[IMPACT] Please describe your proposed solution.
A KYC Token can be a solution to this problem. A token, I will receive into my wallet as soon as I have verified in the respective app and which can even be transferred to other of my wallets without resulting in a security lack. This KYC token is valid for at least 3-6 month, so that I am automatically verified for each transaction where the KYC token is accepted. As soon as my wallet is connected, I am verified.
[IMPACT] Please describe how your proposed solution will address the Challenge that you have submitted it in.
A proper KYC token can decrease the time of verification for each crypto transaction where KYC is required. Plus it may even increase the willingness of Start-ups to implement verification to become more secure theirselves.
[IMPACT] What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
If we are not able to find a way that a token can only be sticked to certain wallets, which actually belong to the verified person, the tokens could not be used due to security issues.
[FEASIBILITY] Please provide a detailed plan, including timeline and key milestones for delivering your proposal.
Step 1: Assess security topics of the token e.g. transfer between wallets
step 2: Evaluate the requirements to become a KYC provider and define the end-to-end business model incl. Business case
Step 3: Set-up a prototype App including KYC verification and token generation.
Step 4: Set-up a list of projects and companies where a KYC token could be required and define a sales strategy
[FEASIBILITY] Please provide a detailed budget breakdown.
Step 1: USD 15.000
Step 2: USD 10.000
Step 3: USD 60.000
Step 4: USD 5.000
[FEASIBILITY] Please provide details of the people who will work on the project.
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Ann-Kristin Mackensen: CFO at NMKR (previously NFT-MAKER)
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External Lawyer: From our partner law firm
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Senior Fullstack Developer
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Designer / Front-end / Back-end
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Sales Consultant
[FEASIBILITY] If you are funded, will you return to Catalyst in a later round for further funding? Please explain why / why not.
If we are successful I would be happy to return to the next fund, because then we can really make an impact for the crypto companies with the funding money.
[AUDITABILITY] Please describe what you will measure to track your project's progress, and how will you measure these?
I will measure the outcome through reports / information I receive concerning KYC requirements for a company and for the App I need to see that the verification, token generation and transfer works. Then we need to start a use case with a partner who accepts our token to measure real-life transactions where KYC is required.
[AUDITABILITY] What does success for this project look like?
A framework for creating KYC tokens, that is accepted from many customers, partners and companies and which can actually decrease the time of verification for a transaction.
[AUDITABILITY] Please provide information on whether this proposal is a continuation of a previously funded project in Catalyst or an entirely new one.
New proposal
