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What is KYC and KYB?
Imagine you want to go to the library and borrow a book.
In order for the librarian to lend you a book, she needs to know who you are.
You have to show her your ID so she knows you are who you say you are.
In simplicity
- KYC it is like an ID card for people.
- KYB It is like an identification card for companies.
KYC and KYB are, as such, credentials for people and companies.
- KYC means "Know Your Customer" – people
or "Know your customer".
When you want to open a bank account or buy something online, you have to prove that you are who you say you are.
This is done using an ID card, driver's license, passport or other identification document.- KYB means "Know Your Business" – companies/applications/e-shops
or "Know your business".
When one company wants to do business with another company or application, it needs to find out as much information as possible about the other company.
They need to find out who owns the company, what its activities are, and whether it is reliable.
It is used to identify applications and stores.
Why is KYC and KYB important?
- To prevent fraud:
Thanks to KYC and KYB, thieves have a hard time getting hold of our money and impersonating us.- To prevent money laundering:
When someone makes money illegally, they often want to "launder" it to make it look like money that was earned honestly.
KYC and KYB help detect these illegal activities.- To protect our money:
Thanks to KYC and KYB, we know who we are doing business with and can be sure that our money is safe.
Both are important to ensure that our money is safe and that we are doing business with honest people and companies.
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PiNetwork
Pi Network Announcement
PiNetwork is a blockchain-based cryptocurrency project that aims to allow users to mine coins Pi using smartphones. The project aims to promote the adoption of cryptocurrencies.
The project was launched by doctoral students at Stanford University in 2019. PiNetwork offers users a simple and environmentally friendly way of mining Pi coins by simply opening the app and pressing a button once a day.
One of the features of the Pi network is that users can increase mining speed by expanding their network. Pi Network also aims to increase the value Pi coins by allowing users to create and use web applications on the platform Pi.
PiNetwork is currently launching its mainnet. To to Pi Network To join, you must download the mobile app and enter an invitation code. PiNetwork is an innovative project that aims to pave the way for the future of cryptocurrencies.
How to participate in Pi Network
If you are not a member of the Pi Network, you can get started in 5 minutes by clicking here link. By registering using my referral code jwkkbiz we can earn Pi both. Pi Network is an application that allows you to easily mine the cryptocurrency "Pi" on your smartphone. By pressing a button once a day, you start mining for 24 hours, even if you leave your phone idle. In 2024, I mined 360 days a year, and those who accepted the invitation received many benefits. If you register using a referral code jwkkbiz, you will get a 25% increase in mining speed.
After 30 minings you will pass KYC (Know Your Credit), so remember to enter your real name when registering. If you register incorrectly, you will lose 20% as a penalty.
For more detailed information and reasons for registration, please see here.
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