KYC & ALS in DAOX

in #daox • 7 years ago

Introduction:

Recently it seems that Entrepreneurship becomes more popular and it will remain the same. Many young peoples and students come with brilliant ideas and concepts for startup. Also they are very promising about their projects. But the problem arises when it comes to the financial supports. Most of them couldn’t gather the capital to implement their ideas and makes their dreams come true. For them to face this financial challenge block-chain fund raising like crowd funding will be helpful. These days Initial Coin Offering (ICO) which is a type of crowd funding, becomes very popular. The growth rate of their raising fund is getting higher than ever. But this implementation has so many problems that new users are not engaging in this crypto economy.

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Why DAOX?

To solve all these problems here comes the DAOX which is a new investment ecosystem and block-chain based fundraising platform which gives a complete solution for ICOs, crowd funding also crowd investing with the use of crypto economy and allows a wide use of the concept of decentralized autonomous organization (DAO). The block-chain network is a modern technology. But it grabs massive attention from all around the world as it beats the traditional system in many aspects. And also it gives more security then the traditional system. So it is really good to use this modern technology. It is faster and more efficient than previous technologies. The use of this concept makes the dream comes true for this industry. It is the turning point in the history of investment and become a via between ideas and capital. So the key feature of DAOX is each startup and investors are connected through a separately created DAO on the block-chain.

Special Features:

DAOX has some special features like Wallet App, DXCs Token, and their Integrated Affiliate Network etc. There are some other additional features which are made to improve overall efficiency for the user of this ecosystem. Know Your Client & Automated Legal services are of them. They are very fast then the traditional systems as they using the very modern technology. They are also secured than the traditional system. So users will get complete comfort to using this network. Let’s see how they become beneficial to the user of DAOX ecosystem.

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Know Your Client Service:

Know Your Client program has been implemented in DAOX Ecosystem. Each project can activate this mode to verify the investors.
This process is very much important to identify the investors those who are participating in the crowd funding campaign. Any team of a project who launch their project to on the daox.org platform, they will prefer to have Know Your Client service activated. They can either resort in a built in service or any other available service, as their wish. It will help to target the selected investors they want.

Working Principle:

If Know Your Client service is activated in the settings of the crowd funding campaign, the Etherum contract will apply funds only from the address that are confirmed. When the funds are transferring right before the address is displayed, the potential investors will be notified about the prerequisite of undergoing the Know Your Client process. The system requires the necessary data and then very soon the investors account will be verified. If Know Your Client service is activated, the funds could not be transferred without the verification of investors.

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All the data has been collected in encrypted form when the verification process is available in the personal account of the project authors. This is why a one-time decode key is given when the Know Your Client mode is activated. This key will not be stored on Doax server. That’s why data leakage is completely excluded and it is completely safe to use. But if the funds are transferred to an Ethereum address of the crowd funding campaign from an unverified address, the funds will be automatically returned to the sender only if the Know Your Client service is activated.

Price of the Service:

To activate this service, the project inducers are adding to the deposit by transferring the DXC tokens to the Ethereum contract. Each verification charges a fee and the charge rate is set when the Know Your Client Service is activated for each crowd funding. This Know Your Client service fees can only be paid by DXC tokens.

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Automated Legal Service:

The project team will need a standard set of documents to run the crowd funding campaign. It is kind of like Terms and Conditions.
Though it is suggested to reach out to a competent person to draft this type of papers, the DAOX ecosystem will provide an automated service for that.

Working Principal:

Authors of the crowd funding campaign will be offered to select a list of required documents in a special section of their personal accounts , depends on which they will fill out a form in a user friendly interface.
Then the legal service automatically generates the required documents that will be available to download.
The list of available documents and their quality will be in a process of continuous modification and improvement. That means it will be under maintenance.

Price of the Service:

This service is offered to all DXC token holders and members of the Daox ecosystem at free of costs. But it does not provide any guarantee. This is how Know your client service and Automated Legal Service helps the users of the Doax ecosystem to increase the security of their transaction and to represent their terms and conditions easily. By having these services the users will be benefited to hold their fund raising campaign under this DAOX ecosystem.

Conclusion:

We can’t deny that the rise of crowd funding and crypto currencies makes the initial stage to have a great impact on the business world. It creates the platform that allows entrepreneurs to face the financial challenges and put some efforts for their crowd funding campaign. DAOX gives them such a platform and this ecosystem continuously improving the platform for the betterment of the user.

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#ico #cryptocurrency #article #blockchain
7 years ago in #daox by
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