KYC Electroneum Update!

@Pete i think they will get a message then saying that they have to do KYC first in order to continue to their wallets depending on the amount you have of course.

4 Likes

99.999% of my funds are in CLI wallet or paper wallet since 12.14.17. My funds are safu :smiley:

I imagine your teir will be grandfathered for a period of time, but as he mentioned in the video. The system will update monthly, so if you are at the 50 euro mark you may either need to sell some ETN or provide KYC to enter the next tier and be able to use the API system.

To be honest, this will only encourage people to spend their ETN that possess small amount >50 euros. Moreover, under 50 euros will pay a phone bill in a developing country

This is another seam of the ecosystem that the tailor has implemented but we are not noticing the fine detail.

-T :man_scientist:t2:

1 Like

This is intelligent. I hope people get to understand your point too

1 Like

https://community.electroneum.com/t/kyc-electroneum-update/2800/20?u=satsukeshi

Talk about a new meaning to “shitcoin”.

1 Like

This is a great and giant step moving forward. This is also needed I believe for the future of crypto in general. Can not wait to check it out next week.

1 Like

Thank you! I only hope to bring a different perspective to each move ETN makes.

what if I m not planning to use KYC I’m fine with app wallet and its cool. does it make any threat or anything else to continue with the traditional way of ETN ( offline, online wallets, mining, security?

1 Like

As far as I’m aware, you won’t be able to use the instant transfer/payment system, use the mobile miner function, etc

1 Like

holy … is that right ?

Quoted Text

This should not apply to CLI or Paper Wallet.

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.

4 Likes

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.

1 Like

@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

1 Like

thank you :kissing_smiling_eyes:

1 Like

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.

1 Like