AML Token pre-announced by Transcendence blockchain
ARES Computer is building an ecosystem that offers on-demand access to KYC services. ARES also intends to introduce the AML Token that participates in the ecosystem and will be used to transact in identification processes and related services.
Besides identification processes, AML Token owners can also actively sell their personal data anonymously or with names to companies for research market research purposes. Your DATA your MONEY!
Since January the 1st 2020. the AML5.0 became active in European countries. KYC has become mandatory for services like Crypto-Exchanges and Custodians. This leads to an increased demand for low-cost KYC solution. This is where Project Identity comes into action. We provide one KYC4all solution. Users benefit as they need to do KYC only once instead of multiple times on every exchange or service they like to use. Service providers who benefit as „lazy” users will be more eager to use a service in which they don’t need to go again through a complicated KYC process.
Also, Service Providers benefit from paying less for KYC of their potential customers as well as getting a cashback when the same USER registers on more connected services. This is called Fee-balancing. Users, on the other hand, can participate in the DATA Marketplace and offer personal information for sale. Monetize your DATA!
The Cost of Data Acquisition Due to the differences in requirements in different countries it is impossible to determine a fixed price. On average you can expect costs of 15–20$ per identification process for institutions like Banks. In our case, the users cover the costs once if you like and Service-providers repay with AML tokens. This motivates users to register on services.
Alternatively, the service provider covers the cost using AML tokens and get refunded when the same user registers on other services. KYC was never this simple and cost-effective.
- Incentivizes only trustworthy Identity Verification providers, for example, banks, utility companies, among many others.
- These will be able to verify the attributes of the identity of an individual or business and attest to those attributes on a blockchain.
- Through the use of smart contracts, Validators will be able to price their identity verifications and offer them to other participants, resulting in a robust and decentralized identity verification ecosystem.
- Identities (Users) can also offer their personal data like shopping interests and more to earn AML Tokens.
- Project Identity will provide a Web-browser called HIVE for this which secures your identity or collects and offer shopping and personal interest if the user wants to monetize his data on the Project Identity Marketplace automatically.
- If users paid for the verification once, they can easily register to connected partners without the need to redo a KYC process again. As an Incentive to register to partner pages, the USER can collect AML Tokens as rewards.
- More incentives like getting paid for writing reviews and/or watching websites will be available via APP, in the Hive Web-browser and Project Identity Portal.
Published at Tue, 14 Jan 2020 02:08:16 +0000