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Such mappings would enable any centralized exchange to have a user do a one time verification deposit of a small amount of FIO Tokens to prove they own the FIO Address associated with their self Sovereign wallet. The FIO chain has very low transaction fees so such a test deposit would have a diminimis cost. Once the exchange has verifiable proof that a KYC’d user owns the private key associated with a specific FIO Address, in order to verify that users control and ownership of keys on other chains the exchange would merely do an API query to the FIO chain requesting the digital signature for that user associated with the specific chain in question (e.g., BTC, ETH, etc.). If the user’s public address in use changes, the wallet would update the mappings of public addresses to their FIO Address and update the digital signature on the FIO chain.
Below are diagrams that describe this process for: 1) the first one time verification of a user’s control of their wallet; 2) The withdrawing (sending) of coins/tokens from the exchange and ; 3) The depositing of coins/tokens into the exchange.
Process Flow: Verify Once Exchange to Wallet Travel Rule Compliant Transfers via FIO
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