The Avalaunch platform is a decentralized launchpad for new projects on the Avalanche blockchain. To participate in Avalaunch Initial DEX Offerings (IDOs), users must complete the Know Your Customer (KYC) process. This process is designed to ensure the security of the platform and comply with regulatory requirements.
KYC is essential for maintaining the integrity of Avalaunch and protecting its users. By collecting personal information from users, the platform can verify their identities and prevent fraudulent activities such as money laundering and terrorist financing.
The Avalaunch KYC process involves the following steps:
To complete the KYC process, users must meet certain requirements:
The Avalaunch KYC process is free of charge. The review and approval process typically takes 1-3 business days.
Pros:
Cons:
Story 1:
Jack, an eager investor, uploaded a photo of his cat as his ID document. To his surprise, the biometric check passed, and his KYC application was approved. As he eagerly joined the IDO, he realized his mistake. The platform team had a good laugh, but Jack's enthusiasm for crypto remained undeterred.
Story 2:
Mary, a tech-savvy user, struggled with the biometric check. Every time she tried to take a selfie, her facial recognition software kicked in, leaving the platform team puzzled. After several attempts, she laughed at herself for using a filter that made her nose look like a carrot.
Story 3:
Tom, a forgetful investor, had his KYC approved a year ago but failed to remember his login credentials. The platform team sympathized with his predicament and helped him recover his account, reminding him of the importance of password managers.
Table 1: KYC Requirements
Requirement | Description |
---|---|
Age | Over 18 years old |
Residency | Supported countries |
ID Documents | Government-issued ID card, passport, or driver's license |
Biometric Check | Video or selfie |
Table 2: KYC Process Timeline
Step | Timeframe |
---|---|
Registration | Instant |
Verification | 1-3 business days |
Biometric Check | Instant |
Review | 1-3 business days |
Approval or Denial | Email notification |
Table 3: KYC Benefits and Risks
Benefits | Risks |
---|---|
Enhanced security | Time-consuming |
Compliance with regulations | Potential privacy concerns |
Increased trust | Can limit participation for users in non-supported countries |
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