Blocktopus, the one-stop KYC gateway

Since the very first transaction on Bitcoin, the first Distributed Public Ledger, a decade ago, decentralization has evolved beyond the expectations that even cypherpunks had for it. Decentralization, apart from enabling digital transactions between parties without the need to trust a central authority, has enabled automation of financial agreements between parties, digital crowdfundings, tokenization of “real world” assets, creation of digital assets and many more, all of them in a decentralized fashion. All these innovative new ways to expand the value proposition of Distributed Public Ledgers has not been without a struggle.

Societies cannot thrive without Technology and Technology cannot thrive without Societies. And for that reason there are regulations from every jurisdiction around the world, that try to adapt all kind of Technologies to the standards of each Society. It happened with the proliferation of the Internet before, it’s happening right now with the proliferation of Distributed Public Ledgers. These regulations are introducing friction to Distributed Public Ledgers, but it’s a friction that we need to embrace and do our best to make it less painful.

What’s KYC

One of the most common challenge, that regulations want to address, is the one called Know Your Customer (KYC). This practically means that there are certain cases where a government really needs to know the identity of the parties who transact, in order to prevent money laundering, terrorist financing and other criminal schemes.

A case like this, where governments need to know the identity of the payer is crowdfundings. These decentralized crowdfundings are called Initial Coin Offerings (ICO) and they enable everyone to fund a company or a product. Right now, the process of performing the KYC process, for a crowdfund participant, is fragmented and silo-ed, even within the same organizations that provide KYC services to ICOs. The ICO participants have to perform their KYC process over and over again in order to participate in different ICOs and this regulation’s friction is more than enough to repel potential buyers. We need to embrace this regulation if we want ICOs to succeed in the long run, but we also need to tackle this friction of the regulation.

Blocktopus

This is where Blocktopus comes into the picture. Blocktopus is envisioned to accelerate Distributed Ledger Technologies by becoming the one-stop KYC gateway of the domain. The first challenge that Blocktopus tackles, is the friction of the multiple KYC processes that ICO participants need to go through. As an ICO participant, you do your KYC just once, and then you are able to participate in any ICO that is registered on Blocktopus with the ease of a click of a button.

Volentix

Volentix is an ecosystem around a decentralized digital assets exchange, with the goal to eliminate the inherent risks of centralized Exchanges, by leveraging the technology of Smart Contracts and Peer to Peer protocols. Volentix is launching an Qualified Sale during which the VTX token will be issued and is utilizing Blocktopus as its KYC gateway. You can already sign up and submit your KYC application today and then the Whitelist process of selecting the individuals, who will eventually receive the first VTX tokens, will begin November the 5th.

Blocktopus is also becoming part of Pythagoras Systems in an effort to accelerate its growth and assist it fulfilling its vision, to make the introduced friction of the regulations as frictionless as they can be, in order to accelerate Distributed Ledger Technologies.

If you are an upcoming ICO that is interested in leveraging Blocktopus as your KYC gateway, contact us here.

Join us to this exciting and challenging journey!
The Blocktopus team.