KYC scenarios / WhiteList / WaitList / Promo codes

When delivering the Personal Cabinet (ICO platform), we use hundreds of different options and settings for the client. The following describes what scenarios for KYC / AML procedures we offer, how the Whitelist works, etc. In short, we support ANY scenarios. Many of the programs described below can be changed right during the ICO. most of the described options “Pause Exchange”, “Personal Freeze” and Promocode operate and so constantly.

Hard KYC scenario

It often happens that when a client comes to us, he was frightened by severe lawyers. Then the client asks us to implement a rigid model of KYC. This means – first the buyer must necessarily on a third-party resource (KYC-provider at the client’s choice) to register and identify his identity. Only after some pause (from 30 minutes to 1 day), KYC-provider approves the buyer and that can return to the Personal Area to buy tokens.

The disadvantages of the hard scenario are obvious: a sharp decrease in the conversion of those wishing to pay (there are so few of them), the user does not always have the necessary documents, or he simply forgets what he did-KYC will start and will not or will forget to complete it. For the same reason, we realized our office not like everyone else. In other people’s products, the user goes to the Personal Area and immediately stumbles upon the “fence” – without registering to enter. Obviously, most people are lazy. Conversion is collapsed to zero. We have opened all pages of the Personal Account in order to somehow keep the user on the site and demonstrate the richness of the functionality. We’ll even show him some payment details, so that he sees that you can only separate one small step from the possibility of payment – simple registration. Therefore, when the user decides to register, do not need to grieve him by another wall – KYC.

Soft KYC scenario

Decide whether you need a hard case scenario – the client’s business. From practice it is obvious – it is not necessary. It is better to collect a lot of money and then solve the problem of coercion of its customers to KYC, than to isolate themselves from all complicated registration and remain without money. Despite the intimidation of lawyers who are overacting, the issue of collection is paramount. In this case, CryptoB2B does not in any way call to violate the law, only offering you a choice of different options.

The softest scenario is that there is no KYC at all (except mail – it is needed). We do not practice, but the method is available. For example, you can not ask the buyer about anything, accept anonymous currencies Monero or Zcash (support) and provide incredible anonymity, if you need it. This is suitable for fans of TOR and similar technologies of the dark side of the Internet.

The optimal KYC scenario with variations

Relatively soft scenario: we ask the buyer for all of his data, including the passport, but let’s skip this step. Those. we advertise the button “SKIP KYC”. The buyer is aware of the requirement, but it can easily bypass it and buy tokens. Our smart contract releases frozen tokens – they are transferred to the buyer, but the latter can not translate them further. Accordingly, the founder after ICO will have a lot of time, exactly how to pressure users who evaded KYC. In extreme cases, the opportunity to return money and roll back the transaction, if someone will shy away from KYC.

Dozens of interim solutions. For example, KYC is implicitly passed by the buyer during payment by credit card. In this case, KYC for the crypt is not necessary. Or KYC depends on the threshold of the amount – small amounts without checking, large purchases – forced KYC.

Options for returning tokens are options to scripts. You can put all the tokens on pause or remove from it. You can freeze all, and unfreeze individually, after passing KYC. You can freeze only those who evade KYC. In addition to freezing, you can use to burn tokens. You can combine these actions by dates, laying the conditions inside the smart contract.

The most simple and comfortable scenario:

  • You conduct an ICO, invite everyone to voluntarily fill out KYC, but the “Skip KYC” button lets you skip it
  • You do not prevent users from paying
  • After receiving tokens, the user will not be able to translate them somewhere – there is a general “pause exchange”, preventing speculation with tokens during ICO
  • When the ICO ends, the “exchange pause” is not immediately removed. Usually it is removed after 2-8 weeks.
  • This is the time you spend trying to convince your users to pass KYC.
  • If you want, you can those who evaded KYC, personally freeze or burn them tokens (and return money). Then remove from the “Pause Exchange”.
  • Burn the tokens – finally note the payment of the buyer (return the money). Freeze tokens – it is hoped that the buyer will pass KYC, but it is unknown when. When burning tokens, the total emission is reduced, while freezing – no. You can choose any scenario.

We ask clients not to worry about the abundance of parameters, we tell all the nuances by the time of work.

WhiteList / WaitList in the Personal Area

This option came from the distant 2016-2017, when there was a lot of rush ICO and everyone did not get tokens. Therefore, the option – waiting list or WaitList was invented, where you had to specify your email and the desired amount of investment. Further, when the ICO started, some of the people (first of the list) were placed in the WhiteList and offered them to make this investment. Those who did not even get into WaitList (not to mention WhiteList), whether it was regrettable.

Since the autumn of 2017, the excitement has fallen asleep and waiting lists have completely lost their meaning. However, many customers want to run them. This can show potential buyers that the ICO is in a state of agitation. Of course, we support the option of such sheets.

We allow a potential customer to register in the Personal Area and thereby include themselves in the waiting list. We can ask how much money he plans to invest. This will already give you a lot of marketing information. Further, if the client wants, we can provide WhiteList – only those who will be approved will be able to pay. Either, these people get a special bonus, for example + 10% of tokens.

Any other similar scenarios and their combination are possible. For example, a record in WhiteList can be carried out by your marketing partners on their third-party sites. Thus, they stimulate buyers with an additional bonus, as well as you can additionally pay for them with attracted buyers.

Similarly, the referral program works, but with a few purely marketing differences. It also provide for the bonus payment in the form of tokens, otherwise.

Promotional codes

Promotional codes are an analog of WhiteList. If you somehow mark the buyer, then he can add an additional bonus when buying tokens. Usually this is called a promotional code and acts on the websites of your project’s marketing partners. We support this functionality.

KYC and Whitelist

All options above can be combined and allowed before payment only to those who pass KYC.