KYC.legal aims to provide identity verification over the blockchain. Find out how it works today in our KYC.legal review.
What Is KYC Legal?
KYC.legal is a blockchain-based identity verification system. The platform’s ICO begins in December.
KYC.legal, as you may have guessed from the name, aims to provide a better Know Your Customer (KYC) verification system. Today, banks, financial institutions, and cryptocurrency exchanges are required to abide by KYC requirements. Basically, it means these organizations need to collect and verify personal information from customers. It’s designed to prevent fraud, and it’s also frequently paired with Anti-Money Laundering (AML) verification requirements.
In any case, KYC.legal wants to create a better KYC/AML verification system. This system aims to deliver benefits to users and to companies by developing a single, unified, convenient solution. Instead of individually completing KYC requirements from each service provider, you can depend on a single platform.
KYC Legal Benefits
KYC.legal aims to offer the following benefits to users and services:
- Personal information is protected by encryption and biometric data
- Data is hosted on a user’s device
- The user can choose which information they provide to the service
- Document verification is available with a digital signature
- Reliable information on users
- Avoid fake or duplicate user profiles
- Maintain KYC compliance
- Ecosystem for customer and service interaction
How Does KYC Legal Work?
KYC.legal consists of Android and iOS software. Users submit personal data through that platform. Then, that information is verified by an agent.
Crypto exchanges, ICOs, banks, funds, and other parties can request information from users. The user verifies this request, then KYC data is sent to the platform.
Typically, this verification process takes just 30 minutes or less. The mobile apps for KYC.legal launched on November 1. You can download the app.
When you download and use the KYC Legal app, all personal data and biometric data is encrypted. As soon as personal data is verified, the app converts it to cryptographic hash, transfers it onto the public blockchain, and deletes all private information from servers.
You can only log into the app with a fingerprint sensor. All data is hosted on the user device, and users can choose which services they share their data with in the future.
Verification costs vary from $10 to $50, depending on the region. This amount includes the verifying agent’s costs, which account for about half the fee ($5 to $25). Each verification comes with a reward amount (50% of the total price) that is shared between the user and the token holder. The KYC token is the sharing instrument.
Each token can be used in the verification process once per month.
A local KYC verification might be set at $10, including $5 for the agent’s reward and $5 for the tokenholder reward. The tokenholder might set his reward at $2, which means the full cost of the referral is $7 ($2 tokenholder reward + $5 agent’s reward).
The KYC Legal ICO
There’s a total supply of 42 million KYC tokens. 80% of those tokens are going to the ICO, with 15% going to the KYC team and 5% going to operation costs.
The maximum cap for the ICO is $35 million. KYC tokens are ERC20 tokens built on the Ethereum blockchain. Tokens are set at a rate of $1 USD = 1 KYC.
The ICO begins on December 1.
Who’s Behind KYC Legal?
KYC.legal is led by Daniil Rausov (Founder), a serial entrepreneur with 10+ years of experience developing B2C IT solutions. He was motivated to create KYC.legal after realizing there was no global, simplified technical solution for user identification.
Other key members of the team include Sergei Bekrenev (Co-Founder), who founded the largest legal company in Eastern Europe (called “European Legal Service”), as well as Artem Haritonov (CTO), Eugene Zonov (CEO), and Matteo Rossant (CBDO).
KYC Legal Conclusion
The KYC.legal whitepaper mentions that 100,000 users try to open accounts on services requiring KYC verification every day. All of these users depend on the KYC verification process to be fast and easy. However, there’s no global, simplified KYC process currently in place. That’s what KYC.legal hopes to create.
KYC.legal aims to create a blockchain-based solution to today’s KYC problems. Using, KYC.legal customers can upload their information through an app, have that information verified, then easily share that information with any platform.
The token sale for KYC tokens begins on December 1. You can learn more about KYC.legal by visiting the platform online today.