I’ve seen ICOs struggling with KYC due to manual check long after the token sell- the question is, if token issuers can do KYC with ICO PASS before the actual ICO, avoiding long lines? Does the team have experience with digital identity projects? Great project By the way.
Thank you. Yes, KYC can be done before the Sale. That is actually how we will do in our ICO. The contributor will be asked to verify the identity and whitelist the wallet before buying the tokens. In case a person sends funds from an un-verified wallet - these funds will be returned immediately to the sender using smart-contract. A more detailed description how this will work is here:
- users download the app;
- fills personal data about them such as e-mail and verifies it (this is needed in order to be able to later on contact contributor if there is need for additional information);
- takes photo of the ID documents and themselves;
- when the authenticity of the person is verified, watch-list checks performed and face-matching done - identity is considered to be verified;
- person then links the identity with the wallet address;
- when a person transfer then funds from a wallet smart-contract checks if it is linked to a verified identity. If it is not, then funds are returned.
For ICO organizer we will provide a dashboard where all this information about contributors is collected - watch-list report and photos of the person and ID document.