#AadhaarVerdict
The only 5 things we needed: 1) #Aadhaar is legal 2) Don't save Aadhaar#Biometrics or Copy 3) ANY legal entity in India can do an AUTH 4) eKYC only for Govt/Regulated Entities 5) Auth/eKYC record saved by @UIDAI for 180 days
#Aadhaar is legal and not unconstitutional
What constitutes Aadhaar data has to be clear - to me its only Aadhaar Number
& biometrics. My name, Addr, DOB, Sex, Photo are NOT #Aadhaar data-
whether someone got/verified them from UIDAI or not its NOT Aadhaar Data,
its *MY* data!
NOBODY can save Aadhaar#Biometrics or Copy (of Aadhar).
Nobody saves biometrics - non-issue.
The whole reason for the concern of linking came from the common ID number
the 12-digit Aadhaar Number.
Saving a copy of the Aadhaar Letter/Card should also be disallowed.
Any legal entity can do an AUTH
Today everybody takes a copy of your Drivers License or PAN card when you
open a bank account or when you enter an office building or when you get a job.
The problem is all these can be faked. Just allow all entities to do an Aadhaar
AUTH
eKYC only for Regulated Entities
eKYC was always a "with consent" AUTH+KYC - essentially to avoid the
spelling mistakes in name/address that we have all been subjected to. Its OK
that only Govt or Regulated Entities should initially be trusted with this,
especially with (3)
Auth/eKYC record saved by @UIDAI for 180 days
This has already been passed and this is merely a grievance redressal system
for any #Auth. Its primary use case is for customer support.
I have been spending the last few months thinking about ALL reasonable &
positive use cases of #Aadhaar & thinking about the concerns of those
opposing it. I can't think of any case where the above 5 rules collectively would
be deemed unreasonable by anyone & address all issues.
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A short thread on what we look for at a seed-stage startup - every VC has their magic formula and ultimately a lot of it is gut instinct. Would love to hear thoughts from founders and others in the VC community.
A lot of my examples are for B2B(2C) - so keep that in mind.
1. Who is the customer?
How narrowly & thoroughly can you describe the customer, what their objectives are & why you believe they have a pain point. The more detailed a description you have of the customer, the happier I am - saying we solve everyone's problems is a bad idea!
2. What is the pain POINT?
How detailed an understanding do you have about the pain point? Hig big a pain is it to them? What indications do you have that they are unable to solve the problem well today? Why they take any pain-killer that you can provide? How much will they pay?
1/I'm super impressed by all founders I've spoken to in the last week - every one of them recognizes things have changed & are proactively taking steps to not be in a position where they run out of money before June 2021
2/Even those who were planning to raise are now going back to their WorkSheets & doing zero-based planning and asking questions - is this a vitamin or an aspirin (want or need) - & if its a need, is there a smarter way to do this.
3/Thankfully, in almost all cases, well run companies figure out ways to do this with zero/minimal job cutting and cash infusion. Companies that are prudent with cash expenses & collections almost always come out stronger in such situations.
1/n #Covid19#WorkFromHomeNOW
We @primevp_in had a call with about 30 of our founders today - glad to say most companies are taking the problem seriously. @MyGate_com with an AirForce Officer at the helm naturally has thought through & already actioned amulti-step plan.
2/n They are going to share this plan - I will post it here by the weekend.
Most of the other 25 companies have already started splitting their teams across office spaces & days of the week.
3/n What I've concluded is that we HAVE to ACT NOW!
Everything I've understood about exponential math and the medical capacity says that we have to slow down the growth of #Covid19 so we don't overburden the healthcare system. #SocialDistancing is pretty much the only tool now
Story-a-day: The pencil's tale
(thanks to a nice forward by @TulsiSwamy )
An old pencil maker took his newest pencil aside, just before he was about to pack him into a box. Imagining the little fellow as a person he recalled a few things about the pencil.
“There are five things you need to know,” he said to his pencil, “before I send you out into the world. Always remember these five things - never forget them - and you will become the best pencil you can be!
1/5} The first thing is to remember that you will be able to do many great things, but only if you put yourself in someone else’s hands.
2/5} From time to time you will experience a painful sharpening, but remember that this will make you a better pencil.
#ZeroMDR 1/ Since 2006 I have been the bigget believer and proponent of in digitizing payments - ideally via mobile payments - lord knows I've preached this more than anyone else has! Even my 83-year-old mother is a convert, and I literally refuse to pay anyone in cash!
#ZeroMDR 2/ The benefits of #digitalpayments are spread across a large ecosystem - notably the government, merchants, consumers, banks & Payment Systems Providers (PSPs).
The costs of digital payments are today borne by the banks & PSPs - who pass them on to merchants!
#ZeroMDR 3/
Indirectly merchants pass these on to consumers & have a blended cost. Some explicitly pass these costs to the consumer as a "surcharge".
Today's incentive alignment ensures that cash will continue to be the most (financially) attractive for face2face payments!
Excited & Proud to see the next wave of #IndiaInnovations go to the world!
@Google@tomfriedman So what will it take for UPI to become one of India's key exports? I expect there is nothing to be gained in aiming to "license it". Yet, we could proactively propose a global, interoperable payment network on UPI that takes into account inter-country money-transfer regulations.
While nothing stops other countries from copying UPI, if India were to proactively put out the UPI specifications and standards, we would create a great opportunity for countries to clone or better still take solutions from India - this could create a great opportunity.