On 12th March lottery registration was opened for all existing users to participate in the token sale. NEO set a limit to select almost 25,000 individuals who were able to contribute $1,000 Maxim each. After first round list of 25,000 participants was announced on 31st March. Each winner was assigned a number for unique identification which was supposed to use in KYC process.
What is KYC process?
“KYC is an identity verification process where NEX check if participant complies with local rules and regulations regarding banking. Every individual who wishes to participate must go through this process for conformance that only legal investments are made.”
Unique identity verification number is produced while the user does registration to participate, as a special algorithm is used for this purpose to avoid any sort of ambiguities. Identity verification process may vary depending upon how much an individual wants to contribute. But in any case, KYC is most important and strict part to be qualified for ICOs.
NEX has made it sure to don’t skip any rule of ICOs joining step. As we already know that NEX is also registered in European security which makes it compulsory to comply with government and bank rules while letting anyone to be part of NEX community.
KYC Second Round
After first round; NEX has now opened second round of KYC for all who wants to participants. The second round of KYC is started for those who are qualified in first KYC round and want to part of ICO.
END Date: Second KYC round is ending on 27th April.
WHAT is NEX lottery?
NEO exchange has started a lottery to filter participants for NEX token sale. They have divided this process into two rounds; each with a different limit. The first round was limited to 25,000 participants with a max limit of $1,000 but in the second round, they have increased the limit. Any qualified participant from round one can contribute max $9,000 in the second round of KYC.
KYC is an identity verification process that allows platforms like Neon Exchange to comply with government and banking regulations. All users who want to contribute to the token sale are required to go through this process.
Lottery registration is already closed, and the selection was made randomly for the first round. They didn’t have first-come-first-serve rules, so all people who registered till 30 March had an equal chance for selection. This lottery offer was opened over the globe there is a list of countries who are NOT included in these rounds. Following is the list of countries:
- Ivory Coast
- North Korea
NEX has officially published the whole process to make all levels of progress transparent. Following are steps until final winners are selected.
1. 128,000 people participated for ICO through NEXT extension
2. Through unique identity verification process, 25,5000 were selected
3. Lotter winners submitted their details for KYC process
4. KYC approved participants chose to participate in round one or two
5. The second lottery held to select remaining contributors or to fill any gaps
6. KYC details submission process for all newly selected winners
7. Same as happened in the first lottery; the second lottery are allowed to choose rounds of ICO
8. Second lottery KYC verification process closed
9. Round 1 started for ICO for those participants who selected 1st round
10. NEX remaining token from round one will be moved to round 2 sale
11. A lottery withdraw to validate KYC process of round one
12. Round two with $9,000 limit