If an artist isn't registered with a performance rights organization/we cant identify the identity of said artists, there is no way to confirm ownership over the Intellectual property rights.
We must offer a Know Your Customer solution to alleviate the lack of identity and allow seamless verification of artists credentials.
This is the total amount allocated to KYC Solution
4/5 milestones complete
We will require KYC verification for any and all artists/creatives who choose to factionalize their IP rights and or individuals who request withdrawals of assets from the platform.
By establishing a KYC verification process there will be also a legal assessment of fractionalization of music ip rights to ensure full compliance with the established legal framework in the United States.
Risk 1: Implementation Risk
Risk 2: Incorrect Data on the third-party database.
Risk 3: Minting Process lack of compliance with the current Legal framework.
Mitigation: High quality due diligence process of the correct partner. [key kpi's : industry knowledge, years of business practice, established reputation) Plan B Creation for the Minting process to ensure compliance with current legal framework.
Stage one: identify appropriate third-party kyc compliance officer.
Stage two: hire compliance officer.
Stage three: identify potential partners
Stage Four: due diligence on potential partners.
Stage Five: Agreement with partners and creation of kyc process with partners.
Stage Six: Legal Precedence Check.
50K USD: Legal Opinion and Precedence Check
18K USD: KYC Solution operational costs
32K USD: Compliance Officer Retainers Fee
Team can be found at bottom of projectnew.io website. We will hire an additional member for KYC compliance if funded.
Yes! Legal Framework especially for crypto. Having the KYC process up to date will reduce legal risk for the entire project.
We are measuring successfully minted IP rights as well as the default rate during the KYC process.
Success will be represented in a seamless KYC process upon the creation of an artist account.
This is a new proposal.
Andrew Westberg (Creator of Phyrhose, JorManager, PoolPerks, etc) leads our dev team with over 60 cumulative years of professional experience. Our legal team has over 25 years of legal experience.