KYC.legal - Identify Blockchain identity
Introduction
The promise of identification services was to create a more reliable and efficient way to verify
our IDs while protecting our privacy. The hope was that the Internet would arrive with a transpar-
ent and streamlined KYC process.
In theory, a single technology would have secure access to our personal data and provide it on
demand to services per our agreement.
Instead of hundreds of verification processes, we would
have one. Instead of days of waiting for approval, we would wait minutes. Instead of exposing
our data to thousands of platforms for an indefinite period, we would keep it private and under
control.
That didn’t happen. Instead, the identification ecosystem that has evolved over the last decade
is full of middlemen, is complex in nature and has dubious processes. We lost our privacy, our
data became target for hackers, we pay never-ending fees, and suffer slow speeds.
Companies have spent billions on compliance while their experience hasn’t improved a bit.
This paper will review the current state of ID verification tech focusing on KYC process. It will
outline a new solution that creates a transparent and efficient Blockchain-based service for
users and service providers.
Blockchain technology for personal identification
The diversity of middlemen and the lack of value-added to service providers and users make some
sort of simplification of the present online ID verification system inevitable. The reality remains: user
experience is valuable, but it hasn’t been properly improved with an efficient and transparent service.
According to Customer Due Diligence14 (CDD) Market Survey 2016 performed by Nice Actimize, Fi-
nancial Services Organizations are facing an increased need to evaluate and enhance organizational
CDD/KYC controls in order to address the new regulatory requirements. Top operational challenges
related to current CDD/KYC are manual processes and data quality & availability, and the highest
operational priorities related to CDD/KYC programs are to improve data quality, investment in new
technology solutions and process automation.
Blockchain technology, utilizing a decentralized data ledger, is capable of addressing challenges of
the CDD/KYC process. Decentralized data ledgers enable storage of any kind of data, including iden-
tity data. Let’s take the Ethereum verification process as an example. As we know, the verification
process lies on the shoulders of miners, who check every transaction for validity before putting it in
a block. As a result, transactions stay in the blockchain forever, and every user has a proof of its va-
lidity. At the same time, every transaction validity must be confirmed by several independent sources
before it can be considered valid.
For that matter, the main advantages of the technology as a foundation of an innovative ID veri-
fication solution are:
- Absence of centralized control. Every Blockchain user stores Data which is automatically up-
dated with every new entry.
- Transparency of ongoing transactions. Every participant has access to complete information
about every step of the process and its participants.
- Absence of middlemen. Technology allows to build interactions based on decentralized net-
work and automation, without third-party members and delays.
Nowadays decentralized systems are globally adopted by international corporations and gov-
ernments. Investing in new technology solutions and process automation, was one of the top
three priorities for surveyed CDD providers.
Meanwhile, these enterprises still maintain significant staff of lawyers, notaries, regulators,
bankers and other clerks to verify and approve a multitude of processes around KYC com-
pliance. Manual processes are labor intensive, subject to human error, and lack consistency.
Furthermore, an increased workload can result from the need for more people to do things
manually. However, survey respondents indicated their willingness to work smarter, not harder.
Blockchain provides a platform for technologies to introduce secure and automated solutions
while complying with the latest regulations around KYC performance.
KYC.LEGAL solution
Technology
Ethereum has been used for mobile payment systems, distributed exchanges, tokens pegged to
commodities and fiat currencies, market clearing mechanisms, micropayment systems for dis-
tributed 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.
The KYC.LEGAL technology and token are fully built on the Ethereum platform. You can see our
overall structure below.
General view of the whole system:
1. Server
2. Smart-contract based on Ethereum
3. Client mobile application
4. Agent mobile application
Blockchain base can be accessed in three different ways:
1. Direct appeal. Direct contact to a Smart Contract on Solidity. Our Smart Contract pos-
sesses a communication interface that can be interacted with without a server or app
(e.g. to check another user or see a list of verifiers).
2. Appeal through the server API. Services can communicate with system users via an API
in order to verify their own users through KYC. The API provides a QR-code to the service
that allows you to request personal information from the service and identify it.
3. Mobile application. The mobile application exchanges data with the database through
the server API. This is used as the primary way to interact with the system and is avail-
able to all users.
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.
# of tokens to be released: 35 million KYC
# of tokens to be issued: 42 million KYC
KYC token price 2,5 USD
at the time of ICO:
Accepted forms of payment: ETH, BTC, FIAT, etc.
ICO starts: November 29, 2017
ICO ends: April 01, 2018* or Token sold-out
Token Distribution
KYC.LEGAL releases 35M KYC tokens at a value of $1 per token during the ICO timeframe with
a max cap of $35M. The KYC.LEGAL team additionally issues 20% of the released amount - 15%
to be withheld by the KYC.LEGAL team and 5% to cover ICO operational costs. The total amount
of tokens issued is 42M.
$3.5M - referral payments
$1M - team salaries and overhead costs
$1M - technology advertising
$3M - marketing efforts and monthly Road Show participation
$25M - financing of the free validation service provision for the first 1,000,000 of users
($25 per certified agent, the remaining half is expected to be covered by active token hold-
ers in exchange for promotion of their Stacks and services).
Initial Coins Offer
Number of tokens 42 000 000:
80%ICO KYC15% 5%team operating costs
ICO Progress
Number of tokens
42 000 000 KYC
ROADTOMAP
FOUNDER
Successful entrepreneur B2C IT-solutions series for more than 10 years. He realized that there are currently no simple global technical solutions for user identification.
FOUNDER
Sergei is the founder of the largest law firm in Eastern Europe - "European Legal Service", which provides remote consultation. The goal is to make legal and notary services available to everyone
DIRECTOR OF STRATEGY
Inspired visionary entrepreneurs develop many digital marketing products and blockchain products. Founder of AppinTop, AdtoApp, SEOpult.ru. Author of books and articles on internet marketing and blockchain technology.
For more information visit the link below !!!!
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AUTHOR :Alfian2015
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