Version 1.1.1 of the ClearCoin Extension has an updated KYC process for verifying users. The new method uses a Google Form to validate user data. Existing Extension users will not need to re-initiate KYC if they have already completed it.
There were recent inquiries about the necessity of the KYC process and its use in the Extension. While the KYC validation helps comply with some regulations, it also serves as a security layer against automated uses.
Automated uses could include bot activity that accumulate impressions. The KYC step validates there are real users of the Extension that are associated with a specific identity. Without validating user identities, it opens the possibility of automated uses.
It’s important to note the Extension wallet is separate of the Platform wallet. The Extension wallet is fully decentralized by storing itself in a user’s browser rather than a central database. The Platform wallet uses a multi signature deployment for users who are keeping XCLR in that account.
As per a previous post, the Platform wallet is available for making withdrawals for the balance of the user in that account. The Extension wallet can receive or withdraw and it is preferred because it is fully decentralized.
Version 1.1.1 of the Extension will be available in the coming days. If there are any questions or issues related to it please send a message to support to the email address email@example.com.