Clears is a technology based on the Ethereum blockchain offering a scalable and personalized KYC process. It aims to expedite the acquisition and delivery of required information to companies and regulators around the world, simultaneously improving the user experience by increasing security of sensitive personal data while lowering the cost.
Clears aims to be the standard KYC in the rapidly growing ICO market, expanding to serve all industries that require identity checks and KYC processing. We are confident that users will specifically request that Clears processes their KYCs due to its convenience and enhanced security.
Pre-sale ends : June 21st 2018
Public sale ends: August 14th 2018.
New ICO to Handle Customer Regulation on Ethereum Blockchain
CLEARS (CLRS) ICO–KYC, know your customer, is an encapsulation of government and business specific guidelines for handling mercantile practices in a way that does not promote or allow for identity theft, money laundering, etc. Despite the anonymity offered through cryptocurrency, companies wishing to engage in crypto-related transactions or features, such as Ethereum smart contracts, are still held liable to KYC laws that govern traditional business practices.
Taken from Cointelegraph,
“Know Your Customer is a collective term for the processes which companies employ in order to confirm their customers’ real identities. KYC may also be used to refer to government regulations outlining these processes. The purpose of maintaining KYC policies is to prevent such crimes as financial fraud, identity theft, money laundering and terrorism financing.”
Until this point, KYC in relation to crypto-based transactions or the aforementioned smart contracts has been costly, time-consuming and largely unwieldy for the market to carry out. A crypto-based company wishing to engage with a customer base of 20,000 will spend an estimated $800,000 USD in KYC regulatory costs alone. Not only does the issue impact the growth of small, digital businesses, but it also gives pause to developers seeking to build greater application in the crypto-space.
What is CLEARS?
Enter CLEARS, a new ICO cryptocurrency that is building an application to track KYC via Ethereum smart contracts. Rather than having to keep track of customer and transaction information individually, CLEARS is developing a system for “time-stamping” customer relations on the Ethereum blockchain as a way of handling pertinent KYC regulation. By using a unique hash stored on the Ethereum blockchain, CLEARS is able to guarantee the integrity of customer information while storing the identity of the customer following the first transaction. Given the close relationship with Ethereum smart contracts, CLEARS is being built as another ERC-20 token, giving it many of the properties similar to that of Ethereum. However, the main function of the currency is to work in conjunction with existing Ethereum application, as an added feature to improve smart contract business as opposed to existing as a standalone currency.
The overwhelming benefit to CLEARS, in addition to providing a consolidated and clear process for handling KYC regulation, is the ability for companies and business to establish their own practices for the currency. Taken from the ICO’s website,
“Each company using CLEARS can use its own rules to remain compliant with local and international regulations. CLEARS will continue to check and certify data along the way.”
CLEARS can be compared to a tax-law software, allowing users to input the data pertinent to their particular situation and then having technology follow through with the regulatory checks and upkeep necessary to ensure all financial laws are being followed. Just as blockchain keeps a ledger of transaction history, CLEARS seeks to leverage the utility of blockchain for keeping a time-stamped record of KYC, without the data being shared in a widespread fashion. True to the decentralized ethos of cryptocurrency, no information is shared through CLEARS with outside parties. Instead, time-stamping on the blockchain is known only to the parent company initiating the interaction via a unique certificate. While the development behind CLEARS is targeting KYC regulation and Ethereum smart contracts as its initial project, it’s possible the technology could expand to other data-rich interactions that require a level of security, such as patient records or banking documents.
Purpose of the CLEAR (CLRS) Token?
The idea behind the coin is as a means of exchange for the parent company performing KYC implementation and regular checks. Businesses looking to implement customer regulation through Ethereum smart contracts purchase CLRS tokens, which they use to pay for services and “additional options” related to KYC. CLEARS is planning to roll out an “agent” program in Q4 of 2018, with agents around the world paid in the CLRS currency for their part in the implementation process.
The idea behind CLEARS is reducing the friction in the process of customer verification. Initial implementation of KYC (time-stamping the identity on Ethereum’s blockchain) is supposed to occur within 30 minutes of document submission, and instant for recurring KYC users. The company is also intending the CLRS token to be cost-effective, reducing the present high-price of crypto-related verification:
“KYC costs and delays are notorious to cripple the crypto industry. Providing service for 20,000 customers starts at ~$800K. By using the same data several times, CLEARS offers a much lower pricing with better efficiency.”
Like the relationship between blockchain and cryptocurrency, the presence of the CLRS token is not necessary to the function of CLEARS in time-stamping customers. However, it is the means of exchange upon which the technology will function. Agents accept payments in CLRS (transferrable around the globe) and can thereby initiate the KYC process. While the currency is not set for an official launch until February 2019, the public sale is scheduled to begin June 21st, with the current pre-sale going until the company reaches its 30,000 ETH cap. The coin itself is not minable, meaning all tokens will be minted prior to launch, and will have a maximum supply of 86,374,977 CLRS. Unsold tokens will be destroyed.