Digital currency blockchain networks are hamstrung by many problems. The concept of a decentralized, anonymous network where individuals freely transact and obviate regulatory constraints is theoretically attractive. Unfortunately, it is not a realistic proposition. Like it or loathe it, the authorities have overarching control over transactions processing. They may do this directly through banks and regulations that are imposed on banks, or through statutory constraints that are imposed on burgeoning new networks like the 1,500+ cryptocurrencies across 9,300+ markets. Regardless, there is no getting around regulation indefinitely. We are seeing this with increasing alacrity in countries like China, Pakistan, India, South Korea, the US, and various others.
Cryptocurrency markets are subject to extreme volatility whenever a high-ranking official such as a central bank governor, or a finance minister makes disparaging comments about the blockchain boom. It is foolhardy to assume that any system can operate in a vacuum without any recourse from the authorities. Rather than square off against watchdog authorities like the FCA in the UK, BAFIN in Germany, ASIC in Australia, or the SEC in the US et al, the creators of DasCoin pursued compliance over defiance. The net result is a sustainable, and eco-friendly network that is highly adaptable and integrated to ever-evolving marketplace demands, regulatory compliance, and changing technology. And it all begins with a KYC policy.
DasCoin is Rooted in Authentication and Permissioned Users
Cryptocurrency communities are plagued by security concerns. Part of the reason why there are so many gaping holes in these digital currency networks relates to the lack of authentication. DasCoin has changed all of that with strict adherence to the KYC process. Know Your Customer is a verification system whereby every member of the blockchain network meets the highest security standards. This ensures full compliance with regulatory standards. The 4-step process works as follows:
- Know Your Customer authentication
- The Validator hardware device to protect members’ funds
- Keys Setup
- Exchange ready for blockchain transactions
The KYC process ensures that the WebWallet is more secure and compatible with a myriad of global payments options. To get started with the system, clients must submit biographic details including name, address, ID, etcetera. That information will then be verified by a third party and notification will be sent to the potential member. The WebWallet™ is used for exchanging DasCoin which operates in a global ecosystem known as the DasEcosystem. To become a member of the community, one must purchase a license. An invitation to create a WebWallet account will be extended within 7 days of purchasing this license. Additionally, members must verify their telephone number on site.
The Validator Authentication Device
Know Your Customer protocol is central to identity verification. It works by simply validating and verifying a person’s true identity against third-party sources. There is no other effective way to protect against funding terrorism and money laundering. This is part and parcel of the accountability component of this authenticated global community of partners and users. The DasEcosystem is fully aligned with CFT standards and AML standards.
The Know Your Customer process can be completed in as little as 10 minutes. All that is required is the uploading of the requested information (ID, driver’s license, passport, bank statements, mortgage information, etcetera). The hardware device known as the Validator (purchased through the NetLeaders store) is one of the most effective ways to authenticate ID and process transactions within the WebWallet community. This hardware device is protected with 2 dozen secrets seed words. Without these seed words and the device, a member’s funds will be lost forever. Thanks to these security measures, it is impossible to have entire networks shut down, and funds siphoned off without a trace. The DasEcosystem is paving the way for a sustainable and compliant cryptocurrency system.