KYC
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To reduce security risks associated with people, such as rogue team members, team members being criminals, social engineering and other human behaviour based risks the Terraport team is KYC'd and this is reviewed regularly.
To increase the robustness of this layer of security the KYC function is carried out by CertiK as an independent 3rd Party. CertiK are considered by many to be leaders in web3 and project team security.
KYC has numerous meanings, "Know Your Customer", "Know Your Colleague", "Know your Contractor", "Know your Client" etc. Practically in the above context of the CertiK KYC it means the development team.
The TerraCVita team passed CertiK's institutional KYC process.
31st May2023
Silver
5
23rd Oct 2023
Gold
8
CertiK’s KYC service provides private identity and background verification for project teams through a rigorous vetting process while maintaining the highest standards of data protection.
CertiK's experienced investigators verify hundreds of crypto development teams in order to deliver a “KYC Badge” to those who successfully go through their in-depth due diligence process. This badge increases accountability and trust in project teams, while reducing and mitigating the risk of fraud and abuse.
Video-call: Once a project team applies for the badge, CertiK arrange a video-call with the project primary owner or manager. Nothing needs to be prepared in advance of the call since the objective is to know each other and learn more about the background of the project and the team.
ID-check: After the video-call, key team members fill out a questionnaire and submit their IDs. This helps CertiK's intel analysts conduct their verifications and background checks. Personal information is kept strictly confidential by CertiK, and will never be shared publicly.
Review & Awards: CertiK's investigators conduct in-depth background verifications. Once the process is completed and the KYC badge is approved, the team is officially informed, and a KYC badge is published on the Security Leaderboard. Additional awards can be granted every 90 days while the team progresses and gains more accountability and trust.
Added Security - The CertiK KYC Badge adds an additional security layer to project owners. A comprehensive, in-depth verification of the team ensures more accountability, and reduces and mitigates the risk of fraud. Our process also allows early detection of malicious actors.
Privacy Protection - Since project teams can be targeted by malicious actors, CertiK ensures complete privacy and respects the anonymity of developers. We publish a KYC Badge showing that we know the team behind the project, but we don’t publish any personal information identifying the team. Trust & legitimacy- The reliability and integrity of the core team is of vital concern for communities, investors, launchpad/platforms, partners, and influencers who want to reduce operational, reputational, and legal risks.
Marketing Material - The CertiK KYC Badge can be used for marketing, as a proof of transparency and trustworthiness. The badge provides added visibility on the Security Leaderboard. A direct verification link can be shared on social networks and a verifiable KYC Emblem can be added to the project website.
