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A new decentralized initiative called STACKD Finance has recently joined the market in order to benefit the entire crypto community. The program intends to provide people and projects with a comprehensive set of security services.
STACKD Finance’s initial utility is Advanced Verification Services (AVS). The tool is designed to replace the current industry standard for KYC procedures. The team argues that KYC processes do not apply to the owners of significant crypto projects. As a result, STACKD Finance intends to set a new benchmark in the industry.
How AVS works
The industry standard for validating an individual’s identity is known as Know Your Customer (KYC). A person managing a multi-million dollar project, according to the project’s staff, should not rely on this degree of verification. The team said that KYC’s sole purpose is to verify the identity of financial institution customers.
Through AVS, STACKD Finance delivers an altogether new standard of verification. To begin with, AVS makes use of the most advanced identity document verification and biometric analysis technologies currently available. AVS conducts additional checks to ensure that the individuals listed on the identification document are who they claim to be.
The system then conducts criminal and financial background checks on the project managers. Investors will have a clear picture of who they’re working with thanks to this procedure.
STACKD Finance isn’t satisfied with just vetting the people behind the effort; they also want to know about the idea.
STACKD Finance’s strategy is based on two pillars:
Accountability – In the worst-case scenario, a project reviewed by AVS could defraud or deceive its investors. In this scenario, STACKD Finance will work with the legal and investigative authorities. The clause is included in the AVS terms and conditions, and each team agrees to follow it prior to the review.
Prevention – According to STACKD Finance, someone who has gone through AVS verification is considerably less likely to commit fraud. As a result of their improved confidence in the concept, more investors will be keen to engage in the project.
AVS hopes to improve its response capabilities in the event of fraudulent conduct with the support of blockchain investigative businesses.
STACKD Finance AVS will issue a Certificate of Verification to the project following a successful review. This certificate verifies that the project or individual has passed the AVS verification process.
AVS levels of verification
The initial verification tiers for AVS STACKD Finance will consist of three levels.
The AVS Standard will be the new standard for validating a person’s identity. Identification verification and biometrics assessment are included in the AVS Standard. In addition, the strategy includes a social media presence evaluation as well as phone or email address verification.
AVS Gold – Those in charge of directing a project team will benefit from this option. The Gold tier verifies that a person is a legitimate business owner and qualified for the position. In addition to the usual AVS process, the procedure includes additional checks for criminal and financial histories.
AVS Project — This is a comprehensive verification approach that incorporates unlimited AVS Standard for all members of the team. Furthermore, everybody with access to the project finances will receive AVS gold as part of the offer. The business plan, finance, smart contract generation, and project audit are all examined by AVS Project. AVS Gold wants to make sure that the team has a well-thought-out strategy for their project. Teams must have a thorough understanding of the crypto industry, business, and operations to pass this level of verification. As STACKD Finance stated, obtaining this level of verification is difficult.
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