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I like the idea of getting bonuses when you hold some Eterpay and share from transactions generated in the network if your wallet is verified. But what are the condition for a wallet to be verified?

A big pro for this. Always good to have some income from doing nothing Wink

Why is verification needed at all? Isn't it proof enough if you have a certain balance?

They need it for security purposes in the future so that they can be sure that they'll know who's the users of the platform. If you don't have criminal cases then it would not be a problem to you.

And what about privacy? Why should they know who is using their platform? That goes into the direction of what we have today. Mass surveillance and hardly any freedom.

This is something needs to be work out a lot. Privacy is really important, but the fact the some users doesn't want to do verification, maybe because it's a hassle one to do. But also, one problem it's trying to solve is to be sure that no one in its users are using the platform for illegal purposes.

Most ICO related project today do some KYC or know your costumer to make sure that everyone is using it is legit or they are using it for what the platform's services are focused in. Some might be against the implementation of the verification but the final decision is still in the team behind this one.

as a participant, we must follow the rules who given by the project. sometimes KYC verification is indeed complicated, but it's all to reduce cheating. the most important now is to support this project and make ETERBANK favored by many investors

Having KYC verification isn't a bad thing at all. I agree it's sometimes complicated and might be considered by some people "not important to deal with" because in their opinion why have it if a project must remain its users identity to anonymous.

Some people really don't care about KYC because some of them used by being a anonymous. But we don't have anything to do rather than following the rules of the project. I have a good feeling that eterbank KYC is for the safety of all members.

With having KYC or not, still the success of this project depends on the teams hard work and members cooperation. Eterbank is a good project, but many people gives KYC as a big deal. If they want to have a secured account with every members then just follow the rules.

You guys always talk about KYC. What does that mean? I'm curious about that terminology. Does that have any correlation on the project? Please, enlighten me.

Know Your Customer. It is a process used to determine the identity of investors and customers meant to prevent money laundering and terrorism financing. Basically, the point is to determine if the person investing in the project or trading with crypto is actually that person and not some criminal or terrorist hiding behind anonymity.

Thanks for the answer, bud. I really appreciate your answer. Now I know what KYC means, I think every ICO needs to go on the process of KYC in order for them to track their user's identity.

It's also the process of many ICO's to protect their branding on the marketplace, because if there are some cases of money laundering on their platform then they will be questioned regarding with their security and legalities.

With KYC makes the project legal and safe. You can know all the people and the costumers identity so you can determine if he/she trustworthy.