KYD Verification FAQ
KYD has been gaining momentum everyday and we’ve been growing at a fast pace. As more verifications are submitted we will run a higher chance of one of these projects failing or simply completely losing on the exchange. We have been receiving a lot of questions both public and private about what will occur when this happens to one of the verified coins. We wanted to take a moment to first go over the details of the verification process and what will happen if one of these verified coins goes south.
KYD is just beginning and currently the verification process is the most basic option the platform will offer. In the future, we are expanding to a much broader verification and coin escrow service. This platform is currently being developed with a launch scheduled in Fall 2018. The current process involves the team/coin lead submitting his state-issued ID along with a selfie – this will at least confirm who is behind the coin. THIS IS NOT A GUARANTEE or ENDORSEMENT of a coin. PLEASE DO NOT buy a coin based on our verification alone. We never recommend buying a coin on one factor alone such as a Twitter shill or even a KYD verification. Any crypto purchase should be DYOR (Do Your Own Research).
2What happens when a verified coin fails?
In the event of a KYD verified coin either failing or not delivering on their promises, we will remove their listing on our website and will let the community know. Please submit any tips or reasons you think a current coin should not be listed. We are open to advice or information (might be best to submit in private). We are not planning on publishing their private ID all over the internet for multiple legal reasons. However, if they outright steal BTC and a criminal investigation is underway will be happy to provide all the information requested by authorities.
3Does verification mean you like the coin or their project?
We want to be very clear that verification only means we've verified their state issued ID as stated above. The project may still be an idea that people won't buy or will fail based on being just a plain bad coin idea. They may have the best intentions but their idea never catches on. There is a big difference from a scam coin that only has the plan of stealing BTC versus a coin that just doesn't succeed. Please understand the risk in crypto and investing. KYD is not responsible for any loss to one of our verified coins.
The ID verification in no way guarantees your funds are safe. KYD has a verification process that includes a state issued ID and selfie. We only verify the main developer or project lead at this time. KYD will be expanding verification levels in the coming updates, but at this time this is solely a beta product and should be used as a reference only. This is not financial advice