Post
Topic
Board Altcoin Discussion
Re: Why KYC is important?
by
YinShuiSiYuan
on 31/07/2018, 16:27:58 UTC
KYC is stands for "Know Your Customer" and i think this is a system that identifies the true identity of a participants. And this KYC is important in order to validate cheaters and those scammers. But sometimes it can be used also by those scammers also by pretending to have a n ICO and will ask your information for their own benefit like using your information for bad intention and  this is the disadvantage of KYC system implemented.

It would be great if the development team passed kyc before running ico, then there would be less scam. It seems to me that such a rule will soon be introduced

They should start from this. Before the ICO procedure starts, all team members should go through the KYC procedure. Maybe it would actually reduce the amount of fraud. It's investors who risk their money because they usually get cheated. Requiring KYC from bounty hunters or airdrops participants is a complete misunderstanding.