KYCs made Easy with Essentia

sunnysideupfang (55)in #bitcoin • 6 years ago

Regulations are starting to hit cryptocurrency investment and a lot of ICOs now require that investors go through a KYC process. I have participated in a few ICOs recently and the KYC process just becomes an unnecessary redundancy. I've done the process for Suisse, LEEK, and many independent KYC process offerings.

It doesn't end at the ICOs since KYC process is necessary for the majority of exchanges too. And it is an absolute must if you trade high volumes on the major exchanges. But the reality is that if a person has been verified once, it doesn't make sense to have to verify your identity over and over... And over and over.

Do you know how many times I have had to take a selfie with a piece of paper and my ID?
Too many times! It was too many the first time I had to do it. If I have to dress up for another KYC selfie, I am going to lose it. JK I don't dress up for kyc selfies... Do I?

The point is that the current KYC process is extremely inefficient but KYC is a huge part of dealing with crypto. From the point you buy tokens in an ICO to the moment you sell those tokens on an exchange, you are going to deal with KYC processes. It's time to make KYC efficient and convenient, and Essentia is here to many sure this hope becomes a reality.

The Fix

Essentia offers its users a single seed to securely store all their information and then to access it when they want. Users have the ability to permission others to access any portion of their information, and you are given an eLogin

So once you have placed your identification documents on the platform, you are done. You can use Essentia's eLogin and the ESS-ID issued to you get access to anything that requires a KYC without having to go through the KYC process over and over.

This is a much needed solution since more ICOs are starting to demand KYC approval and almost every exchange now requires a KYC approval. Essentia makes it possible for users to conveniently pass their KYC while allowing ICOs, companies, and exchanges to easily approve customers as their verified information can be easily collected with Essentia.

I also think that Essentia could play a big role in the move to bank the unbanked. As we go about decentralizing banks, Essentia’s ability to offer a secure and easy KYC processing concept that merges with ESS-ID reputation will be very valuable.