KYC.LEGAL Review January 29, 2018 – Posted in: Reviews
THE MAIN IDEA/MISSION
KYC.LEGAL aims to disrupt the current Know Your Customer / verification industry by utilizing the blockchain technology and providing an exceptional experience for users and service providers. The project is challenging the problems of the costly yet demanded verification procedures in various fields, including data security, increased number of middlemen, time consumption, and others. Considering the operational beta version of the KYC.LEGAL app, the promising cross-field idea applicable and a strong team, the project has already raised over $22 million out of the $35 million possible, at the moment of writing. Considering the fact that the world identity management market is expected to reach $14.82 billion by 2021, and that the blockchain technology market is gaining momentum, KYC.LEGAL business has almost limitless growth opportunities.
KYC.LEGAL is a blockchain-based solution for user-friendly, time saving and low-cost verification. The key advantages of this project are as follows:
Time and cost efficiency. As more and more people are required to pass the KYC procedure, for various reasons, they face time-consuming and non-intuitive processes that cost a lot of money. KYC.LEGAL automates the verification process, and offers trouble-free verification via application within 30 minutes only, at reasonable costs ($10 to $50 depending on region).
Reliable information. Verification officers can rest assured that the data provided by users is valid and not faked, as it is secured by the blockchain technology. It also eliminates cases of the duplicate user profiles.
Data privacy and security. Personal information of users is strongly encrypted. Moreover, the blockchain technology allows creating a separate hash for each parameter of user’s data. Finally, KYC.LEGAL doesn’t host any personal data after the identity confirmation. Only the user’s device stores this data.
There are lots of use cases where KYC.LEGAL can be helpful. Some of them are verification procedures on the crypto exchanges, within token sales, for notarial actions, medical consultations, remote banking loans, social networks, insurances, etc.
USE OF ETHEREUM SMART CONTRACTS AND BLOCKCHAIN
Let’s say, a user needs to get verified by a certified verification agent. He selects the required verification data and uploads/enters is via the app. This data is encrypted by SHA3, and an order for verification is placed. An order can be undertaken by a verification agent who conducts a compliance check and verifies the data within half an hour. The data is encrypted again. The user gets full verification, and the agent received their reward, according to the smart contract. The application is already operational in beta and available on Google Play and App Store for free.
KYC TOKEN USAGE
KYC token is a utility tokens and a unit of exchange within KYC.LEGAL network. It is ERC20 compliant and used for the decentralized ID verification referrals and user acquisition. Token holders can either transfer KYC tokens between wallets or crypto exchanges, or they can get more active by creating a Stack in the application and placing the referral link on the web. 50% of total verification cost covers the service of certified agent vetted by KYC.LEGAL to complete verification. The remaining 50% is divided between token holder and user (in form of discount on service) based on split ratio defined by token holder.
|Tokens to be Released||35,000,000|
|Tokens to be Issued||42,000,000|
|Accepted Payment Methods||ETH, BTC, fiat|
|Token Price||1 USD|
|ICO Dates||Nov 9, 2017 – Mar 1, 2018 (or when sold out)|
|Distribution Time||within 7 days after the ICO closure|
There will be 35 million tokens released during the ICO with a maximum hard cap fo $35 million. However, 15% of tokens will be additionally released for the KYC.LEGAL team and 5% — to cover the operational costs. All together, that makes 42 million tokens.
$1 million — team salaries and overhead costs
$1 million — technology advertising
$2.5 million — discounts for partnering funds
$3 million — marketing efforts and monthly road show (conferences, specialized events) participation
$3.5 million — referral payments
$25 million — financing of the free validation service provision for the first million of users ($25 per certified agent, the remaining half is expected to be covered by active token holders in exchange for promotion of their stacks and services).
August 2017, the development of KYC.LEGAL application has started. On 15th of October, 2017, the beta version of the app has been already launched. Currently, the project is on the ICO stage and is approaching the product launch. The roadmap of KYC.LEGAL is as follows:
Feb 1st, 2018 — ICO closure, product launch
Feb 15th, 2018 — publishing the company’s development, key goals and milestones
Jul 1st, 2018 (or before) — KYC token to be listed on exchanges
Dec 31st, 2018 — KYC.LEGAL acquires 10 million users and over 100 service providers in 2018 with first 1 million users to be verified at no charge
By 2020 — the platform is planning to acquire over 20 million users
In terms of marketing and agent acquisition, the roadmap is as follows:
Nov 2017 — campaign in Hong Kong & Madrid
Feb 2018 — campaign in Beijing & Shanghai
May 2018 — campaign in New York and Sao Paulo
Aug 2018 — campaign in Moscow, Saint Petersburg and Singapore
Nov 2018 — campaign in Tokyo, Seoul and Chuntsin
Feb 2019 — campaign in Berlin, Paris, Rome, London and Istanbul
May 2019 — campaign in Delhi, Mumbai and Bangkok