Answering the Most Frequently Asked Questions About Tokenomica’s Digital Assets Exchange

April 23, 2019

Last Friday we’ve launched Digital Assets Exchange, the first regulated decentralized exchange on the market. In the last three days, we’ve received many questions from people interested in the platform and now we want to answer the most frequent of them.

Early Bird Program
The first 1000 users of our exchange will obtain an “Early Bird” bonus on their accounts in Tokenomica in the amount of 10 Waves. Please notice that Early Bird 10 Waves shall benefit you to cover the exchange and other fees while trading on the platform, they can’t be withdrawn from the platform. More information about the program is available in a separate document.  

Tokenomica’s Smart Account Script
The last part of the registration process on Tokenomica’s Digital Assets Exchange is the installation of our script. A lot of users asked us whether this script will affect their Waves wallet and it will, allowing Tokenomica to impose withdrawal limits as established in our Fee Policy and to suspend or close your account, or block funds on your account if only this is required for compliance reasons.

We recommend our users to create a new account in Waves Keeper for registration on Tokenomica.

KYC
Before using our exchange, all users need to complete the KYC process. It’s done through Blockpass app on your phone, the app is available for iOS and Android. The first thing that you will need to complete KYC is to get three certificates: Passport Authentication, Sanctions Lists and PEP, and Face Match. After receiving them, users will need to log in on the exchange using QR code reader in Blockpass. After that, data is sent to Tokenomica and we verify users. Let’s take a closer look at the structure and details of the KYC process.

How Blockpass stores users’ data?
Users’ data is stored on their devices. When a user submits data to a verifier, Blockpass processes the data and forward to the service. Once verification is completed, results are sent to the mobile app of the user and Blockpass deletes all data that was shared. When a user registers with Tokenomica, data is sent directly from the mobile phone to Tokenomica for an ultimate verification before onboarding. More info is available here: https://www.blockpass.org/privacy/

Why Tokenomica verifies users after they receive certificates in Blockpass?
Our KYC provider checks if a user is able to trade on Tokenomica legally running a search in sanctions and PEP list. The final decision on user verification is the responsibility of Tokenomica. The KYC process is structured this way to comply with regulatory requirements in Malta.

Are users able to submit a national ID instead of a passport?
No, right now Blockpass accept passports only. We will notify our users if this is going to change.  

Can the proof of address be sent in other languages rather than English?
Proof of address needs to be sent in English. Most banks provide a bank statement with an address written in English, you can easily submit it. Otherwise, we would need an official translation certified in English.

Waves Blockchain Fees
Many users have been asking whether there are fees charged by Waves blockchain. In fact, there are fees charged by the Nodes in Waves Blockchain to the Users for processing transactions in Waves Blockchain. All fees charged by both Waves blockchain and Tokenomica are listed in our Fee Policy.

Listing
We thoroughly check all tokens before listing them. All tokens that are to be listed on Tokenomica need to adhere to the applicable laws of Malta and be qualified as Virtual Financial Asset (VFAs). If you want to list your token on Tokenomica’s Digital Assets Exchange please make sure to contact us using the form on our website.

Assets Traded on Tokenomica
Right now there are three assets available on Tokenomica: Waves, Bitcoin, and Ethereum. More assets will be added in the near future, we will notify our users about every token added to the exchange.

Gateway
To make sure that funds on Tokenomica are backed with the assets sent to the Gateway, users are able to check the number of assets in custody on gateway wallets at any time. Along with that, users can also check the number of assets created by the Gateway on Waves blockchain using Waves Explorer. It’s important to mention that these numbers won’t be identical but they will be nearly equal meaning that funds are safely held in custody by Tokenomica.

If you have any questions about Tokenomica, make sure to join our Telegram chat, we are always happy to help!