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Genius X: User Identity Verification for a Crosschain Crypto Launchpad
About Genius X
Genius X is a crypto launchpad, committed to expediting the growth of startups and emerging businesses.
The organization offers a range of essential consulting services, including fundraising strategy and execution, MVP and product development strategy, Genius Ecosystem integration, marketing and community building, and the establishment of legal entities. Additionally, they facilitate one-on-one consultation meetings with industry experts, providing valuable insights into cryptocurrencies and NFTs.
Beyond its consulting services, Genius X plays a pivotal role in connecting startup founders from its accelerator program with strategic investors, fostering an ecosystem of entrepreneurship and growth.
Genius X Business Requirements
Genius X encounters multifaceted challenges in their pursuit of supporting blockchain projects and ensuring a seamless user experience. Three major challenges for Genius X include:
- The need to maintain strict legal compliance, including Know Your Customer (KYC) procedures and constant adaptation to evolving regulatory landscapes.
- The demand for crosschain compatibility and expansion into Arbitrum, Cardano, Ethereum, and Polygon, necessitates intricate technical integrations and ongoing maintenance.
- Crypto launchpads need to find the right balance between security and convenience. There's a need to provide personalized user engagement like notifications about crucial events, which should be provided with respect to user’s data privacy rights.
Genius X leveraged HyperID expertise to navigate the aforementioned complexities and drive innovation within the industry. They have integrated HyperID for the following purposes:
- Crosschain Support and Wallet Flexibility
HyperID offers a seamless and unified user onboarding process, reducing friction for users when participating in token sales on various chains supported by Genius X, such as Arbitrum, Cardano, Ethereum, and Polygon. HyperID ensures that users can securely link their various blockchain addresses to their verified identity, which is essential for multi-chain support and seamless participation in token sales. Users are also able to add different wallets on different chains to their single HyperID profile and log in with any social, messenger, wallet or QR code.
- Legal Compliance
Genius X requires each user to have an account and pass KYC to participate in token sales on their platform. By using HyperID, they can ensure that KYC procedures are thorough and legally compliant. HyperID allows for identity verification based on government-issued IDs, proof of address, and biometric data, ensuring that only eligible participants gain access to token sales. HyperID enables the launchpads to restrict access to users from ‘blacklisted’ countries, which helps Genius X mitigate legal risks and regulatory issues. Users also appreciate the convenience of passing KYC only once for all wallets and chains.
- Data Security
With permission from users, Genius X can tailor notifications about important project events, customize advertising campaigns, and improve user engagement and retention based on their investment preferences and history.
User consent is required for any data access, providing transparency and control over their personal information. Private user data is securely stored and managed. Furthermore, authentication procedures are bolstered by 2FA/MFA to safeguard user accounts from unauthorized access.
By using HyperID, Genius X created a secure and compliant environment for users to participate in token sales across multiple blockchains, offering a streamlined and personalized experience while maintaining the highest standards of security and privacy.