PureFi Protocol is Starting UFI Token’s ICO on Tuesday
The PureFi Protocol is launching its ICO today. 22,222,222 UFI tokens will be available during the sale, and the price will be $0.045000 per UFI. The company aims to raise $100,000 during the initial coin offering.
PureFi is the DeFi AML protocol created for crypto onboarding. AMLBot developed it along with its partner Hacken Foundation. The protocol aims to provide a solution for AML/KYC procedures and crypto asset analytics on the DeFi market.
It will connect KYC/AML providers with DeFi users and Defi/Dexs projects within a set of smart contracts, providing crypto assets analytics and protecting honest DeFi market players from scams and other risks. As a result, the liquidity pool users will be able to avoid getting an illegal money trail. Instead, they will use the Verifiable Credentials certificate along with their full-fledged AML/KYC data.
PureFi will be a cross-chain protocol, and like other such protocols, it will be based on the latest industry standards for BSC, Ethereum, Cosmos, Polkadot, and Casper Labs. Furthermore, the company would not use information from one KYC/AML data provider. It will become an open market for verified providers delivering ML analysis to other market players. The company aims to be the only platform that provides honest DeFi users with ML risk protection and lets them stay anonymous no matter what.
PureFi protocol will also provide the analysis of crypto transactions and wallets via AML databases. Each Certificate based on the Verifiable Credentials standard contains information about AML/KYC, asset price, and other metadata. Thus, customers can use it as a full-fledged AML/KYC verification for any legal purposes.
The company will also utilize a Zero Knowledge-based approach, generating secure data proofs. This gives users the opportunity to get a PureFi Certificate. Moreover, it helps in validating it without involving third parties.
How does PureFi protocol work?
The company makes use of three general types of users. These are Liquidity Pool Users (LP Users), planning to put their coins into Liquidity Pool. They need to prove to Liquidity Pool Operators that their funds are clear; Issuers – customers (rather enterprises or companies) that are focused on monitoring dirty crypto. They can be a trusted party between LP Operators and LP Users; Liquidity Pool Operators (LP Operators), who control and operate Liquidity Pools. The latter are willing to take Liquidity from LP users, but they also want to ensure that dirty assets won’t pass into their pools.
Overall, this protocol will use the PureFi Certificates about the addresses of LP Users issued by Issuers. It will also allow LP Operators to build both manual and automatic Certificate validation. When the user applies automatic on-chain validation, the Liquidity pool can instantly accept coins, as well as issue LP tokens.
What about the UFI token?
PUREFI token is the ERC20, meaning that it’s minted on the Binance Smart Chain (BSC) and Ethereum blockchain that empowers the PUREFI protocol. This token will provide access to PureFi services while also enabling crypto asset analytics and identity verification. Furthermore, it will also enable circulation within PureFi protocol and receive new oracles and protocol updates.
PureFi accepts UFIs, most major cryptocurrencies, and fiat as a payment. However, there are four levels of service models based on what the user would need from PureFi.
The basic model offers occasional service usage with basic tariffs. Clients use Subscription more frequently. A customer can subscribe for 6- or 12-months service packages. As a result, they become eligible for the overall subscription discount. Users can pay the subscription fees in most major cryptocurrencies, as well as UFIs and fiat.
The professional package is for big players: LPs, DEXs, protocols, funds, etc. They are also eligible for the professional packages discount (PD). And lastly, the Issuer is a compliance provider sorted out and vetted with the company’s standards.