👮CVP
Owners Unity Announces CVP - An Innovative Security Utility
Client Verification Protocol (CVP) is a new utility from Owners Unity. The tool aims to replace the present industry norm of KYC processes. As we will see below, the team believes KYC procedures cannot apply to large crypto project owners. For this reason, Owners Unity wishes to introduce a new standard in the business.
Introducing CVP: How Does It Work?
Know your customer (KYC) is the industry standard for verifying an individual's identification. According to the project's team, a person conducting a multi-million dollar project should not rely on this verification level. The team explained that KYC has the mere goal of verifying the identification of consumers of financial institutions.
Owners Unity introduces an entirely new standard of verification through CVP. First and foremost, CVP utilizes the most advanced identity document verification and biometric analysis technologies available. CVP performs extra checks to confirm that the persons named on the identification document are who they say they are.
Afterward, the system carries out criminal and financial background checks on the project leaders. This procedure ensures that investors have a clear picture of whom they're dealing with.
Owners Unity isn't satisfied with only verifying the persons behind the initiative: it will also verify the project itself.
Owners Unity is betting on two pillars:
● Accountability - In the worst-case scenario, a project reviewed by CVP may perform a scam or rug pull on its investors. Owners Unity will co- operate with the legal and investigative authorities in this case. The clause is part of the CVP terms and conditions, and every team acknowledges this rule before the review.
● Prevention - An individual who has gone through CVP verification is significantly less likely to commit fraud, as Owners Unity explained. Consequently, more investors will be eager to participate in the project due to their increased trust in the idea.
With the help of blockchain investigative businesses, CVP aims to bolster its reaction capabilities in the event of fraudulent activity.
After a successful review, Owners Unity’s CVP will grant the project a Certificate of Verification. This certificate shows that the project/individual has undergone the rigorous CVP verification procedure.
CVP Levels of Verification
Owners Unity’s CVP initial verification tiers will consist of four levels.
● CVP Level 1 – This will be the new criteria for verifying a person's identification. CVP Level 1 includes identification verification and biometrics examination. Moreover, the plan features an assessment of the presence on social media and verification of mobile phones or email addresses. 7
● CVP Level 2 – This offer is appropriate for those in charge of leading a project team. The CVP Level 2 tier ensures that a person is a legitimate business owner and that he/she is fit for the role. The procedure includes additional checks for criminal and financial records and the regular CVP process.
● CVP Level 3 – This is an all-inclusive verification method that includes limitless CVP Level 1 for everyone on the team. Furthermore, the offer provides CVP Level 2 for anybody with access to the project funds. CVP Level 3 also looks at the business plan, finance, smart contract creation, and project audit. CVP Level 3 wishes to make sure the team has a comprehensive plan for their project. To pass this verification level, teams must have a solid understanding of the crypto industry, business, and operations. This degree of verification is not easy to obtain, as Owners Unity explained.
● CVP Level 4 – This verification level offers all the options available for CVP Level 3. Additional requirements are that the projects must look to secure their smart contracts and liquidity in a third part security contract and agree to be added to Shield Coins rigorous vetting service; this degree of verification is unmatched to date and offers the maximum security and assurance to potential investors. The Future For CVP Owners Unity CVP’s mission is to raise the standard for decentralized financing. The project wants to provide investors with a sense of security in the market by offering many innovative services. By establishing a new standard in DeFi, Owners Unity has a clear mission. The team wants to help the industry move toward a safer system before the legal regulations hit the market. We will also be looking to roll out a full version of our CVP product (VeriCheck), which will take this type of product to new heights, before the end of 2022.
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