Verification Manager
Last updated
Last updated
The Polytrade lender pool verification manager will be used to verify the user on the smart contract.
Each user has to go under a verification process that may change over time and would have a direct impact on the funds a user can add to the system.
Today we have a KYC/KYB verification system that will allow users to lend higher amounts on the Polytrade system.
A set amount after which each user must do their KYC. This will be checked each time a user wants to add money to the pool.
If the total current amount in the pool added by the user is higher than the set limit, the user must do KYC.
At any point, Current deposits Cannot be higher than the KYC limit if the user has not done their KYC.
The Verification manager can be changed to a new manager with new KYC providers, this should not affect the users who have already been verified.
Over a period of time, a new verification model may be introduced making this redundant this should force a redeployment of the contract.
The Verification model should not have any impact on the reward and strategy manager.
A function on the smart contract to validate the KYC of a user.
An option for the Polytrade team is to change the KYC limit, such change will only impact the user's capability to add funds for the future and will have no impact on deposits that have already been made by the user.
If there are two stable coins available to lend, then the KYC limit will have an effect on the total lent on the Polytrade system. (Outside scope of the contract)
User current Lends: 2000$ Present KYC Limit: 5000$
New Update : KYC limit: 0$
Result: No effect on users' current lending.
Users must do KYC before the next funding round. All new rounds must now have Approved KYC.