Topic: A call for mandatory KYC for core members of projects conducting an ICO or IEO. - page 2. (Read 301 times)

I gave this suggestion too and that too couple of years ago but the fact is that there is no regulatory or implementatiom authority or body present and exchanges are centralized either their should be a global authority for ico registration, team kyc and details, ico clearance and licensing or the bigger exchanges should act like it and afyer thorough due diligence they should put public all the require data to public before the listing of an IEO.

Everything you write about is already being used by scammers to quell the vigilance of gullible investors. If there are only two sides, one of which is at risk and has no protection, there will always be a victim and a predator.
The first difficulty is the quality of projects. But with this we can do nothing.
2-nd. The difficulty lies not in the technical details of the implementation of the transparency of the project. Difficulty in the third person. I remember escrow providers were popular. But for some reason this is little used.
I think that a good way to reduce scams is to create a verification mechanism (KYC, escrow, publishing their mom's home addresses ) when creating a token. How to be with a new coin, while there are no ideas.

I thought that if IEO already used KYC verification before the exchange site is wanna listing an ico to be launched on its IEO but I will support this one because KYC can become another standard to the developer to launch its ICO.
But the problem when it will be so difficult to be implemented on independent ico.
This has already used by major launch pad to verify the ico.

         Over the last few years, the crypto-community had experienced different forms of SCAM crypto projects doing ICO's in order to defraud unsuspecting investors and supporters which I think would have discouraged most of them towards openly embracing blockchain technology particularly on field of cryptocurrency. This fraudulent activities had resulted to significant amount of hard earned money being lost with little chance of recovery but rarely we've seen indictments for those who are responsible for the reason that most proponents or core members of these SCAM projects have used fake identities and addresses as an evasive strategy thereby making it more difficult for authorities to identify and pursue each and everyone of these perpetrators and held them liable under the rule of law.  Although there has been some cases of previous crypto frauds where the perpetrators had been brought to justice - due in part that their identities were known, still there are considerable number of SCAM projects out there waiting for the right time to take advantage of other people's weaknesses.  Additionally, these bad actors are often brazen in committing these illegal acts due to the fact that their real identities are often unknown to the public and there is almost no way we could really identify them personally.

        Another interesting fact is that I've seen some project's core members being tagged as KYC verified or had passed KYC by ICO rating sites which I find doubtful since these ICO ratings sites are not transparent enough on how they do their KYC process even if they stated that they are conducting it with the help of a KYC provider but of course, most of them are paid sites and possibly could give favor to certain projects due to monetary considerations or maybe they have other vested interest over that particular project.

       In this regard, I think its now about time that the crypto-community would altogether stand up united and demand that every crypto project's core members or top management should at least pass a mandatory KYC utilizing the industry's leading KYC providers even before the community considers to start investing in it or supports it since it could serve as a proof that a certain crypto project is being handled by real persons with real identities and not just with bogus aliases / identities. Moreover, the rationale behind this idea is that if those core members are doing a honest and legitimate project and they are all also acting in good faith, then I think there will be no reason for them to avoid undergoing a KYC process and would instead gladly submit themselves to it since there is no reason to hide their true identities for the purpose of avoiding any unwanted repercussions in the future.

      Also, I would like to point out based on my observations, that most founders and core members of most successful projects in the crypto industry had their identities made well known to the public except of course for Bitcoin's Satoshi Nakamoto which is in contrast to its current core developers whose identities are also publicly well known. I think maybe we could attribute the success of these crypto projects due to more transparency being shown by the core team of these respective projects. I guess the community are generally more inclined to trust most on the team or core members  if they knew their real identities thus building more trust and confidence between both parties.and this maybe one of the reasons why we need to obliged  ICO core members to absolutely pass KYC verification. Also, we should take into consideration that  that we could also make this KYC process as a requisite for any crypto projects doing fund generation activity be it an ICO or an IEO for that matter.

      I surmise that this mandatory KYC process for core members of a crypto project would be be both beneficial to the community and to the project itself since its implementation  would also gain the trust and faith of most members of the crypto-community towards the project and they would likely support and be part of it which I think will be critical elements to the project's success.  Moreover, the crypto-community should now have a means to know the real identities of project's core members and could further research those identities in order to further verify the legitimacy of the project and this will give them a leverage and power to sue the team if ever they did commit any unlawful acts that merits an indictment.

     I am longing for the day that all crypto projects will have KYC credentials mentioned or exhibited in the project's OP though I understand this will not totally stop scammers from doing their shameless acts but at least it would discourage would be offenders and  maybe lessen their scam activities. I am also hopeful it could have a positive impact to the community so that it might regain the trust from those who are in doubt with the whole crypto-industry.

     Finally, I know it  sounds hard to implement this idea but if only all members of the crypto-community would stand united by it then I think in the long run, it could make a significant difference that could result to a more healthier crypto industry!