About Clears Ico
Clears is a technology based on the Ethereum block chain offering a scalable and personalized KYC process. It aims to expedite the acquisition and delivery of required information to companies and regulators around the world, simultaneously improving the user experience by increasing security of sensitive personal data while lowering the cost.
Today, most companies use proprietary and standardized KYC processes, requesting every new customer to submit an ID and a document certifying their current address. Only after a successful customer authentication has occurred are companies allowed to do business with a user. The data being used in a standard KYC process is often extremely fragmented, and there is no guarantee that the user completing the KYC is the legitimate ID holder. Additionally, many KYCs processes are unnecessarily complex in that the amount of documentation needed exceeds legal requirements for a given operation.
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The global banking industry combined with the top five Asian markets constitute a 1.5 billion dollar yearly market, according to LexisNexis risk solutions. But the KYC market goes far beyond the banking industry and is so large it’s difficult to estimate the market size using publicly accessible data. In the immediate future, Clears will focus its efforts of serving rapidly growing ICOs, Fintech and Cryptocurrency marketplaces. Currently, there are more than a thousand ICOs yearly. Every ICO requires anywhere from 1000 to 50000 KYCs. This tiny fraction of the market represents $50 M in potential revenue, a number that is expected to rise exponentially as crypto currencies gain mainstream popularity. There are also more than 10,000 crypto related marketplaces and exchanges on-boarding thousand of new users daily. Each new user requires a KYC.
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Problem For Users
For users the primary concerns are convenience and security. Considering the extreme market fluctuations commonplace in cryptocurrency, time is of the essence. Users want to be able to buy or sell instantly. Delays in the KYC process can cause both fear and frustration. Users may be required to submit redundant documentation in order to create new accounts on different sites. Both the security of a user’s sensitive personal documents and the security of the wallet itself can be called into question. Exchanges and ICOs websites are rarely based into the same country as the user and sending into valuable personal data, without adequate proof of security can leave a user vulnerable to identity theft. Recently, Japan’s Coincheck’s database was hacked resulting in the loss of some user’s wallets, highlighting the question of overall security in the crypto space.
Clears product solution has been designed to specifically address the concerns of companies, users and regulators. For companies, the company provides a turnkey solution to the complex KYC problem. The process allows for each organization to customize the process to accommodate their needs while meeting regulation requirements. Extended database access allows Clears to utilize pre-existing data to crosscheck against information provided by the user. The company process is certified and audited by several independent organizations. If a KYC is audited, Clears takes responsibility for working with the authorities. Companies can rely on Clears to pass any audit regarding the KYC process.
Clears can be seen as an escrow for personal data based on the blockchain. The company will use top-tier processes for identity verification and background checks. It will leverage the power of a decentralized blockchain to simplify and reduce the cost of a traditional KYC process. For every new user signing up to Clears, The company creates a unique, unalterable blockchain ID, known as a Clears ID. This ID will be used to identify each user during all KYC processes they will ever be required to complete. Using private and highly-secure databases, including Anti Money Laundering – AML databases, Clears will then perform a complete background check for every new user. Registrations and KYCs are always free for the user.
Verifying the ownership and the integrity of a wallet can be a critical for ICO websites that wish to pre screen potential token holders to ensure they have active wallets. Clears will have an optional flow that will allow a user verify the ownership of an ERC20 compatible wallet during the KYC Process. The company will initiate the procedure by sending a small amount of CLRS tokens and ETH coins. Using his/her private key the user must send back the same amount of CLRS tokens to a wallet generated by Clears. The user will pay the transaction fee using the ETH sent by Clears during the initial transaction.
KYC costs and delays are notorious to cripple the crypto industry. Providing service for 20,000 customers starts at ~$800 K. By using the same data several times, CLEARS offers a much lower pricing with better efficiency.
Companies launching ICOs and credit card issuers can use online Kyc solutions, despite being less secure than physically validating documents. Some transactions—including opening a bank account, larger withdrawals requests on crypto exchanges—require a more robust Kyc, where physically validating documents is mandatory. To achieve this level of document authentication, Clears will build a worldwide network of professional notaries, CPAs, attorneys, etc.—legally eligible to certify documents. Certification professionals will be able to join the Clears network after a thorough analysis of their credentials. They will be paid for their services in CLRS tokens. This is advantageous because payments can be made worldwide, nearly instantly and without the hassle or cost of international money transfers.
No longer than 30 minutes after the documents are submitted, Clears completes the KYC. When a user already completed a KYC with Clears, the process becomes instant. Adding KYC process to any website will eventually be as simple as implementing Google Analytics. A single line of code will be enough to indicate where the process start
Clears has been built with the GD PR policy compliance in mind. The KYC process will outline how and why the data is collected, as well as data processing and storage procedures. The company keeps all user data private. Organizations using Clears’ KYC can send data for matching or validation- the company will only send a binary answer indicating whether the data sent is correct. Clears will never send raw data about its users.
Clears keeps all user data private. Organizations using Clears’ KYC can send data for matching or
validation Clears will only send a binary answer indicating whether the data sent is correct. The company will never send raw data about its users. Companies that are not holding CLRS tokens but that wish to use Clears services will be able to buy tokens on the Clears website, using fiat currency. The company will introduce a buy back program to create more token velocity and liquidity. This will allow companies to simply buy Clears tokens on the Clears website.
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