the launch of Smart Media Tokens (SMT) and Communities, we must also be concern about self-regulatory steps to give professional/ investors/ blockchain enthusiast the confidence that this project is taking the necessary steps to protect itself from some of the ills plaguing the industry today.