On KYC
KYC is a hot topic in any ICO. Going back a year ago, not many are into KYC, and most fo the ICOs are setting on the gas limit to ensure fairer participation from the contributors.
However, since 6-month back, with huge pressures from the regulators, KYC is the in thing for any ICO. That is something that became an anti-thesis for the why the crypto is being developed in the first place. CryptoCurrencies are supposed to be
pseodonymous, which means, you can tell that it is that address that send to another address, and no one can refute that. Only, you don't know to whom that address belongs to. Unless, they can tie up your address with your utility bills information, and that's it! The pandora's box is opened.
Flash forward now, KYC is everywhere. We respect your privacy, and at MEXC, we don't need your
utility bills, your passport copy and so on.
What happened if that information falls into the wrong hands? Who's going to be responsible? It has happened before, and who can recover back the personal data?
MEXC is among the few tokens that passed the Howey Test as a Utility token.
There are 2 spectrums here:- one is a Utility token (call it a voucher), and another is a security (call it coins that akin to shares).
The ICOs that are not aware of this Howey Test, would just follow the crowd on the KYC. Hey! that ICO has KYC, and we should to. A me too approach is not well with the crypto community, and we strive for uniqueness and well-rounded eco-system for MEXC.
Don't worry. You can participate in MEXC ICO by just giving your Ether address. Why? Because during Stage 1, we need to allow your address to come in. Go have a look at our
Smart Contract to know more.
Head over to our
Website for more info on MEXC.
