should you’re like most of the people, you most likely didn’t hear anything else about KYC for ICO Alert Token Gross sales unless you signed up to buy DAT, however as cryptocurrencies change into extra usual, which you could are expecting to listen to these three letters — which mean know Your consumer — a lot more frequently.

The KYC process is the one manner Datum can test the supply of dollars raised all through the token sale, and we accomplish that by verifying each purchaser’s identity and residency. that is one thing that isn’t simplest required through governments and regulators, but also by means of the banks, large corporations, and public bodies we’re bringing into the data trading market that’s the Datum community.

We spent a lot of time debating the professionals and cons of KYC. If we want to have interaction with other companions in the trade, on the other hand, we in reality don’t have any choice. We analyzed and evaluated a large number of 0.33-birthday party KYC providers. None of those handed muster. In some instances, the providers needed to ship your paperwork halfway all over the world to a name middle the place other folks would then evaluation your data. given that this isn’t nearly enough safety for something so sensitive, we made up our minds to put into effect the understand Your customer process ourselves. It’s the one method we will comprehend precisely who’s coping with these documents and ensure the guidelines is used only for the specific function of the Datum token sale.

KYC Steps

if you register on our web page, enter your Ethereum pockets data and the quantity you wish to have to make a contribution. After that, you’ll come to step one of KYC, which is to substantiate your id. There are various documents you can use, like a nationally known passport, your identification card, or driver’s license. the next move is to substantiate your residency. again, you have got multiple choices. you need to use a utility bill. you should utilize a financial institution remark. you can additionally use some kind of legit government letter that presentations your tackle.

KYC push back

we know no longer people are happy about KYC and a few individuals don’t consider it ideologically, particularly in the case of cryptocurrencies, the place transfers are nameless, or as a minimum pseudo anonymous. alternatively, for Datum to be a valid associate to public bodies and large companies — or even simply to our bank — we wish to ensure that the sources of all money raised in the Datum token sale are legit. No funds can come from illicit sources, individuals below sanctions, or businesses with terroristic hyperlinks.

the actual advantage

It’s vital that we do these tests because it protects you as a contributor to the undertaking. at some point, we are able to have regulators saying, “hey, where are these dollars from? If the source is illegitimate, possibly the dollars need to be frozen while we check out.”