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KYC.LEGAL

One of the core identification processes widely adopted by global businesses and organizations is KYC. Introduced
in the early 2000’s, KYC puts in place a policy framework for financial institutions to Know Your Customers before opening any account. While nowadays being a mandatory procedure in most major jurisdictions, the KYC process is often slow, painful and inefficient. Besides poor customer experience for both users and organizations, the actual cost of running a comprehensive KYC compliance program continues to rise and has negative impact on businesses.
KYC is stuck in the era of branch visits and paper checks. However, while there are substantial issues with the current state of KYC, there are no real proposals to curtail the requirements. KYC is too important in the fight against money laundering, terrorist financing and fraud to rollback.

KYC.LEGAL solution

To improve performance for all parties, ID verification processes require a new platform and a unit of exchange.
The platform involves the roll-out of a set of automated services based on decentralized Blockchain technology. They divide them into two types: self-identification services and agent-required verification services.

KYC connects service providers and users, creating a new referral-based ID verification economy and boosting user adoption for the benefit of service providers, community and KYC token holders. The token is based on Ethereum technology, an open source, blockchain-based distributed computing platform with smart contracts. These cryptographically secure smart contracts are stateful applications stored in the Ethereum blockchain, fully capable of enforcing performance.

KYC token for token holders. KYC token can be used in two ways:

  1. First – traditional “passive” mode designed for any type of token holders – token holders after gaining ownership of tokens can transfer them between wallets or crypto exchanges.
  2. Second – “active” or “stack” mode designed for existing and aspiring service providers. Token holder can create her Stack through a secure profile on KYC.LEGAL platform and store her tokens in there. After tokens are placed in Stack, token holder activates a referral link connected to  her Stack. Token holder can place this link on any digital resource (websites, social media, in direct emails and text messages etc.) in order to promote her Stack.

Technology

Ethereum has been used for mobile payment systems, distributed exchanges, tokens pegged to commodities and fiat currencies, market clearing mechanisms, micropayment systems for distributed computing resources, commodities and securities exchanges, crowdfunding, and legal document verification. Large firms have invested in and deployed Ethereum, with JP Morgan, Deloitte, IBM, Santander Bank, Microsoft, the Luxembourg Stock Exchange, and the Royal Bank of Scotland being key early adopters.

Economics

With new digital economies booming and the volume of ID verification requests growing at unprecedented rates, KYC.LEGAL is aiming to execute its unit economics through data monetization while sacrificing our potential ID verification revenues in order to accelerate user growth. (remember? 50% to certified agent and 50% is split between token holder and user discount).

Token Sale

KYC is an Ethereum token which authorizes the usage of all KYC app services. Token generation means generation and exchange of KYC between ICO participants. Tokens will be released and distributed within 7 days after the ICO closure. The offer is opened to the global community excluding U.S. citizens, who are prohibited by the law of their country to take part in such activities. KYC.LEGAL is not responsible for members who violate ICO-related laws of their country of citizenship.

 

If you want more information, visit the WEBSITE and read the WHITEPAPER.

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