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April 18, 2018, 11:35:21 AM |
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Hi everybody, I already posted a part of this in some form on another topic, but I actually think this idea is not bad and deserves a topic of its own (self-praise at its worst, khm khm).
As we all know, ICO's are a great way of introducing new projects and getting relevant funds. Another well-known type of distribution is an airdrop. Airdrop can be an additional way of distribution coexisting with ICO (technically ICO is a funding process, and actual distribution is actually an airdrop, however, when talking about "airdrops" we usually mean - free distribution) or a sole way of initial distribution.
The other thing we also probably all know is that it is "normal" for a market gaining a lot of interest to attract scammers as well.
This is a well-known fact for regulated markets as well, so it's not a miracle that it is existing in unregulated markets (in a more threatening way, I might add).
Hence the market needs to be regulated. Here is where most of the newbies make a first of mistakes and initiate FUD reactions to bombastic news one-liners, mixing "regulation" with "prohibition".
Regulation is a good thing - those that don't get that by now should start, from this or some other moment, the sooner the better.
Let's move on.
One regulation that came into force very recently is a so-called Know-your-customer, or more poluarly - KYC.
However, in a current state of things, I consider KYC to be hazardous, really a weapon for various information scoopers.
The intent of KYC is good, however, usually, you need to send your data (with your real name, address, a copy of identity card or passport etc) through for KYC approval in order to apply for an ICO or to apply for an airdrop... generally - you need a KYC approval to get yourself whitelisted.
Not to say that you should check a project before sending your data, but usually that requires time, both in the sense of one you don't have and in the sense of a simple technicality - almost everybody can write a decent looking project, a front page, with nothing but thin air to support it; it is obvious that people need time to see through it and determine it is a scam.
Hence I recommend the following regulation approach:
1. Announce the need for KYC approval at the beginning of the campaign.
2. Request KYC at the end of the campaign.
That way everything will be transparent (1.) and people will have extra time to check the validity of the project before submitting their data (2.).
I actually think this should be added to the regulation case.
Feel free to recommend other regulations within this topic as well, not just for KYC.
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