KYC, WALLET, MHV — Your Questions Answered
As we move closer to one of the most significant milestones of Markethive yet, I would like to touch on a few topics that the more recent members of Markethive may not know or be aware of. Questions and queries are continuously being asked about subjects relating to KYC, the value of our coin (MHV), and exchanges.
Below, I explain some critical factors and clear up some misinformation and assumed expectations of a few that may have been misled.
What Is KYC? (Know Your Customer)
"Know Your Customer" (KYC) refers to detailed and authenticated information required by banks and financial institutions and first introduced in the 1990s. Today it's applied to a wide range of business sectors, especially online businesses.
According to Wikipedia, Know Your Customer (KYC) is the process of a business verifying its clients' identity. KYC policies mandated by regulators globally are becoming progressively essential to prevent identity theft fraud, money laundering, and terrorist financing.
The process was once a simple one but now becoming an expensive nightmare for organizations and their customers due to compliance costs and the increasingly long time to complete the customer onboarding process.
As more companies begin to intensify their customer identification security policies, technology has provided us with biometrics for KYC management. The use of biometric identification management technology for accurate customer identity verification has proven to deliver efficiency and convenience for organizations and comply with government regulations to prevent identity theft and money laundering.
Biometrics use intrinsic data, allowing for immutable identification and verification of people, and is fast and straightforward. Like face recognition and fingerprints, this inherent data is the way to go when accessing wallet apps on smartphones.
The Genesis Of MHV Revisited
Let's revisit for a moment a little bit of the history with the Markethive Coin. Established in 2018 with the micropayments faucet system released in January 2019 into the Markethive system. In March 2019, Markethive took the next step and listed MHV onto its first exchange, Raisex.io, and was subsequently listed on coinranking.com, a cryptocurrency information site.
However, it wasn't long after the raisex exchange collapsed, but MHV is still listed on the Coinranking info site. Coinranking insists on keeping MHV recorded while Markethive moves forward to establish MHV on more high profile coin exchanges. Coinranking will then show MHV as listed on these alternate exchanges, and the actual value of MHV will be realized.
The Value Of MHV
Right now, MHV's price is coinciding and fluctuating with the price of Bitcoin and, as explained above, is a failed report of a dead exchange, so for the benefit of the newer members, it's currently not listed on a live exchange to date. The value of MHV can not be officially determined until our wallet is released and the exchanges we will be listed on have achieved equilibrium. In other words, demand and supply are considered to be in a steady-state.
Currently, MHV can only be utilized internally with the Banner Impressions Exchange (BIX), whereby you can purchase impressions with MHV. Or if a Markethive Associate offers a product or service accepting MHV as payment. There will be many services and products (such as The Blast, to be released soon) that you will be able to purchase with MHV and only with MHV, including ILPs. It's what an ecosystem is all about.
When the Markethive multi-purpose wallet is rolled out, along with the exchanges, Markethive will be listing its coin on (to be announced) will mean you can buy and sell MHV, thereby creating equilibrium and value in a free and open market.
What Are You Waiting For?
Every savvy online entrepreneur knows that when it comes to technology, setting a deadline or an actual date for the release can be misleading and is difficult due to its complex nature; however, we can project a timeline. The Markethive Wallet and exchanges are on the table, ready for release when the timing is right, as there are numerous facets to consider.
Instead of waiting to join Markethive until the wallet is released or proven, join now and be ready. A growing number of social media users and marketers are fed up with the likes of mainstream social media with their dubious agendas and the tyranny it continues to dish out. Also, paying way too much for the access to expensive SaaS marketing platforms.
All should embrace Markethive and accumulate as many MHV as possible before its debut on the worldwide free market. It's close and will be an opportunity for long-term prosperity, so you won't want to miss out.
First, receive the MHV coin airdrop for just joining Markethive. Next, refer three people to activate your micropayments and earn MHV for every activity you perform on the Markethive platform after that.
That's a great start; then, by taking the time to learn how the blockchain-driven social media and inbound marketing market network works, you will be busy, having fun in the collaborative, free-thinking environment while earning income!
Instead of giving away your content and hard work to the social media platforms that make money off you, why not have the platform pay you? That's what you get from Markethive, along with all the tools you need to build your business and acquire a brand presence.
The author of this article, Facebook Is Dead (It Just Doesn't Know It Yet) just about sums up the current state of mainstream social media and opines in no uncertain terms the way he feels. Jared A. Brock is on the right path when it comes to new opportunities and next-gen platforms. He's just not aware of Markethive yet, but he will be.
