Anyone aware of cryptocurrency ventures or ICOs are often met by the KYC protocol. While the Know Your Customer (KYC) is often to mitigate the risks of ICO, the protocol itself is facing its own set of potential challenges. The biggest downside comes in the KYC requirements which often results in potential hacking options for malicious individuals.
Fortunately, with the KYC becoming riskier by the day, there is a groundbreaking improvement in how we could mitigate and improve on the authenticity within ICOs and blockchain ventures. As it stands, the need to trade-off the lack of security and efficiency has led to the CLEARS venture which aims to sacrifice the KYC service. Here's how the blockchain platform could eliminate the need for KYC processes.
What Is Clears?
CLEARS is a blockchain-based platform that aims to leverage the use of blockchain technology to facilitate a KYC solution that works on a time-stamped protocol and an Ethereum ledger. With such provisions, CLEARS guarantees data integrity in which the customers can use as an identification token to acknowledge their details.
How Clears Blockchain Identity Clearing For KYC Works
CLEARS will first need the customers to complete an initial KYC process from which the data is stored under a unique hash on the Ethereum blockchain. For the individuals or firms using CLEARS, they would still have to comply with regulatory standards of their nations first to continue using the toke for data certification
Once a member surpasses the initial verification stage, he or she receives a unique KYC certificate that replicates itself on the blockchain to guarantee the security of the data. If a client wants to use CLEARS they would only have to present the certificate and match the data to the individual
The flaws in the existing KYC systems are presenting a roadblock to the blockchain community improvement. But CLEARS aims to eliminate the inconvenient service with a much more efficient system. Here are the potential benefits:
Fast And Efficient Processing
CLEARS offers a KYC system that will work to verify and authenticate the data present, in under 30 minutes for the processing
CLEARS provides a secure KYC option since it relies on encryption of the blockchain technology with the data have no sharing ability by any of the users. That is in addition to CLEARS full use of the GDPR protocol to ensure no compromising on the data accuracy
Save On Cost
With the typical KYC delays we witness in the crypto industry, it often results in increased costs for the customers. CLEARS provides a lower pricing plan for the KYC with little inefficiencies
Is Clears The Solution For Verification?
Our currency crypto industry has plenty of fatal flaws and this presents an extensive source of criticism for the blockchain skeptics. However, CLEARS is enabling crypto stakeholders to provide for verification without fear of losing their sensitive information. Consequently, the cryptocurrency offers one of the best solutions for ICOs and crypto ventures looking for a method to know all their clients.
Clears CLRS Token ICO Details
The CLEARS ICO strategy will work through several stages with bonus and KYC feature.
- Private Sale-22nd February 2018
- Pre-sale-9th April 2018
- Public sale-21st May 2018
- Token ticker- CLRS
- Price- 1 CLRS=0.001 ETH
- Accepts- ETH
- Hardcap-50,000 ETH
- Soft cap-None
- Minimum investment-1 ETH