- 00:04 – Crypto-Currency Development
- 00:43 – Initial Coin Offering (Ico)
- 01:21– Know Your Customer (KYC)
- 02:05 – Verify Clients Identity
- 03:03 – Making Block-Chain More Efficient
- 09:42 – White Paper
- 12:50 – KYC Team
- 14:27 – David Drake Work
- 16:17 – Token Sales
- 18:07 – Kyc Creating An App
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Hey guys it is Dan again from cryptocamacho.com,
00:04 – Crypto-Currency Development
Where each day I teach you how to make more money in crypto currency. Guys wow, we are at the tip of the iceberg crypto currency is just heating up if you’re watching this video you are in the right place at the right time because mark my words, this is only going to grow and grow and grow and grow. We have not even hit mass adoption at all right, we’re still in the innovators and early adopters’ space and when mass adoption hits; which I expect it will start hitting in 2018 you’re going to see the market caps going up you’re going see a lot of differentalt coins, bitcoins, ethereum whatever all of these coins are going to be starting to go up in value and you’re already starting to see that quite a bit guys.
00:43 – Ico
There are new ICOs that are popping up all over the place, a lot of them have enormous potential some of them don’t but many of them do. Today, I actually wanted to talk about one of those ICO specifically; this ICO has monumental potential guys, what they’re trying to do is take an ancient- not an ancient, but a very old requirement that the government imposes on businessand they’re trying to not only digitizeit but they’re trying to put it on the block-chain to make it much more efficient. The market size for this technology that they are trying to build is astronomical it’s just, it’shuge guys.
01:21 – KYC
So let me jump right into it; its KYC legal-KYC means know your customer.KYC is a process that it happens primarily in the US and other countries as well but it’s a process called know your customer and it’s essentially required by the US government that requires companies tovalidate, to understand, know and actually confirm who their customers are,who their clients are, so forth and so onso that they know who they’re doingbusiness with right, to prevent things like fraud, like money laundering, money bribing, terrorist activity, things like that. That’s why they have this thing called know your customer. Let’s jump over to Wikipedia really quick just so you guys really understand what know your customer is because I want you to understand the size of this opportunity in front of you.
02:05 – Verify Clients Identity
Know your customer is the process of a business identifying and verifying the identity of its clients the term is also used to referthe bank and I’m honoring moneylaundering regulations which governthese activities. Know your customer processes are also employed by companies of all sizes for the purposes of ensuring their proposed agents,consultants, distributors or anti-bribery compliant right. This iswhat companies must go through in order to be compliant with government law right with US law they are required to go through this KYC this know your customer process and right now it’s abloated system, it’s very bureau craticits bloated it’s not efficient I mean think of the DMV and then think of know your know your customerprocesses they’re equivalent to the DMVright I’ve worked for a fortune 500 companies where we’ve actually had to doknow your customer or KYC rules and itis ridiculous it is absolutely terrible the processes that we have today.
03:03 – Making Block-Chain More Efficient
What KYC legalwhat they’re trying to do, is they’retrying to systematize and rationalize all of the KYC compliance right, requirements, process ease regulations compliance they’re trying to put that all on the block-chain andstreamline the entire thing on the block-chain. This is astronomical, if these guys can pull this off its huge, it’snot only going to pertain to the US butit’s going pertain to worldwide when somebody needs to validate the identity of somebody they’re going to doit through KYC legal, they’re going to doit on the block-chain right and they’regoing to have proof through biometric data, through personal identification andthrough third-party agent validation; that what is encrypted on the block-chainabout a particular individual is accurate and that person is who they say they are that is why this is an enormous opportunity guys.
03:52 – More About Ico
Before I jump into the ICO token sale itselflet’s deeper to what I see out ofit. ICO is a service that allows to verifyusers and to prevent fraud and is basedon block-chain technology as a tool forprotecting and validating personal dataof Internet users. If you have a momentwatch this video it’s about a minute anda half long highly recommended it willteach you a little bit about what thecompany is doing okay.So their businessmodel guys this does a not the best jobat explaining it, but I want take you guys over to the FAQ okay. What is the key idea behindKYC legal prod manycountries and industriesspecific rules on client relations, forexample: it is incredibly difficultnearly impossible in fact to open a bankaccount or receive a prescription for areal rare medication without the proper proof of identity in the US this conceptis called Know your customer or KYC.
Our product, KYC product allows theidentity of users to be established and documented so that going forward theycan register for any services that require such verification by providing only the information which is requiredfor each individual service.So think about this guys, what KYClegal istrying to do they’re going to get all this user information they’re going tovalidate it with the user and a third-party engine, they’re going to thenencrypt it on the block-chain, they’regoing to decentralize it across theworld and any database any proprietary database can then tap into the KYC the centralized database or block-chainand validate who somebody is. This is huge guys there willessentially be a decentralized distributeddatabase that will house the identities of thousands millions of people right.Sowhen you go to buy beer at a store you may not need to give yourdriver’s license you really can bevalidated through this system rightbecause on the block-chain it will know “oh this is Dan this is Crypto Camacho hewants to buy beer, is he 21? Yep he’s 21because his birthday is on this date.” This is a trivial example and I’m just trying to you know simplify a bit so youguys understand what this actually means.
05:54 – An Example Of Kyc
Another example if you go to a pharmacyand you try to buy medicine right youtypically need to give youridentification right your passport yourdriver’s license again this may not beneeded because they won’t that medical office or pharmacy or whateverwill be able to tap into thisdecentralized network that KYC legal isbuilding and they’ll be able to validate “oh you’re Dan that’s who you say you areand here’s all of your information aboutit right it’s a little scary in someways because the amount of power theamount of information that will becontained in something like this is going to be mind-blowing but I thinkthis is the wave of the future guys. Ithink this is going to really heat up ina variety of areas medical insurancelike in all other areas this is what’sgoing happen so like it or not this iswhat’s actually happening. Let’s digin a little bit easier right, we havecreated a product thatmakes it much easier to comply withclient identification requirements theproduct is made up of two parts documentverification through a mobile application so that would be me right, Iwould go to the mobile app I would typein who I am and I would submit it to theblock-chain right.
The second part is when you validate your identification and documents with thehelp of a KYC legal agent. The way itwill work is you’ll put in yourinformation into this app you’ll thenmeet an agent in your local city you’llactually talk with that agent they’llverify who you are all of that will besubmitted into the block-chain and youwill then have a validated or valid identity on the block-chain thatbuilding and then anything you doany time you need to be validatedwhether it’s business related personal related you can do so much pulling theinformation up on this KYC legal block-chain guys.Okay so let’s go alittle bit further and then I do want toget into the team I want to get into thewhite paper a little bit and I want to get into the token sale a little bit soI don’t want to draw this out too longright.Which services do you have in mindwhen creating your application exchanges, crypto exchanges, brokerage offices, banks,funds, online loans etc.The next levelwill include for example; services suchas online orders, prescription ofmedicines, proof of users age, thepurchase of alcohol or tobacco in anywhere services that require identity tobe to verify who you are right.So theyget it they get that you know starting off small is the way to go but thenscaling it up to larger businessapplications will actually happen.
08:15 – One Pager
So now let’s jump over to the one pagerthat they have now you guys have a basicunderstanding of how this works so let’sjump over the one pager they actually have a pretty good one pager on how theprocess works, so here it is take a lookat it you can quickly go to the homepage and download it. But essentially KYC is the identity verification platformon a block-chain so it’s essentiallycreating identities on the block-chainand then associating you know specificinformation to that identity on theblock-chain and then KYC legalspecifically provides a solution on allexchanges I see those banks funds or anytime that identity needs to be verified KYC legalwill actually help validate that througha third-party agent.This little diagramright here actually does a pretty goodjob you have your personal data you age, your name, your address, things like that.You go ahead and put that onthe block-chain through this mobile appthen it goes in stores on the block-chain and then a third-party agent would comein and meet you in a local place a localenvironment whether it’s your city, yourhome, wherever a coffee shop and theywould validate that information that it’s accurate and once they did thatyou’d be done your identity would bestored on the block-chain and you couldgo on your merry way. Then you can use that to validate your identity for banks, for investments, for business, dealings, for buying alcohol or whatever you need to provide verification for your identity right.
Now, let’s kind of look through this alittle bit more it starts talking abouta token sale which we’ll go into in amoment here I’m not going get into thathere. I do want to spend just a momentgoing into the white paper and here’sthe white paper it’s very well puttogether it’s about 25 pages long it’snot something that was thrown togethervery quickly it’s been thought out veryextensively but I do want to jump downto just maybe one or two sections inhere to give you a little bit of insighton the value proposition and on you knowwhat exactly this white paper proposesand you can go ahead and obviously readthrough the whole thing but this will give you a little bit of context to whatit is.KYC legal is a service thatallows you to verify users and preventfraud based on block-chain technology asa tool to protect and validate personaldata for Internet users, KYC legalprovides users the painless and fastverification process through theirmobile app like I was just talking aboutthey then you know confirm that andsecure that using biometric data andthen that data is all hosted over theblock-chain and can be used then tovalidate you know any other third party that that needs that information. Then service providers or agents as theycall them will come and validate yourinformation and then basicallycrystallize it or solidify it on theblock-chain that KYC is building, which can then be use for anything else rightto validate your identity.
One other piece I just wanted togo and look at really quick with youguys is in theory a single technologywould have secure access to our personaldata and provided on-demand to serviceas per our agreement instead of hundredsof verification processes we would haveone, instead of days of waiting forapproval we would add wait minutes,instead of exposing our data to thousands of platforms for an indefiniteperiod we would keep it private andunder control.That doesn’t actuallyhappen today right, today there aremany, many agencies hundreds ofverification processes they take days ifnot weeks to confirm think about gettinga driver’s license as an example or apassport it takes quite some time to getthat and have that issue. KYC is tryingto solve that problem; they’re trying to consolidate it all down into asingle process into a single technology that is secured on the block-chain.It’s actually a pretty amazing idea whenyou think about it and the potential is actually very, very big if they can pull this off right and the reason why I say if they can pull it off; is because a lot of people are going to be against this type of technology they’re not going want their identifications stored on ablock-chain they’re not going want that you know exposed to anybody let alone you know a third party that will beworking with governments so I know that there will be mixed feelings about thisparticular ICO but at the same time ifyou look at how they’re bridging the gapbetween you know traditional governmentregulatory processes or requirements that are mandated by the government and they’re trying to bridge that between this new crypto-currency world block-chain technology to find kind of an intermediary right where we can makethings more simplified we can streamline things without compromising you know anytype of security, compromising any type of threat to your personal identification. So it’s a very, very interesting business model.
12:50 – Kyc Team
I do want togo through and kind of just go throughthe team with you guys really quicklythis team is a seasoned team of veteransat Daniel Rowe so he’s the actualfounder.But what I really want to focuson are the advisers, onein particular David Drake has signed onwith KYC legal. David Drake is kind of a renowned mogul and the capital venture capital space- let’s jump overhere to his profile so he’s actually thefounder and the President or chairman I guess if you will of LDJCapital whomanages 1.5 trillion dollars in assets. So this guy has been around for a little whilehe’s been managing investments for along time he’s done investments inthings that are not traditional right. He’s invested in Dropbox,Magic BleepCrowdfunder and all these other liftsall these other companies right as wellas real estate investments as well, this guy knows what he’s doing he’ssigning on and I think he you know he’sthe type of person that he’s not going sign that for small potatoes he’s not going sign up for a couple milliondollars or for an investment that’s onlygoing yield from a couple milliondollars.He’s going sign up for the biginvestments right he’s interested in themulti-billion dollar deals and I think KYC legal can pull off a multi-billiondollar deal assuming they can crack thisyou know crack this industry and makethis happen but if they do the marketsize is going to be enormousI mean billions if not trillions of dollars could flow through this process that KYC legal is trying to pull off so I think that’s very fascinating to me onthe one hand.