A Visionary's Life's Work With A Mission At Markethive
CE0 & Founder of Markethive, Thomas Prendergast, a passionate Entrepreneur by nature, declared,
"I'm put on this earth to empower and bring prosperity to every living soul with a purpose. Even if that purpose is only to be free from the shackles of the Social Media tyranny we all face, this is a new era with the evolution of technology. It is the next generation of Social Media and Market Networks."
Mr. Prendergast added,
"I am fully committed to building the members of Markethive into huge success stories. This is my way of helping make this world a little bit brighter and helping the struggling entrepreneur to have a lot more advantages to reach their goals".
The Release Of The Wallet Will Be In Stages
The wallet will be released in four phases: (The first phase is projected to roll out sometime this month.)
Phase 1: The Entrepreneur One associates will have access to their wallets with no limits on transactions or the number of MHV coins per day.
Phase 2: The Apprentice Membership associates wallets, limited transactions — 10 MHV coins per day
Phase 3: Activated free members wallets, limited transactions — 1 MHV coin per day
Phase 4: Entry-level free members wallets, limited transactions — 0.1 MHV coin per day.
All members will be required to submit and be approved via a KYC process (Know Your Customer.) For free members, that will incur a cost of US$20.
The above schedule is subject to change and is required to protect Markethive and its coin from shills and pump and dump scenarios.
Markethive is an ecosystem for entrepreneurs, not a pump and dump, like so many speculative coins on the market, with numerous failing miserably due to the lack of protocol and integrity.
The Apprentice Program And The Unleashing Of Markethive
The Apprentice Program is just about there, ready to be integrated into the Markethive system, which means free members can go to the next level at a minimal cost and have access to more services and be ready for the Phase 2 wallet release.
The Apprentice membership is for the masses, aspiring entrepreneurs, and marketers looking to earn an income in a meritocratic and sovereign environment.
Markethive's multidimensional wallet is a POS wallet, a Mining Wallet (through MH faucet systems and Bounty Program), a private KYC/AML authentication provider, and a secured messaging system — ALL IN ONE.
This multidimensional wallet will not only preserve, protect and grow your coins through a Proof of Stake function, but it will also provide you 100% control of your private KYC/AML (Know Your Customer/ Anti-Money Laundering) information. It is also a secure messaging portal.
This multi-functional wallet is part of Markethive's proprietary Intellectual Property.
Within the local and app-based wallet, you will store MHV coins and other top coins like BTC, ETH, etc. You will also be able to upload your KYC documents into your device and only release a READ ONLY view of them at authentication time, with your approval; 100% under your control.
Markethive will never store your private information; an authentication code will be held in Markethive's Blockchain. The secure messaging portal will also be integrated into Markethive's cloud ecosystem and take full advantage of the groups and folder technology.
Culture Of Integrity
What we are building here in Markethive is a culture of integrity, eliminating duplicate or fake accounts and hackers. Furthermore, as Markethive is built on the Blockchain it's not centralized information.
Once the system has verified you, your information is placed in your wallet, and only you receive the Key to that wallet. It belongs to you, and no one else has access to your information or MHV coins you accumulate by using the platform, including Markethive — the company.
When Markethive implements the wallets, the KYC protocol will be mandatory for every member. In the past, for any company, it was commonplace for us to scan and upload a utility bill, passport, or drivers' license when asked for verification. Organizations in the online world now require a much more verifiable course of action.
A photo with you holding your drivers' license or some form of identity card and a signed piece of paper with Markethive with the date written on it next to your face is a foolproof way to authenticate. It will secure your identity, account, and any transactions you administer within the Markethive system.
A video stating who you are may be implemented and will be another level to the whole KYC process, ensuring your peace of mind and Markethive.
Conclusion
Implementing live and recorded video calls while scanning and comparing photo ID (govt identity cards, passport, utility bill, and bank statements) between you and Markethive adds a verification level. When combined with the SMS code and Social Networked OAUTH that was executed when first registering to the Markethive Network, delivers a real person, not a clone or a fake sock puppet.
This more in-depth KYC protocol is a step up from web 2.0. It is the next generation where privacy, security, and autonomy are of the utmost priority, with Markethive leading the way on its mission to deliver a Social Market Network of the highest integrity.
There's still time to upgrade to Entrepreneur One and be privy to the complete Markethive system that can be described as a cottage industry with money machines that champions everything else out there. You will be one of Markethive's early adopters and have a rare opportunity to cement your future of self-sovereignty.
Come with us as we make our way through the final stages of BETA, building the foundation and on the road to realizing the full potential of Markethive and you.
Written by Deb Williams
Chief Editor and writer for Markethive.com, the social, market, broadcasting network. An avid supporter of blockchain technology and cryptocurrency. I thrive on progress and champion freedom of speech and sovereignty. I embrace "Change" with a passion, and my purpose in life is to enlighten people en masse, accept and move forward with enthusiasm.