KYC Completion Requirements for deFIRE IDO
In order to meet the requirements of our IDO partners and pool originators, there is sometimes a necessity to ensure that pool participants pass Know Your Customer (KYC) verification prior to participating in an IDO.
A common practice in both traditional and blockchain markets, there are a number of benefits to completing KYC prior to participating in an IDO. For one, if you do not manage to qualify for KYC prior to the IDO starting, you will not have to waste ETH on gas fees just to try and participate. Likewise, quite simply, KYC is often required by the pool originator.
However, while KYC is often required, we can take proactive measures to ensure that the process is fair, transparent, and conducive to equitable access. In this article, we will describe the KYC process, and describe how we will ensure that every participant gets an equal chance to whitelist their wallet address.
Before we go any further, let’s clear a couple of things up. Even if you are KYC approved and your wallet address is whitelisted, you still need 75 OCC staked in order to participate. But what about Continuous Ecosystem Diversification (CED) rewards? If you stake equal to or greater than 150 OCC for at least 7 days before the start of the IDO, you will receive deFIRE tokens as part of your CED rewards even if you do not pass KYC and you don’t participate in the pool. Therefore, please ensure you stake at least 150 OCC before the 16:00 CET on the 14th May to receive deFIRE through CED.
How will KYC work?
To ensure everyone gets equal opportunity to become whitelisted, we have put the following procedure in place for KYC approval. The steps are as follows:
- The KYC whitelisting process will begin on Monday 17th of May, 2021. The exact time of KYC will be determined through a community-led vote, so we can determine the best time for the majority of our community to participate. This vote will open at 16:00 CET 13th May 2021 on our Telegram community channel;
- The first 100 people who pass KYC will be eligible to whitelist their wallet address. This is on a first come, first serve basis. Successful participants will be notified by email. The ETH address you enter at this stage must match the address you participate in the IDO pool with. As deFIRE is a private pool, you must also have 75 OCC staked from the same address;
- After the first 100 participants have successfully passed KYC and whitelisting, any number of other participants may apply for KYC. Once KYC closes, 200 of these successful KYC participants will be randomly drawn from the remaining applicants. These 200 random KYC approved participants are also eligible to be whitelisted. Successful participants will be notified by email. Once again, if you are among those chosen, the ETH address you enter at this stage must match the address you participate in the IDO pool with. As deFIRE is a private pool, you must also have 75 OCC staked from the same address;
- The actual KYC process is done by a trusted third-party provider, SumSub, a verification engine widely used by exchanges and financial institutions with a simple and easy to follow KYC process. KYC requirements include (subject to change):
- Email verification (share a valid email address);
- ID verification (share an image of an in date, government-issued photo ID);
- ‘Liveness check’ (take a selfie!);
- Proof of address document upload (your residence address, not your ETH address);
- ETH wallet address verification;
We recommend that you ensure you have all the necessary documents ready to hand before you begin the KYC process. This will make it easier for you to complete the KYC process in a timely manner to better place you for entry to the IDO.
We will shortly release a poll in our Telegram Community Channel where you can vote on the exact time that the KYC process should open on Monday 17th May. The poll will close on Friday 14th May at 21:00 CET.
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