KYC Electroneum Update!


#1

Just posted to their Facebook account:

Key Points:
KYC Soft Launch on Monday, after 30 days it becomes mandatory for users to apply.

Multi-Tier Strategy, with each tier requiring more User Info.

  • Under 50 Euros, no registration necessary (Just need a Name)
  • Between 50 Euros and 3,333.33 Euros
  • Above 3,333.33 Euros

Teaming up with Yoti for User Identification for Fintech Use.

Also some further information on the iOS app, as well as Cloud Mining.

Enjoy!


#2

Strap in ladies and gents!! :wink:


#3

I guess that we will lose a good % of users that wanted an anonymous cryptocurrency… BUT institutions will look at ETN as a more regulation friendly crypto, so I guess that I the end is a Win situation for etn.
I hope I am right :face_with_monocle:


#4

I’ll take monster deals over anonymity features any day of the week. :smile:


#5

Creating my user identification profile now at YOTI:
https://www.yoti.com/


or
https://play.google.com/store/apps/details?id=com.yoti.mobile.android.live
.
.

Verified at YOTI & Ready for electroneum KYC :+1: :rocket:


#6

I don’t see any huge issues with KYC. I certainly don’t mind providing my details so long as i trust the 3rd party company that i’m giving them to.
It will be just 1 more Company that has them as most Exchanges are already doing the same. Coinbase (Crypto’s main door for new users) took them off me when i first got into Crypto, Binance has them, as does KuCoin amongst others. So no noise coming from me.


#7

Love the fact that they are doing this as it is necessary step for mass adoption. Mark my words in 5 years every single privacy coin will be banned by most governments and even owning them will become a major crime in the years to come for most people. So coins like Monero will more than likely have a very limited future along with about 95% of all coins on the market today. I welcome regulation and KYC and there is no reason to have privacy in crypto when you can’t even have it with your own bank account.


#8

I Agree.

My only concern is that if they make everyone do this including our target Audience, the unbanked. How will they be able to provide a driving licence or Passport?

Now i get the “under 50 Euro” clause meaning no ID required… However what if someone has 1000 ETN just now valued at only 7 Euros (under the ID threshold) but the price of ETN reaches 10 cents and their holdings are now worth 100 Euros… How do they then complete KYC?

An answer from someone official may put my mind at ease.


#9

etn is build for mass adoption, and these days every government wants to regulate crypto and if we avoid kyc then any time we will be interrupted by gov. If we have to crack deals then most of the other companies watns kyc so i think its a good move…


#10

Most unbanked people still have some form of ID that is required by their government that they can use, if you have no ID at all then they will never be able to take part in this. If you can own a smart phone you sure as heck could get an government ID. Also it may be a long time for most people to even have 50 euros worth of etn as they will be spending it before it gets to that level for the majority of them.


#11

here we go guys!!! this is what we’ve all been waiting for… KYC and the 5th directive. Once the team have gotten over this hurdle!! its mostly smooth sailing from there.


#12

a reminder, ppl with more than 10 miilion etn have to verify with DNA :grin:


#13

I would bet that the people whom have been used as examples prior to this, wont have the required Documents. Such as the the people who have to walk 10 miles for a phone top-up. They sort of live off grid i would say.

Maybe someone can clarify this for me.


#14

i thought it was a yoti profile at first and anything above 3333 dollars worth of etn required more documentation, nothing too different from coinbase and the documents you need to upload. this is a god thing.


#15

A) a picture of you + B) your phone number + C) your voice print (read 3 words out loud)

is all youll need to get basic KYC :heart:

If you own millions however, prepare to take a picture of your driver’s license or passport…


#16

No ID required for less than 50 euro, just simple email, name, phone number and photo all done on easy to use app. Should not be problem for pretty much everyone that know how to use a smart phone.


#17

With as much ETN as I own I prepared to offer them a DNA sample! lol


#18

@M-Kid lol, :smile: :joy:


#19

LMFAO!

DNA test kit on route along with a petrie dish.


#20

Could be worse, they could ask for a stool sample! :wink: :poop: