To create the next-level of Identity Protocol, Phaeton Identity security layer, reconciles the privacy of individuals while also gaining the trust of business who handle the personal identity on the client’s behalf. This new process specializes to enhanced due diligence and investigation techniques that go far beyond the traditional KYC.
#1 — Identity Objectives
Phaeton’s goal is to ensure we meet the regular KYC standard (for banks, exchanges, etc) this is to comply with minimum regulatory requirements no matter what jurisdiction you are in, i.e. to collect your name and address and verify that your name is not on a government’s blacklist is important to ensure a level of trust. The traditional method is simplistic and thus this process means it can be easily falsified, by either using a fake ID, or by asking someone else to complete the KYC.
While a simple ID check is sufficient when authorizing someone to open a bank account, it is not enough to entrust a crypto team with millions of dollars of assets begin transacted over a network. The objective of the Phaeton Identity is to thoroughly verify and create a level of transparency and accountability that is proportional to the amount of funds transmitted or assets held.
#2 — Advanced Level of Verification
Standard KYC is relatively low and can be easily bypassed by anyone through a criminal act or an insider hack, or any other scams intended to steal funds or personal identification.
Phaeton’s goal is to reach and maintain the highest level of due diligence for our clients and also protect the user’s personal identity data, and carry out a complete verification, not only of the code and the on-chain data of the project, but also of the team members. In order to effectively validate users, Phaeton has developed a data protection methodology to ensure trust is built within the community.
#3 — Greater Visibility of Trust
Phaeton’s KYC Badge is intended to serve as a verifiable proof of transparency and accountability. This will be recognized as the most thorough due diligence and vetting process in the crypto industry. Businesses can use this as a reference to risk score individuals Identity as a requirement. Once obtaining the Phaeton Identity Badge trust within your own community will be greater.
#4 — A Trusted Identity Model for the Web3
Regular KYC has no real value because it can be easily fabricated by a malicious development team. This is exactly what inspired Phaeton to create a totally new and comprehensive enhanced due diligence process, developed by a team of cyber security professional and blockchain experts that see an enormous amount of value to protect personal information.
Phaeton’s Identity Protocol enhances due diligence whilst also offering the highest level of verification on the market and allows for the early detection of potential threats with data stored on the Phaeton Blockchain. This brings a higher level of confidence, as well as more visibility in order to match the best development teams across the world globally.