What is the Point of YOTI?


#1

So I have a fully completed yoti (WITH SUBMITTED DOCUMENTS) and I linked it to Electroneum, Yet I am still only level 1.
I submitted a support request and they responeded I need to upload documents to electroneum to complete level two.
So I Ask AGAIN…WHAT IS THE POINT OF YOTI!?


#2

Yoti is a digital identity app, a way to prove your identity. They partnered with ETN for KYC.
Only the 1st level of verification is made on Yoti app.
For the levels 2 and 3, you have to access my.electroneum.com -> Settings -> Your profile. From then on you will be instructed on that page regarding the next steps to follow.
It is really easy, you will see.


#3

I can understand the information on the etn page for completing kyc, im not asking for directions. What I am Saying is I find the yoti app serves no purpose whatsoever. Complete waste of time when you just have to verifiy your documents on the etn page anyway. Im sorry but having a third party hide your dl and passport and just be a verification service when you still have to submit even higher level information directly seems…dumb.

To add, in having to give my valuable information, I would rather just have to worry about and trust one entity instead of 2.


#4

That is how they manage this. I believe there are some videos where Richard explains this whole KYC thing.


#5

I watched them and get the whole KYC effort.
But using YOTI is like replacing a burned out light bulb with one brand lamp that isn’t bright enough and then changing it again with anothers brand lamp thats much brighter. Why not just use the one you intend to use.

They could at least say “if your looking for level 2 or three just skip yoti and verify everything with us.”


#6

Yoti uses some AI or human eyes to verify that the human on the video is the same person as on the passport photo. I suppose it is cheaper/ faster for the ETN team to pay for this service than spend its own time/money to develop this kind of service.


#7

I could sort of see that, still why not have them verify the whole shebang then. Seems an odd divison in the process. I can see the use of yoti if the majority of the users are going to stay below the 50 euro level but If this thing grows legs and people start to use this for payments on a regular basis a more central onestop deal will be better for onboarding users.


#8

I agree but perhaps for the time being Yoti is a faster solution for the ETN team