KYC Electroneum Update!

That’s what I’m thinking, anyways. I’d imagine their internal system will require it, which means instant payment/transfer and cloud mining.

how quickly can millions of users be ID verified…

Not the best example but i got Verified in under 10 mins with my Driving License at 7pm tonight UK time.

Using the law of averages, It’s fair to assume that they wont all show up at Once, so i’m sure they can handle it for the time being. If there is a massive Influx on people getting Verified then there may be some delay but i think maybe a few hours as opposed to a few days.

It’s worth noting that this Company has the desire to do KYC checks for the large International Companies and not just little ETN, so my best guess is that they must have things in place to handle the volume or they will look pretty silly in front of the big boys.

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can u expline ? can we use offline wallet or cli wallet without kyc ?

You will still be able to use paper wallets to your heart’s content, you could even hold a Million Dollars worth on them and not need KYC, you can trade as much ETN as you wish on exchanges as long as you follow their rules also (which most exchanges need KYC anyway). you can still send millions of dollars worth of ETN from one paper wallet to another paper wallet using the CLI import feature and not need to be KYC. however if you want to load those into the account where you can access it via the application and use the instant payment system between you and vendors then you will need KYC to spend above the daily limits. if you move some ETN from a paper wallet to your mobile wallet using the CLI then you won’t need the full KYC as long as you stay in the lower limits.

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@furios Simply, if you are using CLI or Paper Wallet, you should not be affected by KYC, which means you do not have to do anything extra as far as KYC verification,… if you need to learn how to use CLI wallet, visit Basic Electroneum CLI Wallet Guide with Remote Node method to learn.

Paper Wallet generator can be found here: https://downloads.electroneum.com/offline_paper_electroneum_walletV1.6.html

Note: Paper Wallet transactions can be checked via https://blockexplorer.electroneum.com/

Electroneum block explorer guide can be found here: Guide to the block explorer

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thank you :kissing_smiling_eyes:

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can u tell me about these limits. ?

as far as I understand if you are spending or holding less than €50 you won’t need full KYC just a voice print and picture will suffice. if you hold or spend over €3333 you will need full KYC, probably include passport or driving licence.

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I wouldn’t fear. I am sure the ETN will have something in place to help Yoti accept more forms of ID.

Great, Yoti doesn’t accept Czech rep. (International) driving licence. Only passport at this moment.
I use my driving licence to verification on all exchanges without problem and Yoti doesn’t accept it?!

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Don’t stress too hard, I’m expecting the ETN team to be working with Yoti to address this issues. A big reason for having a soft launch is to suss out these problems (which may not have been apparent on paper).

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@Bugsy_Siegel Any chance we could get some confirmation on this?

Also a note you need a front facing camera to do the ID scan otherwise there is no other way to do that too. So if you’ve got cheap phone with no front facing camera you’ll be limited on the ID verification. You can’t send in documents manually either.

You can’t take a picture from the rear camera and upload that? That would be a strange oversight by Yoti.

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Nope, I emailed support and a front facing camera is required in order to do the scan. They need more ways to upload ID for people. It’s unusual to say the least, that should definitely be an option for users.

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With all this talk of KYC, I’m getting hungry. Bucket o’chicken anyone?

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Can you ever truly trust personal data security online…?

So if they get hacked and our data is sold - we all get penis and breast enlargement spam emails for the next 12 months - I guess there are bigger worries than that in crypto.

I don’t know anything about yoti currently, I just hope they have excellent security.

This is all just a setup to tax us on our not so secret crypto - I know it’s not ETNs decision, they have to jump through those bureaucracy hoops too - and it does make ETN attractive to the big player deals we hope for in the future.

I will reluctantly join the KYC

You make a fair point. And my honest answer would be NO, i guess you cant.
Brittish Airways just released information that their customers data was breached last week. And if a company of the size and stature of BA can get it wrong, then i guess anyone can.
Go back 20 years and the only people who were using the internet were seen as nerds. We are living in an increasingly digital age where everything now works online. Our online data is always at risk, and all we can do is be diligent in who we share it with. Cant wait to get those emails you were talking about though, i can put them in my “to be considdered” folder along with the blue pills emails and the ones about my long lost relative from Zimbabwe who left me 10 million Dollars.

on a serous note though, my Diligence was based on me trusting ETN and ETN trusting Yoti.

Most of us have online banking, paypal, facebook, use gambline sites (not me) , book aeroplane tickets… the list goes on. All of these services require varying degrees of KYC and we the users have to place trust on those whom we do business with.

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I see what you did there :wink:

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