KYC 1.5 & KYC 2.0 DETAILS

As stated above, the KYC 2.0 version will be delayed for some time. Therefore, to meet the urgent demands from the Rubi community, the Rubi Team proposes to publish a transitional KYC version dubbed KYC1.5, coded with KYC1.5, which may allow verification while awaiting the completion of KYC 2.0.

KYC1.5 is an upgraded version of KYC1.1 implemented in October 2023. Overall, KYC1.5 remains human-based verification, with a small-scale operation and limited efficiency focus. However, it will still be suitable for those who want to complete KYC quickly to to achieve a short-term goal

Below is a detailed comparison table of the differences between KYC1.5 (V1.5) vs. KYC2.0 (V2.0).

Scope of KYC application
Next KYC will apply globally to both V1.5 and V2.0 versions

Authenticator:
KYC authenticators perform the work of comparing ownership information, checking with KYC information, reviewing duplicate document numbers or documents, evaluating image quality and ensuring KYC operating rules. With version V1.5, the authenticator is a Vietnamese person who is trained and experienced through classified identification documents. From V2.0, authenticators will come from countries, with KYC priority given to authentication requirements in the respective country. For example, Indians will authenticate for Indians

Authorization of authenticators:
Based on the idea of granting verification rights to partners in local countries, KYC2.0 will decentralize verification rights to local partners, which creates more accurate and reliable KYC capabilities. However, with version KYC1.5, authenticators are still Vietnamese, provided and managed and quality monitored by the development team.

Staking to become a validator
KYC is an activity that collects a fee in digital assets on the network, which is divided back to the parties participating in the verification process. So the condition to become a verifier is to lock up a portion of the assets to ensure the responsibility and commitment to correctly perform KYC of the validator.

About KYC fees
KYC performs verification by a verifier who is a real person, with a stake to ensure a commitment to accuracy, so the person requesting verification must pay a fee. In version V1.5, fees will be charged = RBL, while version V2.0 will be charged = MnA.

When requesting KYC, the person requesting verification can choose one of 3 fees corresponding to the queue priority (See section 9)

ATTENTION ✪ Fees applicable to Vietnamese people:
Due to the abundant and available RBL supply in Vietnam, the fee applied to Vietnamese people will be 4 - 8 - 12 to create a relatively equal queue competition level with global miners

Note: Double fees with VN miner only apply in V1.5, when V2.0 is deployed, the same fees will apply as other countries globally.

Refund of fees if commitment period exceeds
Each KYC request for level 2 and 3 positions will have a maximum waiting period, with V1.5 being 7 days, while V2.0 being 4 hours. In case the KYC service is overloaded and the waiting time is exceeded, KYC will automatically cancel and the fee will be refunded with KYC2.0 version.

Share fee revenue with validators
KYC Rubi has a rule of collecting fees from KYC requesters and sharing revenue from KYC fees with validating participants, usually the fee will be divided into 2 parts, one part is for system costs and the other part is In turn, it will be divided by authentication activities (including validators and custodians) depending on the KYC version V1.5 or V2.0, the division levels as above will be applied.

Expected KYC performance/day
KYC1.5 is a non-decentralized version so it has limited performance. V1.5 is expected to only achieve about 600-1000 results per day. While KYC2.0 with its decentralized mechanism for authenticators will ensure a large number of validators, allowing for an unlimited number of requests.

Rules for competing priorities
In section 5 (fees) there is mention of competitive fees allowing the authentication requester to choose the priority fee on the queue, this rule stipulates 3 priority levels 1, 2 and 3.
• Priority level 1: Fee 6 RBL - only 100 requests per day - KYC processing time about 4 hours
• Priority level 2: Fee 4 RBL - only 500 requests per day - KYC processing time about 24 hours
• Priority level 3: Fee 2 RBL - only 1000+ requests per day - KYC processing time about 7 days

Load spreading and queue methods
KYC is an activity that is likely to attract many continuous access requests, so a queuing mechanism is needed to ensure that there is no large access state leading to overload. We decided to apply a mechanism to randomly send KYC invitations to a limited number of 600-1000 users /day for V1.5 and unlimited for V2.0.

Verification processing time - returning results
Normally, verifying a request often requires careful information matching to eliminate fraudulent users. This process can take a few minutes, sometimes this process can take hours. Therefore, it takes time to process, which can sometimes lead to a backlog of KYC requests. Therefore, the maximum time notification mechanism is set, V1.5 delay does not exceed 7 days, while V2.0 delay does not exceed 3 hours.

Partner certification after KYC verification
Certificate type upon completion of user verification, all users after verification, regardless of version, V1.0; V1.1; V1.5; V2.0 are equally valid.

Estimated time to start KYC opening
Version V1.5 with relatively limited functions can be deployed in early April. Meanwhile, version V2.0 needs to complete many functional conditions to be able to open, so the expected time is The earliest possible opening time is around June 2024 (this is only an estimate, not a commitment)

Time limit for implementing KYC version.
KYC V1.5 transitional version will be deployed until V2.0 is completed, V2.0 version when deployed may be semi-applicable in the long term, until suitable automated technologies are available. fit.

KYC VOTING!

Before voting, choose the KYC version (Here)! You need to clearly understand the difference between KYC1.5 and KYC2.0 B through the content above.

These are brief summaries:

● KYC1.5 is still a low-performance centralized KYC version, authenticated by a number of 5-10 Validators, this version applies fees in - RBL with 3 levels of choice. If selected: KYC 1.5 could be implemented by mid-April.

● KYC2.0 is a decentralized KYC version, it allows thousands of Validators across countries on the network to participate in authentication, automatic collection and payment fees = MnA will be shared, creating effective KYC operations. high yield. If selected: KYC 2.0 could be implemented around the end of June or July.

Rubi team

Come back KYC Article Series

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