14:27 – David Drake Work
Let’s dig into David Drakea little bit more, so they announced on LDJ Capital that David Drake will bejoining KYC Legal as a strategist whichis good, it confirms to me that that’slegitimate, it confirms to me that he’s actually going be participating in this ICO he’s going be sizing KYC Legal strategically on how to move the company forward past the ICO stage if you willand you could kind of read through this but I did want to show you that you know it’s on the LDJ Capital websiteDavid Drake is going to be participating in KYCLegal it has a lot of experience inthat space so go ahead and check thatout for sure.One other thing I wantedto show you guys before I actually talkabout the specifics in the token sale istake a look here at Bitcointalk.org.If you search for KYC Legal on Bitcoin talk you’ll see this right and nowalready this was posted on November 7thso a little bit more than a month agoand there’s over 81pages of comments on KYC Legal, so there’s clearly interest inKYC legal there’s clearly opinions on whether or not this technology will be adopted you know people’s thoughts on whether or not they would like to participate in this.Take a look at someof these comments down here guys I thinkthere’s a lot of value you can gain an insight from just reading through thesecomments but what I wanted to focus on really was you know this is eighty-onepages and this is going to only grow andgrow and grow and over time there’sgoing to be more and more and moreinterest for things like KYCLegal.Thesethings are going start popping up allover the place where companies are going start using block-chain technology to tryto simplify and streamline existing archaic processes that exist right;whether it’s for governments whether it’s through regulatory agencies whatever it may be this kind of thing isgoing to pop up all over the place and this one is right for the picking.
16:17 – Token Sales
Nowlet’s jump over to the token sale itself,let’s go up to the top go to atoken sale so there are a total of 42million KYC tokens that will be going into this ICO about 9.7 million has been raised todaywe’re currently in stage three about sixhours left of stage three and it goesall the way up to stage 14 if you buy it now, you get it at 125 per token onstage 14 you’ll get it for 250 per tokenand that definitely does sound kind ofexpensive especially when you’re seeingsome of these ICOs come out as pennies right two, three, four, five cents this is actually fairly expensive but when you stop tothink about it.But the reasoning I thinkbehind this is I think it’s soexpensive because the potential forwidespread mass adoption mandated by government agencies is enormous rightand so I think this price point is a bit high when you kind of look at it on the surface but when you really dig down andreally you know look at how big themarket size can be for KYC Legal it’s definitely in the billions it could bein the trillions I don’t know for surebut it’s enormous right and so I think they’re factoring that in to this pricepoint here saying look if we’re issuing 42 million coins and we’re pricing it at1.25 per coin that’s a market.
Capital of over 42 million dollars right.It’sprobably in that sixty milliondollar range and then when you look atthe two fifty you know out of the gatethey’re immediately going to be in like 120/158 million dollar marketcap arrangement which is actually stillrelatively low for a technology likethis, so it doesn’t concern me too much although; it’s something to pay attentionto right but if you do want toparticipate in the token sale you just go to the homepage KYC. Legal andclick on buy tokens and you could get adiscount right now.
18:07 – Kyc Creating An App
I would love to knowyou guy’s thoughts on this particular ICO, I get a similar review on the AML Bitcoin ICO, this one’s very similarthough it does look like it’s a bit moredeveloped in terms of the concept it’s abit different than what AML is trying to achieve, KYC isactually trying to create an app andtrying to really create a single processfor all KYC processes moving forward inthe future and they’re going to beworking with a number of governmentagencies a number of regulatory agenciesnot only in the US but across the world to start having them adopt thistechnology. I’m curious how it’ll beadopted by the public, I’m curious the concerns the public will have I’d loveto know what your concerns are if youthink it’s too much a bigbrotherjumping in to the block-chain scene ifyou’re concerned that this informationwould be able to get into the wronghands I’d be very curious to know yourthoughts on that as well.But nonetheless, whether you believe in this or not Ithink there’s a massive opportunity herethat we can’t simply ignore rightwhether or not you believe in this technology, whether or not you believethat this is legitimate in it and itdoes or doesn’t invade on your privacydoesn’t really matter because I’minterested on if you think this is goingto make money or not right. I aminterested to know if you think it’sconcerning to you because that willdefinitely help me to understand youknow what widespread adoption may looklike and some fears and certainties andso forth but really just curious if youguys think there is a investment potential here to make a good return onthis coin right.
So guys I’m Dan from CryptoCamacho.com, hopefully you enjoyed this video, hopefully if it was useful if so, please subscribe to my YouTube channel and go ahead and clickon that red button right below this video and until next time I will talk to you in a bit see you guys.