You Have Questions. We Have Answers.

Why does it cost to KYC my wallet, when I don’t normally have to pay for KYC? What is the difference between Sec Identify and a normal KYC? Fear not, all your questions will be answered below.

Jump to FAQ
Our Discord

Frequently Asked Questions

Aside from striving to build an excellent product, we also want to educate the Web3 space to stay compliant, transparent and honest, all whilst reducing fraudulent activities.

What is Sec Identify exactly?

Sec Identify is a product that aims to bridge the gap for KYC between Web2 and Web3.

 

We do this by leveraging existing KYC service provider infrastructure, and connect it with the power of the Blockchain.

 

The result is a pseudo-anonymous solution based on real-world identities, all associated to a Web3 non-custodial wallet.

How does an on-chain KYC pass differ from a normal KYC?

The biggest difference between the Sec Identify KYC pass and a normal KYC is that the normal KYC procedure is a stateless, one-off exercise, whereas Sec Identify ensures the KYC done by an individual is persistent and lives on in the associated wallet for a specific period of time, based on a set of predetermined conditions.

Why do I have to pay to get a KYC pass, when the normal KYC is free?

The simplest way to put this is, you are not paying for the KYC itself, but more so the ability to have a persistent KYC status associated to a Web3 wallet, in a pseudo-anonymous and customisable way.

 

The power of this functionality should not be overlooked, as this opens up a gateway of possibilities for integration and efficiency which will become apparent over time.

What data is stored with Sec Identify?
What you can see on-chain is what we store within our own data infrastructure. We do not (and have no intention to) store any data beyond what is necessary to ensure the functionality of the Sec Identify app can be executed effectively.   Our ethos towards this is transparency. Feel free to navigate to our Privacy Policy or Terms of Service for more in-depth details.
Where is my sensitive information stored, and what are the risks of using the Sec Identify?
Sensitive information such as your identity information and related documents stay securely on the compliant third-party KYC platform. Sec Identify does not store sensitive information on-chain or in our internal database infrastructure.   Our ethos towards this is transparency. Feel free to navigate to our Privacy Policy or Terms of Service for more in-depth details.
What are the benefits from getting a Sec Identify KYC pass and why should I get one?

This is a good question and the answer will be more apparent over time.

 

In short, a persistent, wallet-bound identity will enable a plethora of integration opportunities in the previously hard-to-enforce areas by providing easy and straight-forward checks for any wallet in the MultiversX ecosystem.

Have More Questions?

We know we can’t cover everything, but we try our best. We would love to hear from you, so feel free to reach out if you have further questions.

Our Twitter